[India], July 3 (ANI): SaleBhai on Tuesday announced receiving of Bombay Stock Exchange (BSE) approval for its Initial Public Offering (IPO) on the SME Platform.
The company, which filed a Draft Prospectus (DP) with BSE for listing on the SME platform of BSE Ltd on May 17, 2018, now received in-principle approval from BSE.
After the approval, SaleBhai can now raise money through public route at an early stage of its business.
The company, however, has already received funding and support from 71 high net worth individuals, who had started as customers and become investors after experiencing the platform's unique proposition for themselves.
"We took something small and precious - that heart-warming feeling of nostalgia and love that the taste of home brings - and turned it into a global business that brought a smile to thousands of faces. With BSE approving our Draft Prospectus, we are well on our way of being the first B2C e-commerce company to have a public issue, and we are grateful to our customers, our backers, and our wonderful team members on this remarkable occasion," said co-founder, SaleBhai, Vishwavijay Singh.
For its IPO, SaleBhai is issuing 22,59,600 equity shares, offering 26.58 percent of the company's equity in the market, and will be listed on SME Platform of Bombay Stock Exchange.
It is looking to raise Rs. 23.73crores, and intends to use the funds raised through the IPO towards growing the company through increased customer acquisition, improved IT platform, addition of more authentic sellers as well as product categories, and make the customer experience even smoother and effortless. (ANI)