Ann: SBI contract generates significant revenue and EBITDA uplift, page-44

I am pretty confident that from now to the IPO:

- TSI will sign up a couple of new contracts for installation of more ATMs with other banks in India, probably 2000 -3000 new ATMs.

- Acquistion of 1 or 2 other smaller players in this ATM market to bring additional ATMs under management.

- Bring in another investment partner for 10%-15% stake of TSI. Piranal Alternatives is the 1st one.

- That means TSI cash reserves will increase from $45mil after the deal with Piramal to around $80mil warchest with another cornerstone investor.

- Piramal Alternatives must have expectation that at IPO, TSI will be valued at at least $300mil+.

- EBITDA for 2024 will be at least $23mil as forcasted by management, which should be further confirmed in the next few days as the company releases Half Year report before 30th Nov.

- PIRAMAL ALTERNATIVES has its target of seeing TSI growing into $multi-billion value. They dont invest for short term 3 years or 5 years. Their target is beyond 10 years.

- Management will enhance the attractiveness of TSI to Indian investors with many initiatives before the IPO, especially with its FindiPay digital banking business.














Nice weekend everyone.