Veefin Solutions Limited IPO Detail
Incorporated in 2020, Veefin Solutions Limited is a Digital Lending and Supply Chain Finance (SCF) technology product solutions company based in Mumbai.
Veefin Solutions has two main segments:
- Supply Chain Finance Technology Solutions; and
- Digital Lending Suite Solutions
The Supply Chain Finance Solutions segment is focused on providing technology-driven financing solutions that can streamline supply chain financing processes and help businesses manage their cash flow more effectively.
The Digital Lending Suite Solutions segment is designed to provide financial institutions with a comprehensive suite of solutions that help them improve their lending operations and deliver a better customer experience.
Veefin Solutions' client list includes Banks, Non-Banking Financial Institutions, FinTech, Marketplaces, and Corporates such as Yes Bank, IndusInd Bank, Indian Bank, Citi Bank, BRAC, VP Bank, Riyadh Bank, Aditya Birla Capital, Mintifi, Ambit Finvest, and others.
The company was awarded the "Most Innovative Supply Chain Finance Solution" at the Fintech India Summit & Awards, 2022, and "Solution of the Year 2021; SCF" at the Inflection Web Conference by Alden Global, CSCMP, SIMM & NASSCOM.
Company Promoters
The Promoters of the company are Mr. Raja Debnath and Mr. Gautam Vijay Udani.IPO Details
| IPO Opening Date | Jun 22, 2023 |
| IPO Closing Date | Jun 26, 2023 |
| Issue Type | Fixed Price Issue IPO |
| Face Value | ₹10 per equity share |
| IPO Price | ₹82 per equity share |
| Market Lot | 1600 Shares |
| Min Order Quantity | 1600 Shares |
| Listing At | BSE SME |
| Issue Size | ₹46.73 Cr |
| Fresh Issue | 2,849,600 shares (aggregating up to ₹23.37 Cr) |
| Offer for Sale | 2,849,600 shares of ₹10 (aggregating up to ₹23.37 Cr) |
| Retail Portion | 50.00% |
IPO Tentative Timetable
The Veefin Solutions Limited IPO open date is Jun 22, 2023, and the close date is Jun 26, 2023. The issue may list on Jul 05, 2023.
| IPO Open Date | Jun 22, 2023 |
| IPO Close Date | Jun 26, 2023 |
| Basis of Allotment Date | Jun 30, 2023 |
| Initiation of Refunds | Jul 03, 2023 |
| Credit of Shares to Demat Account | Jul 04, 2023 |
| IPO Listing Date | Jul 05, 2023 |
IPO Lot Size
The Veefin Solutions Limited IPO market lot size is 1600 shares. A retail-individual investor can apply for up to 1 lots (1600 shares or ₹131200).
| Application | Lots | Shares | Amount (Cut-off) |
|---|---|---|---|
| Minimum | 1 | 1600 | ₹131200 |
| Maximum | 1 | 1600 | ₹131200 |
IPO Promoter Holding
| Pre Issue Share Holding | 56.26% |
| Post Issue Share Holding | 39.84% |
Company Financials:
For the year/period ended (₹ in Lakhs)
| Financial Year | Total Assets | Total Revenue | Profit After Tax |
|---|---|---|---|
| 31-Mar-22 | 1607.93 | 655.19 | 70.01 |
| 31-Jan-23 | 4821.70 | 1262.36 | 350.02 |
Objects of the Issue:
The company intends to utilize the net proceeds from the issue towards the funding of the following objects:
- Global sales and marketing expenditure,
- Developing new products or enhancement and maintenance, upgrading or updating existing products, and
- General Corporate Purpose.
Veefin Solutions Limited IPO Registrar:
Bigshare Services Pvt Ltd
Veefin Solutions Limited IPO Lead Manager(s):
Shreni Shares Private Limited
Company Contact Information:
Veefin Solutions Limited
Off No-601, 602 & 603, Neelkanth Corporate IT Park, Kirol Road, Vidhyavihar (West)
Mumbai
Mumbai
