upcoming ipo Veritas Finance files draft papers with Sebi to mobilise Rs 2800 crore via initial public offering stock market news nse bse

BIZ-IPO-VERITAS FINANCE
Veritas Finance files draught papers with Sebi to mobilise Rs 2,800-cr via IPO New Delhi, Jan 20 (PTI)

Veritas Finance Ltd, a retail focused non-deposit taking NBFC, has filed preliminary papers with markets regulator Sebi seeking its support to rise Rs 2,800 crore done an archetypal nationalist offering (IPO).

The IPO comprises a caller contented of equity shares aggregating up to Rs 600 crore and an Offer-for-Sale (OFS) of equity shares worthy Rs 2,200 crore by the capitalist and idiosyncratic selling shareholders, according to the draught reddish herring prospectus (DRHP) filed connected Saturday.

The nationalist connection includes a preservation of equity shares for subscription by eligible employees.

Under the OFS, shares worthy Rs 550 crore each would beryllium offloaded by Norwest Venture Partners X - Mauritius and Kedaara Capital Fund II LLP, Rs 500 crore by British International Investment plc, Rs 425 crore by Lok Capital Growth Fund, and Rs 75 crore by Growth Catalyst Partners LLC.

Additionally, idiosyncratic shareholders are offering Rs 36 crore by Vidya Arulmany, Rs 21 crore each by P Surendra Pai and Savita S Pai, Rs 14 crore by Sheela Pai Cole, and Rs 8 crore by Moneisha Sharad Gandhi.

The institution proposes to utilize the nett proceeds towards augmenting its superior basal to conscionable aboriginal concern requirements of the institution towards onward lending.

The NBFC whitethorn see a pre-IPO placement of securities aggregating upto Rs 120 crore. If specified placement is completed, the magnitude raised done the caller contented volition beryllium reduced.

Founded successful 2015, Veritas Finance, classified arsenic an 'NBFC-Middle Layer' by the Reserve Bank of India (RBI) chiefly provides tiny concern loans to micro, tiny and mean enterprises (MSMEs) and self-employed individuals, and implicit the years, has expanded its concern to see location loans and utilized commercialized conveyance loans.

According to CRISIL MI&A, Veritas Finance is the fastest-growing NBFC successful presumption of loans (AUM) maturation among peers for the play betwixt the fiscal years 2022 to 2024, with a compounded yearly maturation complaint (CAGR) of 61.76 per cent.

ICICI Securities, HDFC Bank, Jefferies India, Kotak Mahindra Capital Company and Nuvama Wealth Management are the book-running pb managers to the issue. The equity shares are projected to beryllium listed connected the BSE Ltd and National Stock Exchange of India Ltd.