TSI IPO Valued Up to A$926M, Targeting Late 2026 Listing

Findi's Strategic Move into Indian Capital Markets

Findi Limited (ASX – FND), a player in digital payments and financial services, has taken a significant step toward listing its Indian subsidiary, Transaction Solutions International (TSI), on the Indian stock exchange. The company announced the appointment of two prominent Indian investment banks, DAM Capital Advisors Limited and Ambit Private Limited, as Book Running Lead Managers for the upcoming initial public offering (IPO).

DAM Capital will serve as the Left Lead Banker, overseeing all regulatory filings, while Ambit will provide comprehensive support during the IPO process and continue with post-listing investor engagement and strategic advisory. This dual appointment reflects Findi’s commitment to leveraging local expertise to navigate the complexities of the Indian capital markets.

Valuation and Timing – IPO on Track for Late 2026

The IPO is currently targeted for the second half of calendar year 2026, with an indicated pre-money valuation range between INR 4,000 crore and INR 5,112 crore, equivalent to approximately A$727 million to A$926 million. This valuation positions TSI as a significant contender in India’s rapidly evolving digital payments and ATM services sectors.

Findi’s Executive Chairman, Nicholas Smedley, highlighted the IPO as a key milestone in unlocking shareholder value following recent acquisitions and the scaling of operations in India. While the timeline is set for late 2026, the company has left room for acceleration depending on market conditions and operational progress.

Market Context and Competitive Landscape

TSI will enter a competitive landscape populated by established digital payments companies such as Paytm, Mobikwik, and Infibeam Avenues, alongside ATM service providers like CMS Info Systems and Radiant Cash Management Services. The IPO will provide investors with a new avenue to participate in India’s burgeoning fintech ecosystem, which continues to integrate cash and digital economies.

DAM Capital’s Managing Director and CEO, Dharmesh Mehta, emphasized the firm’s expertise in managing high-growth technology and financial services IPOs, reinforcing confidence in the execution of TSI’s market debut. Ambit’s Co-Head of Investment Banking, Vikas Khattar, echoed this sentiment, underscoring their commitment to supporting Findi through the IPO and beyond.

Looking Ahead – Unlocking Value and Growth Potential

The successful listing of TSI is expected to enhance Findi’s strategic roadmap by unlocking latent value and providing capital to fuel further expansion in India’s digital payments and ATM sectors. Investors will be watching closely as regulatory filings progress and market conditions evolve, with the potential for the IPO timeline to shift in response to these factors.