Chennai: Enterprise technology company Bonbloc Technologies, which is building AI-based SaaS solutions and Internet of Things (IoT) products, has received SEBI approval for an initial public offering.The proposed IPO has both a fresh issue of shares aggregating up to Rs 230 crore and an offer for sale (OFS) component of up to three crore, according to the draft red herring prospectus (DRHP). Incorporated in 2020, the company focused on providing SaaS, digital transformation and modernisation. It aims to expand its capabilities in AI and diversify into new industry-specific solutions. It plans to invest proceeds towards the development of products and platforms and funding inorganic growth. Between fiscal 2023 and 2025, the company’s revenue from operations and profit after tax grew at a CAGR of 128.42% and 298.68%.
