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Veefin Solutions IPO GMP, Price, Dates & Allotment Details 2023

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

  1. Domain knowledge in, and full spectrum coverage of, the BFSI industry
  2. Entrenched global sales network
  3. End-to-End Stack for Supply Chain Finance
  4. Implementation Timelines
  5. Pricing
  6. Deployment Agnostic
  7. 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:

  1. Global sales and marketing expenditure,
  2. Developing new products or enhancements and maintenance, upgrading or updating existing products, and
  3. General corporate purpose.

Financial Highlights (Restated)

ParticularsFor the period ended on 31st Jan. 2023FY 2021-22
Net Worth4,293925
Total Assets4,8221,608
Reserve & Surplus2,459924
Total Borrowings51346
Total Revenue1,262655
Profit After Tax35070
(Amount in ₹ Lakhs)

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 TypeFixed Price Issue IPO
IPO Price₹ 82 per share
Face Value₹ 10 per share
Market Lot1,600 shares
Issue Size5,699,200 shares (aggregating up to ₹ 46.73 crores)
Fresh Issue2,849,600 shares (aggregating up to ₹ 23.37 crores)
Offer for Sale2,849,600 shares (aggregating up to ₹ 23.37 crores)
Listing AtBSE SME
Company PromotersMr Raja Debnath and Mr Gautam Vijay Udani

Market Maker: Veefin Solutions IPO

Market makerShreni Shares
Market maker portion288,000 shares

IPO Reservation

CategoriesNo. of shares offered
Retail shares offeredNot 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 DateJune 22, 2023,
Closing DateJune 26, 2023
Basis of AllotmentJune 30, 2023
Initiation of RefundsJuly 3, 2023
A credit of shares to Demat A/cJuly 4, 2023
Listing DateJuly 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.

ApplicationsLotsSharesAmount 
Retail (Minimum)11,600₹ 131,200
Retail (Maximum)11,600₹ 131,200
HNI (Minimum)23,200₹ 262,400

Promoters Holdings 

Pre-issue Shares Holdings84.34%
Post-issue Shares Holdings

Miscellaneous Information

Download Prospectus (PDF)IPO DRHP
Company Contact InformationVeefin Solutions Limited
Off No-601, 602 & 603, Neelkanth Corporate IT Park,
Kirol Road, Vidhyavihar (West), Mumbai – 400 086
Phone: +91 9004917712
Email: [email protected]
Website: https://www.veefin.com/
IPO RegistrarBigshare Services Pvt Ltd
Phone: +91-22-6263 8200
Email: [email protected]
Website: https://www.bigshareonline.com/
IPO Lead Manager(s)Shreni Shares Private Limited

FAQs

The Veefin Solutions IPO price is ₹ 82 per share.

The minimum investment size is one lot for retail investors. One lot of the Veefin Solutions IPO contains 1,600 shares of ₹ 131,200.

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.

The Veefin Solutions IPO shares listing date is July 5, 2023.

Click here for more FAQs.

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