Veritas Finance Limited files DRHP with SEBI for an IPO
DRHP Link: https://www.icicisecurities.com/Upload/ArticleAttachments/DRHP%20-%20Veritas%20Finance%20Limited.pdf
Mumbai, 20th January 2025 (GNI):Veritas Finance Limited, a retail focused non-deposit taking NBFC registered with the Reserve Bank of India (“RBI”), and under the scale-based regulations of the RBI, classified as an ‘NBFC-Middle Layer’, has filed the Draft Red Herring Prospectus (DRHP) with SEBI for an Initial Public Offering (IPO).
According to CRISIL MI&A, it is the fastest-growing NBFC in terms of Loans (AUM) 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.
The public offer aggregating up to Rs. 2,800 crore comprises of a fresh issue of equity shares aggregating up to Rs. 600 crore (“THE FRESH ISSUE”) and an offer for sale of equity shares aggregating up to Rs. 2,200 crore by the Selling Shareholders (“OFFER FOR SALE”) with a face value of ₹10 each per equity share.
The company proposes to utilize the net proceeds towards augmenting their capital base to meet future business requirements of the company towards onward lending.
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 to the issue.ends GNI
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