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Upcoming IPO: Veritas Finance Limited filed its preliminary draft papers with the market regulator, the Securities and Exchange Board of India (SEBI), to raise funds through an initial public offering (IPO). According to the company’s draft red herring prospectus, the proposed IPO aggregated up to ₹2,800 crore.
The proposed IPO will comprise a fresh issue of equity shares up to ₹600 crore and an offer for sale (OFS) of equity shares up to ₹2,200 crore with a face value of ₹10 each. The public offer includes a reservation of equity shares for subscription by eligible employees.
The company proposes to utilize the net proceeds to augment its capital base, meet future business requirements, and lend onward.
ICICI Securities Limited, HDFC Bank Limited, Jefferies India Private Limited, Kotak Mahindra Capital Company Limited, and Nuvama Wealth Management Limited are the book-running lead managers for the upcoming issue.
Veritas may consider a pre-IPO placement of up to ₹120 crore after consultation with book-running lead managers.
The equity shares are proposed to be listed on the Stock Exchanges, BSE Limited and National Stock Exchange of India Limited.
Veritas Finance Limited, Company details
Veritas Finance Limited is an NBFC registered with the Reserve Bank of India (RBI), established in 2015. It has been classified as an ‘NBFC-Middle Layer’ under the RBI’s scale-based regulations. The NBFC provides small business loans to micro, small, and medium enterprises (MSMEs) and self-employed individuals. It provides home loans and used commercial vehicle loans as well.
According to CRISIL MI&A, it is the fastest-growing NBFC in terms of Loan growth among compared peers for the period between the financial Years 2022 to 2024, with a compounded annual growth rate (“CAGR”) of 61.76%. The company focuses on addressing the financial needs of underserved and underbanked MSMEs and individuals by providing access to credit, according to its DRHP.
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