Veritas Finance refiles preliminary papers with SEBI to raise funds via IPO
Veritas Finance, a non-deposit taking NBFC, has refiled preliminary papers with capital markets regulator Sebi to raise funds through an initial public offering (IPO), comprising a fresh issue of equity shares worth Rs 900 crore.
The proposed IPO also includes an Offer for Sale (OFS) of up to 1.28 crore equity shares by existing shareholders. The net proceeds from the fresh issue will be used to augment the company's capital base to meet future business requirements, including onward lending. ICICI Securities, IIFL Capital Services, JM Financial and SBI Capital Markets are the book-running lead managers to the issue.
Founded in 2015, Veritas Finance provides business loans to micro, small and medium enterprises (MSMEs) and self-employed individuals. It has also expanded into home loans, used commercial vehicle loans and working capital loans.
