Incorporated in 2015, Vedant Asset Limited is engaged in the business as a Corporate Business Correspondents (BC) of Bank of India, Jharkhand Rajya Gramin Bank (JRGB) and Madhya Pradesh Gramin Bank (MPGB) and as Mutual Funds Distribution through a partner base of more than 350 Vedant Mitra partners working in various rural and semi-urban locations and handling more than 100 crores of assets under our Mutual fund distribution business.
Vedant Asset handles more than 100 Crore’s of AUM and over 500 Clients.
Vedant Mitra offers the following services :
Banking Services: Account Opening, Deposit/Withdrawl Services, Other Banking Services.
Financial Services: Mutual Fund investment, Insurance, Loan through Banks and NBFCs.
Remittance services: Adhaar enabled payment System, Direct Money Transfer services, Vedantpay (mATM).
Other Value-added Services: M-POS (PAN & Adhaar), Bill Payments & recharge, Ticketing and Touring.
The company has been recognized by many institutes like the CNBC Hall of Fame Award for the year 2019, CNBC TV18 Best financial advisors award for East 2016, CNBC TV 18 Best financial advisor (IFA Up country East) 2017, One of the largest mobilization of AUM (Asset under management in Jharkhand), Wealth Forum Award for Highest Business Mobilization in Rest of East in 2015 etc.
Competitive Strengths:
- Strong product tie-ups and Multi-product support.
- Single point solution.
- Technology & Integration Expertise
- Team to support business Growth
- Experienced & Qualified Management Team
Company Financials
| Period Ended | Total Assets | Total Revenue | Profit After Tax | Net Worth | Reserves and Surplus | Total Borrowing |
|---|---|---|---|---|---|---|
| 31-Mar-20 | 83.13 | 61.23 | 3.4 | 5.38 | 4.38 | 74.32 |
| 31-Mar-21 | 239.16 | 113.47 | 8.68 | 214.22 | 13.06 | 17.4 |
| 31-Mar-22 | 254.63 | 167.23 | 13.81 | 228.03 | 26.87 | 0 |
| Amount in ₹ Lakhs |
Objects of the Issue
The company intend to utilize the proceeds of the Issue to meet the following objects:-
1. Financing the expenditure for Business Expansion.
2. To meet working capital requirements.
3. General Corporate Purpose.
4. To meet issue expenses.
Vedant Asset IPO Details
| Vedant Asset IPO Date | Sep 30, 2022 to Oct 4, 2022 |
| Vedant Asset IPO Face Value | ₹10 per share |
| Vedant Asset IPO Price | ₹40 per share |
| Vedant Asset IPO Lot Size | 3000 Shares |
| Issue Size | 750,000 shares of ₹10 (aggregating up to ₹3.00 Cr) |
| Fresh Issue | 750,000 shares of ₹10 (aggregating up to ₹3.00 Cr) |
| Issue Type | Fixed Price Issue IPO |
| Listing At | BSE SME |
| NII (HNI) Shares Offered | 50% of the net offer |
| Retail Shares Offered | 50% of the net offer |
| Company Promoters | Mr. Lallit Tripathi and Mrs. Priyanka Maheshwari are the company promoters. |
Vedant Asset IPO Timeline (Tentative Timetable)
Vedant Asset IPO opens on Sep 30, 2022, and closes on Oct 4, 2022. The Vedant Asset IPO bid date is from Sep 30, 2022 10.00 A.M. to Oct 4, 2022 5.00 P.M. The Cut-off time for UPI Mandate confirmation is 5 PM on the issue closing day.
| Event | Date |
|---|---|
| Vedant Asset IPO Opening Date | Sep 30, 2022 |
| Vedant Asset IPO Closing Date | Oct 4, 2022 |
| Basis of Allotment | Oct 10, 2022 |
| Initiation of Refunds | Oct 11, 2022 |
| Credit of Shares to Demat | Oct 12, 2022 |
| Vedant Asset IPO Listing Date | Oct 13, 2022 |
Vedant Asset IPO Lot Size
The Vedant Asset IPO lot size is 3000 shares. A retail-individual investor can apply for up to 1 lots (3000 shares or ₹120,000).
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (Min) | 1 | 3000 | ₹120,000 |
| Retail (Max) | 1 | 3000 | ₹120,000 |
Vedant Asset IPO Promoter Holding
| Pre Issue Share Holding | 99.99% |
| Post Issue Share Holding | 72.83% |
Vedant Asset IPO Review
VAL is providing services as a Corporate Business Correspondent in rural and semi-rural areas. Its financial performance so far has been at a minuscule level. Its future prospects hinge on the success of mATMs initiatives. Based on FY22 earnings, the issue is exorbitantly priced. Low paid-up equity capital post-IPO hints at longer gestation for migration. There is no harm in skipping this pricy IPO.
Vedant Asset IPO Subscription Status (Bidding Detail)
The Vedant Asset IPO is subscribed 4.31 times on Oct 4, 2022 10:11:00 AM. The public issue subscribed 6.57 times in the retail category, times in the QIB category, and 2.04 times in the NII category.
| Category | Subscription (times) |
|---|---|
| NII | 2.04 |
| Retail | 6.57 |
| Total | 4.31 |
Company Contact Information
Vedant Asset Limited
3 rd Floor, Gayways House,
Pee Pee Compound,
Ranchi, Jharkhand 834001
Phone: +91 0651-3594782
Email: cs@vedantasset.com
Website: http://www.vedantasset.com/
Vedant Asset IPO Registrar
Bigshare Services Pvt Ltd
Phone: +91-22-6263 8200
Email: ipo@bigshareonline.com
Website: http://www.bigshareonline.com