Shojin seeks £4.9m for its last private fundraise ahead of IPO
Shojin Property Partners has launched its Series B fundraise and is looking to attract £4.9m in capital.
This is expected to be the group’s last private fundraise ahead of a planned initial public offering in 2026.
Previously Alternative Credit Investor reported that the property investment platform would launch its Series B by the end of this year. At the time, chief executive Jatin Ondhia told ACI that the group had increased its revenue by 50 per cent over the 12 months to June and it is continuing on a growth path.
The Series B will follow its Series A, which raised £3m in 2022 at a valuation of £49m. He also said that the company has been profitable for the last three years, posting core earnings of around £500,000 in its latest annual results.
The company is aiming to increase its valuation to £588m by the time of its IPO, from £65.8m today.
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The group noted that it has adopted a more conservative 15 times forward earnings before interest, tax, depreciation and amortisation (ebitda) multiple in its Series B valuation in light of the volatile market conditions and rising interest rates. If it adopted the same multiple it had during its Series A, its valuation would be £100m, it said.
Shojin will invest the funds raised to accelerate its revenue growth by adding new products, marketing, sales and technology infrastructure.
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