Veefin Solutions IPO to open on June 22: Check price, issue size, key details

Veefin Solutions Limited (formerly known as Veefin Solutions Private Limited), a digital Lending and Supply Chain Finance (SCF) technology product solutions company, will launch its initial public offering (IPO) on Thursday i.e. June 22. The issue price of the Rs 4,673.34-lakh IPO has been fixed at Rs 82 a share and will be open till June 26.

Proceeds of the public issue will be used for global sales and marketing expenditure, developing new products or enhancement and maintenance, upgrading or updating existing products and general corporate purposes, the firm stated.

Following the IPO, company’s shares will be listed on the on BSE SME, SME Platform of Bombay Stock Exchange. Shreni Shares Pvt. Ltd. is the lead manager of the issue.

The initial public offering will comprise of 56,99,200 equity shares of face value Rs 10 each at a price of Rs 82 per share (including a premium of Rs 72 per equity share) aggregating Rs 4,673.34 lakh. Minimum lot size for the application is 1,600 shares which translates in to Rs 1,31,200 per application. As part of the IPO, 50 percent of the shares are allocated for retail investors. Market maker reservation portion is 2,88,000 equity shares, the company said.

Incorporated in 2020, Veefin Solutions Limited (formerly known as Veefin Solutions Private Limited) was founded by Raja Debnath and Gautam Udani. The company provides Digital Lending and Supply Chain Finance (SCF) white-labeled technology products for lenders. Veefin provides this product to a wide range of clients globally, including banks, non-banking financial institutions, fintech, and marketplaces.

For FY 21-22 the company reported total revenue of Rs 655.19 lakh and net profit of Rs. 70.01 lakh. For ten months ended January 2023 (10MFY23), the company reported revenues of Rs 1262.36 lakh and net profit of Rs 350.02 lakh. As on January 2023, net worth of the company stands at Rs 4,293.21 lakh, total assets at Rs 4,821.70 lakh and reserves and surplus at Rs 2459.43 lakh, the firm said.