SSBA Innovations a technology-driven financial solutions and services platform that focuses on offering complete financial solutions in India to individuals, HUF, professionals, firms, and companies registered on our platforms (collectively referred to as the “Users”). These solutions include tax planning and filing, personal investment advisory, and wealth building. SSBA Innovations IPO will hit the stock market in November 2022.
Table of Contents
About SSBA Innovations
After their company was founded on August 14, 2017, they got to work on internalizing the development of their product offerings. Their second platform, Finbingo, which offers financial solutions such as planning, advisory, and wealth management, was launched in May 2022.
Their first platform, TaxBuddy, was established in October 2019 and offers assisted tax (ITR and GST) planning and filing, advisory, and IT Notice Management (“Tax Solutions”). They have evolved over the years from being an online tax filing platform to a one-stop shop for cheap end-to-end Tax Solutions & Financial Solutions.
According to Fitch, TaxBuddy also has over 5,600 ratings on Google, with an average rating of 4.9. Both of the technologically advanced platforms were created internally by their team.
Business
With two popular website and apps named taxbuddy.com and finbingo.com, SSBA Innovations limited’s team offer an AI-based automated platform for service for filing tax returns and wealth management, and they have an ISO 9001:2015 certificate for their quality management system.
Additionally, they offer their users access to direct mutual funds and a tax calculator through their websites. They also offer free accidental insurance policies to their Users as a portion of value-added services with the subscription plans offered through TaxBuddy, for which they have arranged a group total protect policy with one of the insurance companies.
Upon subscribing to the pertinent subscriptions available on their platforms, their Users become their subscribers (“Subscribers,” which together with their Users are their “Customers”).
Solutions
The product features and offers of SSBA Innovations Limited are driven by technology and supported by the company’s internal technical experience, culture of application-led innovation, data analytics skills, and smart, integrated, scalable, and integrated technology.
They have made considerable expenditures in their technical infrastructure since their inception, resulting in a full-stack strategy. The platform and capabilities are implemented on a dependable, secure, and scalable cloud infrastructure.
Their KMPs’ technical know-how has allowed them to create internal platforms for offering their services through a variety of channels, including directly through mobile applications or browser-based applications available on online portals.
The platforms developed by SSBA Innovations Limited give users immediate access to tax experts, minimizing the possibility of error, fraud and abuse.
SSBA Innovations IPO
SSBA Innovations Limited, headquartered in Mumbai has submitted Draft Red Herring Prospectus(DRHP) to Securities and Exchange Board of India(SEBI) for initial public offering (IPO) of INR 105 Crore on 29 July 2022.
The offer includes a fresh issue of INR 105 Crore and there is no offer for sale (OFS) by the promoters mentioned in the DRHP. They are not looking for any Pre-IPO placement in this issue.
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- Initial Public Offering
They are now waiting for approval from Securities and Exchange Board of India(SEBI) to float the initial public offering (IPO) in the market.
Financials Trends
| Particulars | For the year/period ended ( in Cr.) | ||||
|---|---|---|---|---|---|
| 31-Mar-22 | 31-Mar-21 | 31-Mar-20 | |||
| Total Assets | 936.26 | 902.69 | 599.17 | ||
| Total Revenue | 197.29 | 45.57 | 7.23 | ||
| Loss After Tax | (886.35) | (275.29) | (44.60) | ||
Basic and Diluted Earnings Per Share
| Financial Period | Basic EPS (in INR) | Diluted EPS (in INR) | Weight |
| Financial Year 2020 | (1.14) | (1.14) | 3 |
| Financial Year 2021 | (3.97) | (3.97) | 2 |
| Financial Year 2022 | (10.73) | (10.73) | 1 |
| Weighted Average | (6.88) | (6.88) | |
Objects of the Issue
- Prepayment / repayment of all or a portion of the outstanding borrowings of the company to be availed on consolidated basis.
- To meet common corporate objectives.
Basis of the offer
SSBA Innovations limited feel that the following qualitative factors & business strengths enable them to compete successfully in the industry, and that these factors will be used to calculate the offer price:
- Access is made simple by seamless filing services that work with different distribution methods.
- Putting mobile first improves user engagement and experience.
- Full stack internal IT capabilities that offer integration with external parties and security.
- A qualified and experienced personnel base supporting professional promoters and management.
- Their TaxBuddy platform’s subscription plans offer a variety of services to meet subscribers’ demands at a price that is both reasonable and affordable.
- 365 days a year, one-stop shop for any tax-related questions.
- Light Asset Model.
- Higher consumer level of satisfaction.
SSBA Innovations Peer Comparison
In India, there are no publicly traded businesses that can be compared in all areas of their operations and the services they offer. As a result, it is impossible to compare their company to others in its field.
SSBA Innovations IPO Details
| IPO Opening Date | November 2022 |
| IPO Closing Date | November 2022 |
| Issue Type | Book Building |
| Face Value | 10 per share |
| IPO Price | 0 to 0 per equity share |
| Market Lot | – |
| Min Amount | – |
| Listing At | BSE, NSE |
| Issue Size | 105 Crore |
| Fresh Issue | 105 Crore |
| Offer for Sale | – |
SSBA Innovations IPO Date
SSBA Innovations Limited IPO opening date is November 2022, and the closing date is November 2022. The SSBA Innovations issue may list in November 2022.
| IPO Opening Date | November 2022 |
| IPO Closing Date | November 2022 |
| Basis of Allotment Date | November 2022 |
| Initiation of Refunds | November 2022 |
| Credit of Shares to Demat Account | November 2022 |
| IPO Listing Date | November 2022 |
Basis of Allotment
| Type | % of Offer | Basis of Allotment |
|---|---|---|
| Qualified Institutional Buyer | 75 |
Roughly equivalent
|
| Non Institutional Investor | 15 |
Roughly equivalent
|
| Retail | 10 | Minimum 1 lot based on availability |
SSBA Innovations India Limited IPO Status
Allotment of equity stocks subject to the Fresh Issue and transfer of the Promoter Selling Shareholders’ OFS Stocks to the winning Bidders subject to the Offer for Sale. Nevertheless, the status of the allotment has yet to be revealed.
Here, you can find the Allotment Status of SSBA Innovations IPO.
SSBA Innovations IPO GMP
SSBA Innovations Limited IPO Grey Market Premium is 0. You can check out GMP of Other IPOs on below Links:
| Date | GMP (in Rs) | Subject to Sauda | Kostak (in Rs) |
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Check Out the GMP of all Other IPOs
SSBA Innovations Limited IPO Review
SSBA Innovations Limited IPO review will depend on the price band which will be announced after SEBI approval. Whenever it will be announced we will update you regarding review of SSBA Innovations IPO is good or bad.
SSBA Innovations Limited IPO Risk
- SSBA Innovations Limited’s Group Company, from which they have taken leave and a license, owns their Registered Office.
- They run their company using the Tax Buddy logo, which is not listed with the Trademark Registry.
- Their Registered Office is not covered by insurance, and if there is any loss or damage to the property, it will negatively impact their financial situation.
- Several ongoing legal matters involving their Company, Promoters, and Directors are involved. Their business may suffer if they are unable to successfully defend these procedures.
- SSBA Innovations Limited’s ability to grow their firm, results of operations and financial condition could be negatively impacted if they are unable to maintain and improve their reputation, which is essential to their success.
Other Threats
- A few of SSBA Innovations Limited’s corporate records & filings contain mistakes.
- They recently introduced a new platform called Finbingo, but they cannot guarantee that they will be able to draw users to it or continue to produce income from it.
- Their business may suffer if they are unable to bring in new Users and Customers to their platform, keep & develop relationships with their current Users or Customers.
- They may not be effective in doing so or it may cost more than we anticipate, which would hinder us from sustaining or growing their revenue. They may also have trouble keeping current Users.
- Their business is seasonal, which has an impact on their quarterly results and puts more stress on their operations.
SSBA Innovations Limited IPO Brokerage views
Once the dates will be announced we will update the views of different brokerage firms regarding this IPO. Here is the views of different stock brokers regarding this SSBA Innovations IPO:
- Yes Securities : Not Updated
- Choice Brokering: Not Updated
- Axis Securities: Not Updated
- IIFL Securities: Not Updated
- Trade swift: Not Updated
- Anand Rathi : Not Updated
- ICICI Securities: Not Updated
SSBA Innovations Limited IPO Subscription Status
| Date | Day | QIB | NII | Retail | Employees | Total Subscription |
| November 2022 | 1 | |||||
| November 2022 | 2 | |||||
| November 2022 | 3 |
SSBA Innovations Limited Management
Their Promoters have a solid academic and professional background, extensive management expertise in the business, and more than 13 years of experience in the Indian Revenue Service.
Their Promoters developed the idea for their business model, played a key role in its creation, and are still actively involved in many facets of it. They think that their Promoters’ vision and leadership have been crucial in advancing their development since their founding and carrying out their business plans.
Additionally, several of the directors on their diverse board have more than 25 years of experience working in the financial services sector & other related technology services.
In addition to their individual Promoters & Directors, their senior management team consists of knowledgeable, skilled, & experienced individuals.
Tax Buddy
With the help of their tax experts, who are affiliated with them either as their employees (on a permanent as well as temporary basis) or as their external consultants, their subscribers can file tax returns (ITR and GST) using this online platform, which is accessible via mobile app, web browser, and WhatsApp. (Tax Specialists)
Additionally, they have agreements with various e-commerce platform enabler businesses, through which they offer TaxBuddy customers tax compliance services and other services.
SSBA Innovations Limited‘ Promoters
- Sujit Sudhakar Bangar
- Atul Umakant Rege
Principal Shareholder’s Holding
| Pre Issue Share Holding | 40.39% |
| Post Issue Share Holding |
SSBA Innovations Limited Prospectus
Contact Details
SSBA Innovations Limited
1309, Lodha Supremus Powai,
Saki Vihar Road, Opp. MTNL Office,
Mumbai – 400 072, Maharashtra, India;
Tel: +91 22 6128 0606
E-mail: [email protected]
Website: www.ssbainnovations.com
Registrar
MAS Services Limited
Address: T-34, 2nd floor,
Okhla Industrial Area, Phase II,
New Delhi 110 020, Delhi, India.
Telephone: +91 11 26387281/82/83
E-mail: [email protected]
Investor Grievance E-mail: [email protected]
Website: www.masserv.com
Contact Person: Sharwan Mangla
Lead Manager(s)
- Systematix Corporate Services Limited
We hope we are able to answer all your questions about SSBA Innovations IPO. If you don’t have a Demat account, open it now with Zerodha best trading app of India.
Disclaimer
The reference of IPO Grey Market Premium (IPO GMP) is only valid for the date specified in the header.
On the IPO Grey Market, we do not purchase or sell IPO forms.
The Kostak Rate is the profit earned by selling an IPO application (in an off-market transaction) to somebody else before the issue is allotted or listed.
Do not subscribe to an IPO based solely on the premium price, as it may alter at any time before to the listing. Only consider the fundamentals of the companies when subscribing.
The GMP rates for IPOs are based on market intelligence. Please keep in mind that these IPO GMP rates may vary by geography and market.
Note:
Profit must do not engage in grey market trading or facilitate the purchase or sale of IPO forms. We don’t endorse such activities at all. We are sticky against such activities & never advise anyone to trade in grey market at all.
FAQ
SSBA Innovations Limited IPO Opening Date?
SSBA Innovations Limited IPO will open in November 2022.
SSBA Innovations Limited IPO Listing Date?
SSBA Innovations Limited IPO will list in November 2022.
SSBA Innovations IPO GMP Today?
SSBA Innovations IPO Grey Market Premium is INR 0 .
SSBA Innovations Limited IPO Allotment Date?
SSBA Innovations Limited IPO basis of allotment will be in November 2022.
Lot size for SSBA Innovations Limited IPO?
Lot size for SSBA Innovations Limited IPO is 0.
