Veefin Solutions Ltd, which is engaged in supply chain finance tech solutions and digital lending suite solutions, will launch its initial public offering (IPO) on Thursday, June 22, which will remain open till June 26. The issue price of the Rs 46.73-crore IPO has been fixed at Rs 82 a share.
The 56,99,200-share IPO will be launched on the BSE as a small and medium enterprise (SME) IPO.
The date of the basis of allotment has been fixed at June 30, and the initiation of refunds will take place on July 3. The shares will be credited to the demat on July 4 and are likely to be listed on July 5.
In the Veefin Solutions IPO, the lot size will be 1,600 shares. Out of the total issue size of 56,99,200 shares, the fresh issue will comprise 28,49,600 shares while the offer for sale (OFS) will also be of 28,49,600 shares.
Veefin has said the proceeds from the IPO would be used for funding global sales and marketing expenditures, developing new products or enhancement and maintenance, upgrading or updating existing products, and general corporate purposes.
About Veefin Solutions
The company does not have any direct peers. In its prospectus, Veefin said, “There are no listed companies in India and abroad that are engaged in developing a similar line of product solution to that of our company.”
Veefin said its current expenditure is not fit to support the long and expensive process of software product development in a sufficient and timely manner. The SME also disclosed its directors and group companies as party to certain tax proceedings, which could potentially impact the company’s business, results of operations, and financial conditions.
Our digital lending and supply chain finance technology product solutions may not be protected by all intellectual property laws and does not have any copyright,” it said. The company also reported negative cash flows for two consecutive years in January 2023.
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