SSBA Innovations scraps IPO plans; withdraws draft papers

SSBA Innovations, which runs tax portal TaxBuddy, has decided to withdraw its Rs 105 crore Initial Public Offer (IPO).

This has become the fourth company to abandon its planned IPO so far this year.

Earlier, Stitched Textiles, which owns leading men's wear fashion brand Barcelona; Nandan Terry, part of the Chiripal group and Uma Converter had scrapped their proposed initial share sales.

Going by the draft papers, SSBA Innovations' IPO was slated to be an entirely fresh issue of equity shares of up to Rs 105 crore.

Out of this, Rs 65.45 crore was proposed to be used to fund user acquisition and business development, Rs 15.22 crore for technological development and balance amount towards general corporate purpose.

The company had filed the Draft Red Herring Prospectus (DRHP) for the planned IPO on July 29 with the Securities and Exchange Board of India (Sebi).

However, the draft offer documents for the IPO were withdrawn on August 24 and the reasons for the withdrawal have not been disclosed, an update with the markets regulator showed on Monday.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 advisory and wealth building to individuals, HUF, professionals, firms, and companies registered on its platforms.

Incorporated in 2017, SSBA Innovations owns two platforms -- TaxBuddy and Finbingo.

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