Veefin Solutions SME IPO lists with premium on BSE SME
Veefin Solutions Ltd, a leading provider of supply chain finance tech solutions and digital lending suite solutions, witnessed a premium listing of its shares on the BSE SME exchange on Wednesday.
The stock debuted at ₹86.05 per share, reflecting a notable increase of 4.9 percent compared to the issue price of ₹82 on the BSE SME exchange.
During the three-day subscription period, the IPO garnered significant interest, with an overall subscription rate of 2.46 times. The retail investors’ portion was subscribed 1.65 times, while the other categories saw a subscription rate of 3.26 times. On the second day, the subscription rate reached 1.05 times, following a 50% subscription rate on the first day.
The initial public offering comprised 56,99,200 equity shares, each with a face value of ₹10, priced at ₹82 per share, resulting in a total value of ₹46.73 crore. The minimum lot size for applications was set at 1,600 shares, amounting to ₹1,31,200 per application. Notably, 50% of the shares were reserved for individual investors, and the market maker reserve part included 2,88,000 equity shares, as confirmed by the company.
Veefin Solutions plans to utilize the funds raised through the IPO for various purposes, including global sales and marketing expenditures, new product development or enhancement, maintenance and upgrades of existing products, as well as general business requirements.
The company caters to a diverse clientele, including banks, non-banking financial institutions, fintech companies, and marketplaces. Its impressive roster of corporate clients includes Yes Bank, IndusInd Bank, Indian Bank, The City Bank (Bangladesh), Aditya Birla Capital, Mintifi, BRAC, VP Bank, Riyadh Bank, and Ambit Finvest.
In terms of financial performance, Veefin Solutions recorded a total revenue of ₹655.19 lakh and a net profit of ₹70.01 lakh for the fiscal year 2021-2022. Furthermore, the company achieved revenues of ₹1262.36 lakh and a net profit of ₹350.02 lakh for the ten months ending in January 2023 (10MFY23), as reported by the company.
About Veefin Solutions:
Veefin Solutions Limited, headquartered in Mumbai, is a company established in 2020. The company focuses on delivering technology-based solutions for digital lending and supply chain finance (SCF).
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