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Veefin Solutions IPO is a fixed price issue of Rs 46.73 crores. The issue is a combination of fresh issue of 28.5 lakh shares aggregating to Rs 23.37 crores and offer for sale of 28.5 lakh shares aggregating to Rs 23.37 crores.
Veefin Solutions IPO bidding started from June 22, 2023 and ended on June 26, 2023. The allotment for Veefin Solutions IPO was finalized on Friday, June 30, 2023. The shares got listed on BSE SME on July 5, 2023.
Veefin Solutions IPO price is ₹82 per share. The minimum lot size for an application is 1600 Shares. The minimum amount of investment required by retail investors is ₹131,200. The minimum lot size investment for HNI is 2 lots (3,200 shares) amounting to ₹262,400.
Shreni Shares Limited is the book running lead manager of the Veefin Solutions IPO, while Bigshare Services Pvt Ltd is the registrar for the issue. The market maker for Veefin Solutions IPO is Shreni Shares.
Refer to Veefin Solutions IPO RHP for detailed information.
| IPO Date | June 22, 2023 to June 26, 2023 |
| Listing Date | July 5, 2023 |
| 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 offers 5,699,200 shares. 2,705,600 (47.47%) to NII, 2,705,600 (47.47%) to RII.
| Investor Category | Shares Offered |
|---|---|
| Anchor Investor Shares Offered | - |
| Market Maker Shares Offered | 288,000 (5.05%) |
| Other Shares Offered | 2,705,600 (47.47%) |
| Retail Shares Offered | 2,705,600 (47.47%) |
| Total Shares Offered | 5,699,200 (100%) |
Veefin Solutions IPO opens on June 22, 2023, and closes on June 26, 2023.
| IPO Open Date | Thursday, June 22, 2023 |
| IPO Close Date | Monday, June 26, 2023 |
| Basis of Allotment | Friday, June 30, 2023 |
| Initiation of Refunds | Monday, July 3, 2023 |
| Credit of Shares to Demat | Tuesday, July 4, 2023 |
| Listing Date | Wednesday, July 5, 2023 |
| Cut-off time for UPI mandate confirmation | 5 PM on June 26, 2023 |
Investors can bid for a minimum of 1600 shares and in multiples thereof. The below table depicts the minimum and maximum investment by retail investors and HNI in terms of shares and amount.
| 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 | |||
The Promoters of the company are Mr. Raja Debnath and Mr. Gautam Vijay Udani.
| Share Holding Pre Issue | 56.26% |
| Share Holding Post Issue | 39.84% |
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 | 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 | ||||||
The market capitalization of Veefin Solutions IPO is Rs 173.74 Cr.
| KPI | Values |
|---|---|
| ROE | 13.42% |
| ROCE | 11.32% |
| Debt/Equity | 0.01 |
| RoNW | 7.57% |
| Pre IPO | Post IPO | |
|---|---|---|
| EPS (Rs) | 0.48 | |
| P/E (x) | 41.41 |
The company intends to utilize the net proceeds from the issue towards the funding of the following objects:
[Dilip Davda] Though the company claims to be the unique SCF segment player, as per market observers there are many players around offering such services categorically. Based on its super FY23 earnings, the issue appears greedily priced. VSL is seeking fancy valuations for its IPO (discounting all near-term prospects) in relation to its financial performance so far. Only well-informed / risk seekers may consider parking funds, others can stay away. Read detail review...
The Veefin Solutions IPO is subscribed 2.46 times on June 26, 2023 7:02:00 PM. 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) |
|---|---|
| Other | 3.26 |
| Retail | 1.65 |
| Total | 2.46 |
Total Application : 3,178 (1.88 times)
| Listing Date | July 5, 2023 |
| BSE Script Code | 543931 |
| NSE Symbol | |
| ISIN | INE0Q0M01015 |
| Final Issue Price | ₹82 per share |
| Price Details |
|---|
| Final Issue Price |
| Open |
| Low |
| High |
| Last Trade |
| BSE SME |
|---|
| ₹82.00 |
| ₹86.05 |
| ₹86.05 |
| ₹90.35 |
| ₹90.22 |
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/
Bigshare Services Pvt Ltd
Phone: +91-22-6263 8200
Email: ipo@bigshareonline.com
Website: https://ipo.bigshareonline.com/ipo_status.html
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Veefin Solutions IPO is a SME IPO of 5,699,200 equity shares of the face value of ₹10 aggregating up to ₹46.73 Crores. The issue is priced at ₹82 per share. The minimum order quantity is 1600 Shares.
The IPO opens on June 22, 2023, and closes on June 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 June 22, 2023 and closes on June 26, 2023.
Veefin Solutions IPO lot size is 1600 Shares, and the minimum amount required is ₹131,200.
You can apply in Veefin Solutions IPO online using either UPI or ASBA as 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 apply IPO online through Zerodha, Upstox, 5Paisa, Nuvama, ICICI Bank, 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 Tuesday, July 4, 2023. Check the Veefin Solutions IPO allotment status.
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