SSBA Innovations, which operates tax portal TaxBuddy, has decided to withdraw its initial public offering (IPO) valued at Rs 105 crore.
This is the fourth company to abandon its planned IPO this year.
Formerly Stitched Textiles, which owns leading menswear brand Barcelona; Nandan Terry, part of the Chiripal Group, and Uma Converter had canceled their planned initial share sales.
According to the draft papers, the SSBA Innovations IPO was to be an all-new offering of shares of up to Rs 105 crore.
Of this, Rs 65.45 crore should be used to fund user acquisition and business development, Rs 15.22 crore for technology development and the balance for general corporate purposes.
The company had submitted the Draft Red Herring Prospectus (DRHP) for the planned IPO on July 29 to the Securities and Exchange Board of India (Sebi).
However, the draft offering documents for the IPO were withdrawn on Aug. 24 and the reasons for the withdrawal were not disclosed, a market regulator update revealed on Monday.
The Company is a technology-driven financial solutions and services platform focused on providing financial solutions in the area of tax planning and filing, personal investment advice and wealth accumulation for individuals, HUF, professionals, firms and businesses registered on its platforms.
SSBA Innovations was founded in 2017 and owns two platforms – TaxBuddy and Finbingo.
TaxBuddy, launched in October 2019, offers assisted tax planning (ITR and GST), advice and IT notification management, and Finbingo, launched in May 2022, offers financial solutions including planning, advice and wealth management.
(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)
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