Veefin Solutions Lists at BSE SME at a Premium The IPO consists of 56,99,200 shares with a face value of INR 10, priced at INR 82 for a total of INR 46.73 crore. The minimum lot size is 1600 shares, which will equate to INR 1,31,200 per application.
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On Wednesday, the shares of Veefin Solutions Ltd got listed on the BSE SME exchange at a premium of INR 86.05 per share. Its initial public offering (IPO) was opened on June 22, fixed at INR 82, and closed four days later. The IPO is a mix of fresh offer and Offer for Sale.
The company was founded by Gautam Udani and Raja Debnath in 2010 as financial products and digital solutions provider. It offers its services such as Customer Relationship Management, Loan Origination System, Loan Management System, and Collections Management System to banks, non-banking financial institutions, fintech, and marketplaces. Veefin counts Yes Bank, Aditya Birla Capital, Mintifi, BRAC, IndusInd Bank, Indian Bank, The City Bank (Bangladesh), VP Bank, Riyadh Bank, and Ambit Finvest as its corporate clients.
Day 3 saw the issue being subscribed by 2.46 times, with the retail investors' portion being subscribed 1.65 times and other categories being subscribed 3.26 times. Day 2 and day one saw the issue being subscribed 1.05 times and 50%, respectively.
The IPO consists of 56,99,200 shares with a face value of INR 10, priced at INR 82 for a total of INR 46.73 crore. The minimum lot size is 1600 shares, which will equate to INR 1,31,200 per application.
Fifty per cent of the shares are reserved for individual investors, with the market maker reserve part consisting of 2,88,000 equity shares.
About 28,49,600 equity shares aggregating to INR 2,336.67 Lakhs are the fresh offerings, while 28,49,600 equity shares aggregating to INR 2,336.67 Lakhs are the OFS size.
At the time of publishing the article, Veefin (listed as VEEFIN) opened at the BSE SME at INR 89.85 and had a market capitalization of INR 200.71 crore. The lowest price was INR 87.30, and the highest was INR 94.73. About 248 trades took place, with 7,79,200 shares being traded.