IPO
NBFC Veritas Finance files papers to raise Rs.900-Cr in fresh issue
Chennai-based non-banking financial company (NBFC) Veritas Finance has filed its draft papers with the Securities and Exchange Board of India (Sebi) to raise INR 900-Cr through a fresh issue of equity shares, alongside an offer for sale of 1.28 crore shares by existing shareholders. The company has engaged ICICI Securities, IIFL Capital Services, JM Financial, and SBI Capital Markets to act as the book-running lead managers for the transaction.Founded in 2015, Veritas Finance provides financial services, including small business loans to micro, small and medium enterprises (MSMEs) and self-employed individuals. Its product portfolio also includes housing loans, used commercial vehicle loans, and working capital loans.The company plans to use the proceeds from the fresh issue to augment its capital base to meet future business requirements and support onward lending. Veritas may also undertake a pre-IPO placement of INR 180-Cr.
Between Mar 2016 and Jul 2023, Veritas Finance had attracted about $ 330 M from BlueOrchard, Avendus PE, IFC, Multiples, Caspian Advisors, Evolvence, Kedaara Capital, Norwest, Others.For FY25, Veritas Finance had reported about INR 1,550 Cr in Operating Income and about INR 295 Cr in PAT.
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