Veefin Solutions SME IPO lists at a premium on BSE SME
BSE SME exchange at a premium on Wednesday. The stock was listed at ₹86.05 per share, nearly 4.9 percent higher than the issue price of ₹82 on the BSE SME exchange. On day 3 of the subscription, the issue was subscribed 2.46 times. The retail investors portion was subscribed 1.65 times and other category was subscribed 3.26 times.
On day 2, the issue was subscribed 1.05 times, and on day 1 it received 50% subscription. The initial public offering consist of 56,99,200 equity shares with a face value of ₹10 each, priced at ₹82 per share, for a total of ₹46.73 crore. The minimum lot size for the application is 1,600 shares, which equates to ₹1,31,200 each application. As part of the IPO, 50% of the shares are reserved for individual investors.
The market maker reserve part is 2,88,000 equity shares, according to the company. The proceeds of the public offering will be used for global sales and marketing expenditures, new product development or enhancement and maintenance, upgrading or updating current products, and general business purposes, according to the company. The company's segments include supply chain finance tech solutions and digital lending suite solutions.
Banks, non-banking financial institutions, fintech, and marketplaces are among Veefin Solutions' clients. Yes Bank, IndusInd Bank, Indian Bank, The City Bank (Bangladesh), Aditya Birla Capital, Mintifi, BRAC, VP Bank, Riyadh Bank, and Ambit Finvest are its corporate clients. The company recorded total revenue of ₹655.19 lakh and net profit of ₹70.01 lakh for FY 21-22.
Read more on livemint.com
