As per my estimate FND currently owns about 80+% of TSI. During IPO, about 17% will be allocated to Piramal, a minimum of 35% need to be allocated to RIIs. If the current trend is followed (eg Swiggy) there will be applications from RIIs about 2-5 times the allottable number of shares. HNWI, DIIs and FIIs will also participate in subscription.
The 18% allocated to Piramal will most probably be bought back.
So my guess: The size of the liquidity event at IPO, for FND shareholders, would depend on the outlook in 2026 for FindiPay, BC stream, WLA franchisee growth etc., which most probably would drive the decision regarding how much of TSI ownership to retain. The current management may also decide to participate in the IPO (own up or sell down).
FND Price at posting:
$7.64 Sentiment: Buy Disclosure: Held
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