SoftBank-backed OfBusiness plans $1 billion IPO in India, valuation of up to $9 billion eyed: Report

OfBusiness, an Indian shopping website backed by SoftBank, is planning an initial public offering in the Indian stock market of up to $1 billion and is about to appoint bankers, according to a report by Reuters.

OfBusiness is currently in talks with Bank of America, Citi, JP Morgan and Morgan Stanley for the offer and is planning to get listed in the stock market in the second half of 2025, the report said citing Bhavesh Keswani, Chief Financial Officer.