Nova Global’s A$72.7m Investment Sets Findi Share Price Target at $5.58–$6.69
Findi Limited has landed a significant pre-IPO investment from Nova Global Opportunities Fund PCC, setting the stage for its Indian subsidiary’s planned listing on the Bombay Stock Exchange by FY27. This deal supports a Findi share price target between $5.58 and $6.69.
- Nova Global to invest up to A$72.7 million in Transaction Solutions International (TSI)
- TSI targets IPO market capitalisation of A$750m to A$900m based on 15x-19x EBITDA multiples
- Findi’s ownership in TSI to reduce from 86% to approximately 46% post-investment
- TSI IPO planned on Bombay Stock Exchange by end of FY27
- Nova Global is a seasoned anchor investor in Indian SME IPOs with over US$190 million assets under management
Findi’s Strategic Pre-IPO Partnership
Findi Limited has announced a major pre-IPO investment from Nova Global Opportunities Fund PCC into its Indian subsidiary, Transaction Solutions International (TSI). Nova Global, a well-established player in the Indian SME IPO space, will inject up to A$72.7 million in tranches, acquiring a maximum 51% stake in TSI. This partnership not only brings substantial capital but also strategic credibility ahead of TSI’s planned listing on the Bombay Stock Exchange (BSE) by the end of fiscal year 2027.
Valuation and Ownership Dynamics
The investment sets a clear valuation benchmark for TSI, with market expectations placing its IPO market capitalisation between A$750 million and A$900 million. This is underpinned by broker feedback suggesting achievable EBITDA multiples in the range of 15x to 19x at listing. Currently, Findi holds an 86% stake in TSI, but post-investment, this will dilute to approximately 46% due to foreign ownership caps imposed by BSE regulations, which limit foreign investors to 60% ownership.
Implications for Findi’s Share Price and Growth
Findi’s share price guidance following the Nova Global deal ranges from $5.58 to $6.69, a significant premium to its current trading price around $1.02. This reflects market optimism about TSI’s growth prospects and the value accretion expected from the IPO. The capital raised will be directed towards accelerating TSI’s Payments Bank licence and funding growth initiatives while repaying existing debt, positioning the company for a robust market debut.
Nova Global’s Track Record and Market Position
Nova Global is backed by the Zinnia Group, which manages over US$1.2 billion in assets, and has a strong track record as an anchor investor in Indian SME IPOs, including successful listings on the National Stock Exchange and Bombay Stock Exchange. Their involvement signals confidence in TSI’s business model and the broader fintech opportunity in India.
Looking Ahead
While the initial tranche of INR 150 crore (~A$26.1 million) is scheduled for completion by mid-February 2026, the timing and conditions for subsequent tranches remain to be finalised. Investors will be watching closely for regulatory approvals, the finalisation of IPO details, and how Findi manages its reduced stake in TSI amid evolving market conditions.
Bottom Line?
Findi’s partnership with Nova Global marks a pivotal step towards unlocking value in its Indian fintech venture, but execution risks and ownership shifts remain key watchpoints.
Questions in the middle?
- When will the subsequent tranches of Nova Global’s investment be confirmed and completed?
- How will the foreign ownership cap impact Findi’s strategic control post-IPO?
- What market conditions could affect TSI’s targeted IPO valuation and timing?
