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.
Veefin Solutions IPO Details
| IPO Date | Jun 22, 2023 to Jun 26, 2023 |
| Listing Date | [.] |
| Face Value | ₹10 per share |
| Price | ₹82 per share |
| Lot Size | 1600 Shares |
| Total Issue Size | 5,699,200 shares (aggregating up to ₹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) |
| Issue Type | Fixed Price Issue IPO |
| Listing At | BSE SME |
| Share holding pre issue | 18,337,860 |
| Share holding post issue | 21,187,460 |
| Market Maker portion | 288,000 shares Shreni Shares |
Veefin Solutions IPO Reservation
| Retail Shares Offered | Not less than 50.00% of the Offer |
Veefin Solutions IPO Timetable (Tentative)
Veefin Solutions IPO opens on Jun 22, 2023, and closes on Jun 26, 2023.
| Event | Tentative Date |
|---|---|
| Opening Date | Thursday, 22 June 2023 |
| Closing Date | Monday, 26 June 2023 |
| Basis of Allotment | Friday, 30 June 2023 |
| Initiation of Refunds | Monday, 3 July 2023 |
| Credit of Shares to Demat | Tuesday, 4 July 2023 |
| Listing Date | Wednesday, 5 July 2023 |
| Cut-off time for UPI mandate confirmation | 5 PM on Jun 26, 2023 |
Veefin Solutions IPO Lot Size
The Veefin Solutions IPO lot size is 1600 shares.
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (Min) | 1 | 1600 | ₹131,200 |
| Retail (Max) | 1 | 1600 | ₹131,200 |
| HNI (Min) | 2 | 3,200 | ₹262,400 |
| Lot Size Calculator |
Veefin Solutions IPO Promoter Holding
The Promoters of the company are Mr. Raja Debnath and Mr. Gautam Vijay Udani.
| Pre Issue Share Holding | 56.26% |
| Post Issue Share Holding | 39.84% |
Company Financials
| Period Ended | Total Assets | Total Revenue | Profit After Tax | Net Worth | Reserves and Surplus | Total Borrowing |
|---|---|---|---|---|---|---|
| 31-Mar-22 | 1,607.93 | 655.19 | 70.01 | 925.10 | 923.86 | 346.32 |
| 31-Jan-23 | 4,821.70 | 1,262.36 | 350.02 | 4,293.21 | 2,459.43 | 50.81 |
| Amount in ₹ Lakhs |
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 IPO Prospectus
Company Contact Information
Veefin Solutions Limited
Off No-601, 602 & 603,
Neelkanth Corporate IT Park,
Kirol Road, Vidhyavihar (West), Mumbai – 400 086
Phone: +91 9004917712
Email: investors@veefin.com
Website: https://www.veefin.com/
Veefin Solutions IPO Registrar
Bigshare Services Pvt Ltd
Phone: +91-22-6263 8200
Email: ipo@bigshareonline.com
Website: https://www.bigshareonline.com/