OfBusiness, an Indian e-commerce platform backed by SoftBank, has enlisted the services of five major investment banks, including Axis Capital, Morgan Stanley, and JPMorgan, to assist with its upcoming IPO. The company aims to raise up to $1 billion in 2025.

Bhavesh Keswani, the Chief Financial Officer, confirmed that Citigroup and Bank of America are also part of the team managing the stock offering, which is expected to launch in late 2022. In the fiscal year ending in March, OfBusiness reported a post-tax profit of $72.6 million on revenues of $2.3 billion. The company, valued at around $5 billion in 2021, specializes in supplying raw materials such as steel, pulses, and textiles to businesses. It also exports food and apparel to notable clients, including Lulu, Costco, and Tommy Hilfiger.

This announcement comes amidst a surge in IPO activity in India, with 290 companies collectively raising over $15.5 billion as of mid-November, more than double the previous year"s amount, according to data from LSEG.