SSBA Innovations abandons its IPO preparations and withdraws draft papers

30 Aug 2022 , 08:14 AM

TaxBuddy has decided to cancel its initial public offering of Rs105 crore (IPO). This business is now the fourth this year to give up on its intended initial public offering.

Earlier, Uma Converter, Nandan Terry, a member of the Chiripal group, and Stitched Textiles–the owner of prominent menswear fashion brand Barcelona–had abandoned their planned initial share sales.

The IPO for SSBA Innovations was planned to be a completely new issue of equity shares for up to Rs105 crore, according to the draught filings.

Out of this, it was suggested that Rs65.45 crore be allocated to customer acquisition and business development, Rs15.22 crore be allocated to technological advancement, and the remaining amount be allocated to general corporate purposes.

The company has submitted the Draft Red Herring Prospectus (DRHP) to the Securities and Exchange Board of India on July 29 for the anticipated initial public offering (Sebi).

An update with the markets regulator on Monday revealed that the draught IPO offer documents were withdrawn on August 24 and that the reasons for the withdrawal were not disclosed.

The company is a technology-driven platform for financial solutions and services that focuses on offering financial solutions to individuals, HUF, professionals, firms, and companies registered on its platforms in the areas of personal investment, advisory, tax planning, tax filing, and wealth building.

SSBA Innovations, a 2017 incorporation, is the owner of the platforms TaxBuddy and Finbingo.

Finbingo was introduced in May 2022 and offers financial solutions, including planning, consulting, and wealth management. TaxBuddy was founded in October 2019 and offers assisted tax (ITR and GST) planning and filing, advisory, and IT notice management.

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