Veritas Finance Limited receives SEBI observations for its proposed IPO

Veritas Finance Limited, a retail-focused non-deposit taking NBFC, has received final observation from the capital markets regulator, Securities and Exchange Board of India (SEBI) for its proposed IPO.

The public offer comprises of a fresh issue of Rs. 600 crore and an offer for sale of Rs. 2,200 crore with face value of ₹10 per equity share.

Veritas Finance Limited proposes to utilize the net proceeds towards augmenting the capital base to meet future business requirements of the Company towards onward lending.

Established in 2015, Veritas Finance Limited focuses on addressing the financial needs of underserved and underbanked MSMEs and individuals by providing access to credit. They offer a range of products, including small business loans, housing loans, used commercial vehicle loans, and working capital loans.

Veritas is the fastest-growing NBFC in terms of 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%, as per a CRISIL MI&A report.  Its MSME loan book, encompassing both rural and urban finance, has outpaced overall market growth, (CRISIL MI&A report). Veritas has focused its strategy on serving MSMEs and self-employed individuals, with average loan ticket sizes of ₹5 lakhs as of September 30, 2024. This segment remains a key growth driver, especially in underserved markets.

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.

 

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