Demonetization stagnated the operations and pushed back the growth of Gurgaon-based online marketplace ShopClues; affecting its IPO plans for the future. As the scenario seems sturdy after months of cash-crunch, ShopClues has again geared up for a public listing.

As per the report from ET, the company has begun discussions with merchant banks for a possible public share sale. The list of banks proposed for fund procurement includes Goldman Sachs and Credit Suisse.

The ShopClues executives have declined to comment on the matter, though proceedings for its IPO are expected to take place within the first quarter of 2018 itself. The offering for the e-tailer is anticipated to be led by two investment banks with a mandate to finalize in the coming three to four months.

In January last year, ShopClues was welcomed to the unicorn club as the company’s valuation exceeded $1 billion at that point of time. The rapid growth of the online marketplace coupled with inclusion among top startups of India may trigger an attractive share listing for the company. With the listing of its shares on the stock exchange, it’ll amass the requisite capital for its expansion proposal.

Meanwhile, the company’s co-founders, Sanjay Sethi and Radhika Aggarwal are engaged in a trenchant dispute with the ShopClues founder and former chief executive Sandeep Aggarwal. The latter has imposed charges of withdrawal of voting rights by the duo. The issue has now been dragged to the court. While the duo has refuted the accusations and expects support from the board, Sandeep is holding onto his point and is battling the matter.

Sandeep Aggarwal holds a 12 percent stake in the company which seemingly is a plus point in terms of the recent clash, while Sethi and Radhika are owners of 2 percent stake each. Nexus Venture accounts for the largest stake in Shopclues, estimated at about 24 percent, followed by Tiger Global, which owns about 22 percent.

Amid the debate between the company’s founders, Clues Network Pvt Ltd. parent company for ShopClues further seeks to raise fresh funds of about $75-$100 million. This investment round is intended to be a mix of cash and equity and is forecasted to be backed by existing investors, including Nexus Venture Partners, Tiger Global, GIC (the sovereign fund of the government of Singapore), and Ronnie Screwvala, founder of Unilazer Ventures.

Following Infibeam, ShopClues will be the next e-commerce firm to be listed on Nasdaq. Though Flipkart also declared its plans for an IPO, the intended dates and mandates are not yet settled upon. The company recently concluded its 1 billion fund-raise and is looking for yet another billion fund raise. Other listed e-companies include Info Edge in 2006, MakeMyTrip in 2010, and JustDial in 2013.

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