The initial public offering of SoftBank-backed SaaS platform Unicommerce eSolutions Ltd got fully-subscribed within hours of opening for subscription on Tuesday.

The initial share sale received bids for 2,09,25,906 shares, as against 1,40,84,681 shares on offer, translating into 1.49 times subscription, as per NSE data till 13:42 hours.

The portion for Retail Individual Investors (RIIs) attracted 6.66 times subscription, while the category for non institutional investors fetched 1.01 times subscription.

Unicommerce eSolutions Ltd on Monday said it has garnered over Rs 124 crore from anchor investors.

The issue, with a price band of Rs 102 to Rs 108 a share, is open for public subscription from August 6-8.

The issue is entirely an offer-for-sale (OFS) aggregating up to 2.56 crore equity shares valued at Rs 276.6 crore at the upper end of the price band.

Since the IPO is completely an OFS, the entire proceeds will go to the selling shareholders.

Under the OFS, SB Investment Holdings (UK) Ltd, an affiliate of Japan’s SoftBank, will offload 1.61 crore shares, and promoter AceVector Limited (formerly known as Snapdeal Limited) will sell up to 94.38 lakh shares.

Founded in 2012, Unicommerce eSolutions is India’s leading e-commerce enablement software-as-a-service (SaaS) platform. The company’s suite of SaaS solutions enables end-to-end management of e-commerce operations for brands, retailers, marketplaces, and logistics service providers.

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.

IIFL Securities and CLSA India are the book-running lead managers to the issue.

 Shares of the company will be listed on BSE and the National Stock Exchange.