Unicommerce Esolutions made a strong debut on the D-street, with its shares listing at a premium of over 117 per cent compared to the issue price of Rs 108.
The shares of the Softbank-backed company made its debut at Rs 235, rallying 117.59 per cent.
The company's market valuation stood at Rs 2,325.77 crore.
The initial public offer of Unicommerce eSolutions got subscribed a whopping 168.35 times on the last day of bidding on Thursday.
The initial share sale had a price band of Rs 102-108 a share.
Founded in 2012, the company's suite of SaaS solutions enables end-to-end management of e-commerce operations for brands, retailers, marketplaces, and logistics service providers.
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"Despite markets remaining volatile, SoftBank-backed Unicommerce eSolutions listed above the street expectations backed by investors’ confidence after receiving overwhelming subscription demand, said Prashanth Tapse, Senior VP (Research), Mehta Equities Ltd.
It serves a large and growing base of clients in India, including Lenskart, Fabindia, Zivame, TCNS, Mamaearth, Emami, Sugar, BoAt, Portronics, Pharmeasy, Cello, Urban Company, Mensa, Shiprocket and Xpressbees.
New-Age IPOs Shine with Strong Listing
This month witnessed many new-age companies entering the D-street. Nearly 3 firms backed by SoftBank, Unicommerce, Ola Electric along with First Cry, got listed at a robust premium.
Ola Electric hit an upper circuit twice post-listing whereas Brainbees's Firstcry surged by almost 40 per cent above its issue price on the bourses. However, D-street analysts continue to be cautious of new-age companies with weak financials.
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As for Unicommerce, the startup has witnessed a rise in its profit numbers on an annual basis.
"Strong listing is justified due to Unicommerce being the largest e-commerce enabled SaaS provider and only profitable company in this space with no listed peers. Hence, we continue to believe the company to command a premium valuation multiple and is well positioned to capitalize on the expanding e-commerce enablement sector," said Tapse.
(With inputs from PTI)
