The Findi Ltd (ASX: FND) share price is having a day to remember on Tuesday.
In afternoon trade, the ASX All Ords share is up 15% to $4.41.
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Why is this ASX All Ords share jumping?
Investors have been scrambling to buy the India-focused payments company today after it made a big announcement.
According to the release, Findi has selected DAM Capital Advisors and Ambit Private as book running lead managers for the initial public offering (IPO) of its Indian subsidiary, Transaction Solutions International (TSI).
The release notes that DAM Capital is a leading Indian investment bank with extensive experience in capital markets transactions. This includes with IPOs for high-growth technology and financial services companies.
Management notes that this is a major step forward in the IPO process, which remains on track for the second half of calendar 2026. The current indicated IPO valuation range for TSI is INR 4,000 – 5,112 Cr (A$727 million to A$926 million) pre money.
Commenting on the appointment, the ASX All Ords share's executive chair, Nicholas Smedley, said:
The selection of DAM Capital and Ambit Private Limited as Book Running Lead Manager for the IPO of TSI is an important milestone in our strategy to bring TSI to the public markets in India and unlock value for Findi shareholders. DAM's deep market expertise and proven execution capability make it the ideal partner to guide the IPO process in India.
Ambit will provide us with full support during the IPO as well as continued backing post-IPO with investor engagement, block execution, and strategic advisory.
The managing director and CEO of DAM Capital, Dharmesh Mehta, appears optimistic on the prospects of the TSI IPO. He said:
We are privileged to be appointed as Left Lead Banker for the upcoming TSI IPO. Findi is a leading transaction banking services provider, at the forefront of integrating cash and digital economies. Our team will drive end-to-end execution to ensure an optimal outcome for all stakeholders.
IPO plan
As mentioned above, the IPO of TSI is currently targeted for completion by the end of calendar year 2026.
Management notes that this timeline aligns with Findi's strategic roadmap to unlock shareholder value following the integration of recent acquisitions and the continued scaling of its payments and ATM businesses in India.
Following today's gain, Findi shares are now up by 5% since this time last year.
