Unicommerce Esolutions, a company developing software for ecommerce, has named Japanese investor SoftBank, along with Snapdeal co-founders Kunal Bahl and Rohit Bansal, as its promoters. This update was added to Unicommerce’s draft IPO prospectus.
Background
Initially, Unicommerce’s draft IPO document, filed with the Securities and Exchange Board of India (SEBI), listed only AceVector Ltd (Snapdeal’s parent company) as the promoter. Now, SoftBank, which owns almost 30% of Unicommerce, has been added. As a significant investor, SoftBank has signed an agreement with Bahl and Bansal to protect itself from any liabilities related to its new promoter status.
IPO Details
Unicommerce had first submitted its IPO application in January, aiming to sell shares worth about Rs 480-490 crore. There are no new shares being issued, just the sale of existing ones by current investors.
Regulations and Promoter Definition
In India, shareholders holding 26% or more are considered promoters, limiting their ability to sell shares immediately after an IPO. This rule is why SoftBank, holding a significant share, is tagged as a promoter. Similar situations may arise with other large shareholders, like Prosus in Swiggy.
Timeline
The company’s board decided on May 29 to designate SoftBank, Bahl, and Bansal as promoters. The indemnity agreement with SoftBank was signed earlier, on May 17.
In summary, with SoftBank now recognised as a promoter, the focus on Unicommerce’s IPO has intensified, and its upcoming public listing is drawing more interest from investors.
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