Alpha Wave, Z47 Partners set for $100 million partial exit from IPO-bound OfBusiness
Subscribe to enjoy similar stories. MUMBAI : Two major investors in business-to-business (B2B) marketplace OfBusiness, Alpha Wave Global and Z47 Partners (formerly Matrix Partners India), are set to make partial exits worth $100 million in the next six to nine months, as the company prepares for its public listing later this year, according to co-founder and CEO Asish Mohapatra. The shares will be sold to high-net-worth individuals (HNIs) and family offices, Mohapatra told Mint, without disclosing details about the buyers.
“Our strategy has largely been to introduce small institutional investors and HNIs into the cap table, almost as a pre-IPO [initial public offering] offering," Mohapatra said. Following the transaction, Alpha Wave and Z47 Partners will retain about 90% of their stakes. According to the latest available data, Alpha Wave Global holds an 18% share, while Z47 Partners, an early backer, owns approximately 10%.
Read this | Ofbusiness catches an unusual tailwind as it renews IPO plans This development follows a $100–$120 million secondary share sale in October, during which early investor Zodius Capital fully exited, selling its stake to HNIs and family offices. OfBusiness has also facilitated ₹100 crore in employee stock option plan (ESOP) liquidations ahead of the IPO. The SoftBank-backed company has appointed five investment banks, including Axis Capital, Morgan Stanley, and JPMorgan, to manage its IPO, which is expected to raise up to $1 billion.
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