Veefin Solutions IPO GMP, Price, Dates & Allotment Details 2023
Introduction
The Veefin Solutions IPO will open on June 22 and close on June 26, 2023. As per the DRHP filed with SEBI, the company intends to raise approximately ₹ 46.73 crores through this public offering, consisting of 56.99 lakhs shares with a face value of ₹ 10 each, which will be issued at a price of ₹ 82 per share.
Veefin Solutions Limited (“the Company”)
Veefin Solutions Ltd. was incorporated in 2020. It is a digital lending and supply chain finance (SCF) technology product solutions company based in Mumbai. Supply chain finance is a financial tool used to help businesses manage their cash flow and improve their working capital. They provide product solutions to a wide range of clients globally, including banks, non-banking financial institutions, fintech, marketplaces, and corporations. Its technology product solutions are a unique offering that is designed with a user-led approach, based on data and analytics, and built by experienced bankers for bankers.
Company Strength
- Domain knowledge in, and full spectrum coverage of, the BFSI industry
- Entrenched global sales network
- End-to-End Stack for Supply Chain Finance
- Implementation Timelines
- Pricing
- Deployment Agnostic
- Established relationships with the customer base
Objects of the Issue,
The company proposes utilising the Fresh Issue’s net proceeds towards funding the following objects:
- Global sales and marketing expenditure,
- Developing new products or enhancements and maintenance, upgrading or updating existing products, and
- General corporate purpose.
Financial Highlights (Restated)
| Particulars | For the period ended on 31st Jan. 2023 | FY 2021-22 |
|---|---|---|
| Net Worth | 4,293 | 925 |
| Total Assets | 4,822 | 1,608 |
| Reserve & Surplus | 2,459 | 924 |
| Total Borrowings | 51 | 346 |
| Total Revenue | 1,262 | 655 |
| Profit After Tax | 350 | 70 |
IPO details
As per the DRHP filed with SEBI, 28.49 lakh shares will be offered as a fresh issue in the BSE SME segment. The face value of the shares is ₹ 10. The market maker would receive 288,000 shares of the offering. While Shreni Shares Private Limited will be the lead manager for the IPO, Bigshare Services Pvt Ltd will be the registrar. It will be a Fixed Price Issue IPO, so the price at which the securities are offered or allotted is known in advance to the investor.
| Issue Type | Fixed Price Issue IPO |
| IPO Price | ₹ 82 per share |
| Face Value | ₹ 10 per share |
| Market Lot | 1,600 shares |
| Issue Size | 5,699,200 shares (aggregating up to ₹ 46.73 crores) |
| Fresh Issue | 2,849,600 shares (aggregating up to ₹ 23.37 crores) |
| Offer for Sale | 2,849,600 shares (aggregating up to ₹ 23.37 crores) |
| Listing At | BSE SME |
| Company Promoters | Mr Raja Debnath and Mr Gautam Vijay Udani |
Market Maker: Veefin Solutions IPO
| Market maker | Shreni Shares |
| Market maker portion | 288,000 shares |
IPO Reservation
| Categories | No. of shares offered |
| Retail shares offered | Not less than 50% of the offer |
GMP: Veefin Solutions IPO
GMP, or grey market premium, is available on this page. The IPO GMP is updated on a day-to-day basis during the running period of the IPO, due to which the GMP rates fluctuate and stabilise after some time. GMP rates are not 100% guaranteed. Please click here for GMP details.
Tentative Dates: Veefin Solutions IPO
The issue opens for subscription on June 22, 2023, and closes for subscription on June 26, 2023 (both days inclusive). The basis of allotment will be finalised on June 30, 2023, and the refunds will be initiated on July 3, 2023. In addition, the demat credits are expected to happen on July 4, 2023, and the stock will be listed on the BSE SME on July 5, 2023. The UPI mandate confirmation cut-off time is 5:00 PM on the issue closing day.
| Opening Date | June 22, 2023, |
| Closing Date | June 26, 2023 |
| Basis of Allotment | June 30, 2023 |
| Initiation of Refunds | July 3, 2023 |
| A credit of shares to Demat A/c | July 4, 2023 |
| Listing Date | July 5, 2023 |
Lot Size: Veefin Solutions IPO
The lot size of the Veefin Solutions IPO is 1,600 shares. A retail-individual investor can apply for up to 1 lot, i.e. 1,600 shares of ₹ 131,200.
| Applications | Lots | Shares | Amount |
|---|---|---|---|
| Retail (Minimum) | 1 | 1,600 | ₹ 131,200 |
| Retail (Maximum) | 1 | 1,600 | ₹ 131,200 |
| HNI (Minimum) | 2 | 3,200 | ₹ 262,400 |
Promoters Holdings
| Pre-issue Shares Holdings | 84.34% |
| Post-issue Shares Holdings | – |
Miscellaneous Information
| Download Prospectus (PDF) | IPO DRHP |
| 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/ |
| IPO Registrar | Bigshare Services Pvt Ltd Phone: +91-22-6263 8200 Email: ipo@bigshareonline.com Website: https://www.bigshareonline.com/ |
| IPO Lead Manager(s) | Shreni Shares Private Limited |
FAQs
What is Veefin Solutions’ IPO price?
The Veefin Solutions IPO price is ₹ 82 per share.
What minimum lot size can retail investors subscribe to?
The minimum investment size is one lot for retail investors. One lot of the Veefin Solutions IPO contains 1,600 shares of ₹ 131,200.
When will the Veefin Solutions IPO allotment be available?
The finalisation of the basis of allotment for the Veefin Solutions IPO will be done on June 30, 2023, and the allotted shares will be credited to your demat account by July 4, 2023. Check the Veefin Solutions IPO allotment status.
When will the Veefin Solutions IPO list on exchanges?
The Veefin Solutions IPO shares listing date is July 5, 2023.
