SSBA Innovations Ltd IPO

Last Updated on October 17, 2023 by BFSLTeam BFSLTeam

Established in August 2017, SSBA Innovations Limited is a prominent financial solution and services platform driven by technology. It provides secure and encrypted financial planning solutions for various fields. Its services include personal financing, tax planning and filing along with wealth management.

In 2022, this company filed draft papers to SEBI proposing its idea to go public with an Initial Public Offering. Through the SSBA Innovations Ltd IPO, the company planned to raise Rs. 105 crore with a fresh issue of equity shares.

The company would withdraw its IPO plans in August 2022 and its plans continue to be on hold. However, it may decide to go through with an IPO in the next few months. For now, let’s go through some of the interesting points of SSBA Innovations Limited’s DRHP.

About the Company

SSBA Innovations Private Limited is a financial solution and service platform that relies on new digital technologies. The platform provides safe and end-to-end encrypted financial assistance in tax planning and filing, wealth building, and personal investment advisory.

SSBA Innovations connects with its customers through its two applications- TaxBuddy and FinBingo. The former helps in tax planning for ITR and GST, IT notice management and advisory. The second platform provides financial planning, wealth management and advisory services. 

The company upholds the vision to become a meaningful, long-lasting and significant fintech solution for customers. To fulfil this vision, the company aims to provide reliable products, quick customer service, diversity and revenue growth, ensuring compliance, and increasing its shareholder value.

According to a report by Fitch, TaxBuddy has acquired 5,600 Google reviews along with a maximum rating of 4.9. Besides tax planning and wealth management solutions, this platform also provides certain additional services like access to direct mutual funds and tax calculators.

SSBA Innovation Limited’s unique product mix involves expert tax advice at an affordable price with technological assistance. This allows customers to have more control over GST and personal tax compliance. The company is a one-stop shop for all kinds of financial and tax solutions at an affordable price.

In terms of finances, this company’s total income grew from Rs. 7.72 lakh in FY 2020 to Rs. 1.97 crore in FY 2022.

IPO Details and Objectives

SSBA Innovations Private Limited India filed its DRHP to SEBI on July 29, 2022, intending to go public. According to the document, SSBA Innovations Limited is planning to raise funds worth Rs. 105 crore by offering fresh issues only. As there is no offer for sale, the DRHP does not mention anything about selling shareholders for the upcoming SSBA Innovations Ltd IPO.

The company along with Book Running Lead Managers have decided the face value as Rs. 10 per equity share. This upcoming IPO is likely to be a complete book-built issue. This implies that, as investors you can place bids at a price above or equal to the floor price. 

With the net proceeds from SSBA Innovations Limited IPO, this company will fulfil certain corporate requirements. It will utilise Rs. 64.45 crore to fund business development and user acquisition activities. Furthermore, it shall also use another Rs. 15.22 crore to focus on developing its technological support. The remaining amount will be used for general corporate purposes.

As per news reports, SSBA Innovations Limited withdrew its plan to launch an IPO in August 2022. It did not disclose the reasons for the sudden withdrawal of the IPO.

Also Read: IPO investment strategy

Strengths of SSBA Innovations Limited

Let’s take a look at some of the strengths of this company that make SSBA Innovations Limited IPO worth investing in.

• Mobile applications like TaxBuddy are run mainly by AI. Owing to its backend assistance, customers can enjoy a seamless tax filing experience. Furthermore, as a customer, you can access this platform through any electronic device from smartphones to laptops and desktops.
• This company has an in-house team to handle full-stack technology while offering a secure third-party integration.
• SSBA Innovations Limited is run by a qualified group of employees across all departments. A professional and seasoned promotor and management team monitors and guides the employees which helps this company build a refined brand image. 
• Digital platforms for the apps under this company are designed to keep in mind the mobile-first approach. This improves user experience and acts as a driving force to improve customer engagement and retention. 
• The subscription prices of the TaxBuddy portal are quite low and affordable. As a result, customers of varied payscale can use this app and cater for their financial needs.

Risks Involved

Besides the above strengths, you must also keep in mind a few risks associated with SSBA Innovations Limited IPO. 

• There can be errors in certain tax filings for corporations or individuals at times. This exposes the firm to the probability of legal action and penalties. This can hamper the brand image of SSBA Innovations Private Limited. 
• The new platform Finbingo is still new in the market. This company is still studying the chances of this new digital platform’s capability to attract and retain audiences. Failing to achieve this goal with Finbingo can hamper SSBA Innovation Limited’s reputation and cause a loss of customers.

Also Read: Risk of investing in IPO

Summary

SSBA Innovations Limited is a company most widely known for its tax filing portal TaxBuddy and for providing end-to-end solutions for investment planning and wealth management. The company has filed its draft papers with the market regulator SEBI and received the green signal. 

Although it has put its IPO plans on hold, the company after consultation with its merchant bankers could decide to go through with this plan. To know the latest details about the SSBA Innovations Limited IPO, continue checking this website.

SSBA Innovations Ltd IPO FAQ