Fixed Price IPO | ₹47 Cr | Listed at BSE SME | Thu, Jun 22, 2023 - Mon, Jun 26, 2023
Veefin Solutions IPO is a fixed price issue of ₹46.73 crores. The issue is a combination of fresh issue of 0.28 crore shares aggregating to ₹23.37 crores and offer for sale of 0.28 crore shares aggregating to ₹23.37 crores.
Veefin Solutions IPO bidding started from Jun 22, 2023 and ended on Jun 26, 2023. The allotment for Veefin Solutions IPO was finalized on Jun 30, 2023. The shares got listed on BSE SME on Jul 5, 2023.
Veefin Solutions IPO price is ₹82 per share. The lot size for an application is 1,600. The minimum amount of investment required by an individual investor (retail) is ₹1,31,200 (1600 shares) (based on upper price). The minimum lot size for investment in HNI is 2 lots (3,200 shares), amounting to ₹2,62,400.
Shreni Shares Ltd. is the book running lead manager and Bigshare Services Pvt.Ltd. is the registrar of the issue. The Market Maker of the company is Shreni Shares Ltd..
Refer to Veefin Solutions IPO RHP for detailed Information.
IPO Open
Thu, Jun 22, 2023
IPO Close
Mon, Jun 26, 2023
Issue Price
₹82 per share
Market Cap (Pre-IPO)
₹173.74 Cr
| IPO Date | 22 to 26 Jun, 2023 |
| Listed on | Wed, Jul 5, 2023 |
| Face Value | ₹10 per share |
| Issue Price | ₹82 per share |
| Lot Size | 1,600 Shares |
| Sale Type | Fresh capital cum OFS |
| Issue Type | Fixed Price IPO |
| Listing At | BSE SME |
| Total Issue Size | 56,99,200 shares (agg. up to ₹47 Cr) |
| Reserved for Market Maker | 2,88,000 shares Shreni Shares Ltd. (agg. up to ₹2 Cr) |
| Fresh Issue (Ex Market Maker) | 25,61,600 shares (agg. up to ₹21 Cr) |
| Offer for Sale | 28,49,600 shares of ₹10 (agg. up to ₹23 Cr) |
| Net Offered to Public | 54,11,200 shares (agg. up to ₹44 Cr) |
| Share Holding Pre Issue | 1,83,37,860 shares |
| Share Holding Post Issue | 2,11,87,460 shares |
| BSE Script Code | 543931 |
| ISIN | INE0Q0M01015 |
Veefin Solutions IPO comprises a total issue size of 56,99,200 shares. The net offer to the public is 54,11,200 shares, after excluding 2,88,000 shares allotted on a firm basis. Of the Net offer 27,05,600 (50.00%) allocated to NII 27,05,600 (50.00%) allocated to RII.
| Investor Category | Shares Offered | % of Net Issue | % of Total Issue |
|---|---|---|---|
| NII (HNI) Shares Offered | 27,05,600 | 50.00% | 47.47% |
| Retail Shares Offered | 27,05,600 | 50.00% | 47.47% |
| Firm Reservations | |||
| Market Maker Shares Offered | 2,88,000 | 5.05% | |
| Total Shares Offered | 56,99,200 | 100.00% | 100.00% |
Investors can bid for a minimum of 1,600 shares and in multiples thereof.
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (Min) | 1 | 1,600 | ₹1,31,200 |
| Retail (Max) | 1 | 1,600 | ₹1,31,200 |
| HNI (Min) | 2 | 3,200 | ₹2,62,400 |
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:
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.
| Period Ended | 31 Jan 2023 | 31 Mar 2022 |
|---|---|---|
| Assets | 48.22 | 16.08 |
| Total Income | 12.62 | 6.55 |
| Profit After Tax | 3.50 | 0.70 |
| NET Worth | 42.93 | 9.25 |
| Reserves and Surplus | 24.59 | 9.24 |
| Total Borrowing | 0.51 | 3.46 |
| Amount in ₹ Crore | ||
The Company proposes to utilise the Net Proceeds from the Issue towards the following objects:
| # | Issue Objects | Est Amt (₹ Cr.) |
|---|---|---|
| 1 | Global – sales and marketing expenditure | 4.80 |
| 2 | Developing new products or enhancement and maintenance, upgrading or updating existing products; and | 15.50 |
| 3 | General corporate purposes | 2.54 |
| KPI | |
|---|---|
| ROE | 13.42% |
| ROCE | 11.32% |
| Debt/Equity | 0.01 |
| RoNW | 7.57% |
| PAT Margin | 4.67% |
| Pre IPO | Post IPO | |
|---|---|---|
| EPS (₹) | 0.48 | |
| P/E (x) | 41.41 | |
| Promoter Holding | 56.26% | 39.84% |
| Market Cap | ₹173.74 Cr. |
The Veefin Solutions IPO is subscribed 2.46 times on June 26, 2023 7:02:00 PM (Day 3). The public issue subscribed 1.65 times in the retail category, [.] times in the QIB category, and 3.26 times in the NII category. Check Day by Day Subscription Details (Live Status)
| Category | Subscription (times) | Shares Offered | Shares bid for |
|---|---|---|---|
| NII* | 3.26 | 27,05,600 | 88,08,000 |
| Retail | 1.65 | 27,05,600 | 44,73,600 |
| Total | 2.46 | 54,11,200 | 1,33,37,600 |
Total Application : 3,178
*Market Maker portion is not included to NII/HNI.
| # | Issue Expenses | Est Amt (₹ Cr.) |
|---|---|---|
| 1 | Lead manager(s) fees including underwriting commission | 0.80 |
| 2 | Brokerage, selling commission and upload fees | 0.01 |
| 3 | Registrar to the Offer | 0.02 |
| 4 | Legal Advisors | 0.02 |
| 5 | Advertising and marketing expenses | 0.02 |
| 6 | Regulators including stock exchanges | 0.02 |
| 7 | Printing and distribution of Offer stationary | 0.01 |
| 8 | Others, if any (market making, depositories, marketing fees, secretarial, peer review auditors, etc.) | 0.17 |
| Price Details | BSE SME |
|---|---|
| Final Issue Price | ₹82.00 |
| Open | ₹86.05 |
| Low | ₹86.05 |
| High | ₹90.35 |
| Last Trade | ₹90.22 |
Lead Manager Reports
Veefin Solutions IPO is a SME IPO of 56,99,200 equity shares of the face value of ₹10 aggregating up to ₹47 Crores. The issue is priced at ₹82 per share. The minimum order quantity is 1600.
The IPO opens on Thu, Jun 22, 2023, and closes on Mon, Jun 26, 2023.
Bigshare Services Pvt.Ltd. is the registrar for the IPO. The shares are proposed to be listed on BSE SME.
Zerodha customers can apply online in Veefin Solutions IPO using UPI as a payment gateway. Zerodha customers can apply in Veefin Solutions IPO by login into Zerodha Console (back office) and submitting an IPO application form.
Steps to apply in Veefin Solutions IPO through Zerodha
Visit Zerodha IPO Application Process Review for more detail.
The Veefin Solutions IPO opens on Thu, Jun 22, 2023 and closes on Mon, Jun 26, 2023.
Veefin Solutions IPO lot size is 1600, and the minimum amount required for application is ₹1,31,200.
You can apply in Veefin Solutions IPO online using either UPI or ASBA as a payment method. ASBA IPO application is available in the net banking of your bank account. UPI IPO Application is offered by brokers who don't offer banking services. Read more detail about applying IPO online through Zerodha, Upstox, 5Paisa, Nuvama, HDFC Bank, and SBI Bank.
The finalization of Basis of Allotment for Veefin Solutions IPO will be done on Friday, June 30, 2023, and the allotted shares will be credited to your demat account by Tue, Jul 4, 2023. Check the Veefin Solutions IPO allotment status.
The Veefin Solutions IPO listing date is on Wed, Jul 5, 2023.
