Findi Limited (ASX: FND) (“Findi” or “the Company”), an Australian-based digital payments and financial services provider, has appointed DAM Capital Advisors Limited and Ambit Private Limited to manage the initial public offering (IPO) of its Indian business, Transaction Solutions International (India) Pvt Limited (TSI).
DAM Capital will take on the role of Left Lead Banker, responsible for guiding the IPO process and managing regulatory filings.
“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,” said Nicholas Smedley, Executive Chairman of Findi.
The IPO, expected to take place in the second half of calendar 2026, is a key part of Findi’s plan to unlock value for shareholders and support the continued growth of its Indian operations.
Strong Industry Partners Back Findi’s Indian IPO
India takes the top spot in global IPO activity for Q1 2025 [EY]
DAM Capital Advisors and Ambit Private Limited, two of India’s well-regarded financial services firms, have been appointed to steer the IPO of Transaction Solutions International (TSI), Findi’s Indian subsidiary.
DAM Capital, a leading Indian investment bank, has extensive experience in capital markets, particularly in IPOs for high-growth technology and financial services companies.
“We are privileged to be appointed as Left Lead Banker for the TSI IPO,” said Dharmesh Mehta, Managing Director and CEO of DAM Capital. “Findi’s TSI is at the forefront of integrating cash and digital economies, and our team is committed to delivering a seamless IPO process that maximises value for all stakeholders.”
Ambit Private Limited, one of India’s premier financial services firms, will provide full support during the IPO process and ongoing advisory services post-listing.
“Ambit is pleased to serve as a trusted partner to the Findi Group,” said Vikas Khattar, Co-Head of Investment Banking and Head of ECM & FSG Coverage at Ambit. “We remain committed to facilitating a successful IPO for TSI and providing continued post-listing support.”
TSI Well Positioned in India’s Growing Market
India’s payment landscape transformed with exponential growth driven by UPI, mobile and contactless solutions [NASSCOM]
India’s digital transaction volumes have seen rapid growth, with the country’s UPI (Unified Payments Interface) processing over 16 billion transactions in a single month as of late 2024. Broader digital payments in India are growing at over 40% annually, supported by strong consumer adoption, smartphone penetration, and government initiatives promoting financial inclusion.
Findi’s Indian operations have scaled significantly in recent years, providing payments and ATM services across the country. The IPO follows a period of expansion and recent acquisitions.
The Company noted that the timing of the IPO may be brought forward, depending on market conditions and operational progress.
Once listed, TSI will sit alongside other major players in India’s digital payments and ATM sector, such as Paytm, Mobikwik, CMS Info Systems, and Radiant Cash Management Services.
Investor Snapshot
As of June 09, 2025, Findi Limited (ASX: FND) is trading at AUD 4.25 per share, within a 52-week range of AUD 3.06 to 8.30. The Company’s current market capitalisation stands at approximately AUD 263 MILLION, with 62 MILLION shares on issue.
Findi records a 10.97% gain as trading activity picks up [Market Index]
With steady market performance and clear growth plans underway in India, including the upcoming IPO of its subsidiary TSI, Findi is well placed as it works towards expanding its footprint and delivering long-term value.
Final Thoughts
Findi is gaining strong ground as it grows its payments and banking business across India. With more ATMs being rolled out and its digital payment services reaching new regions, the company is tapping into one of the world’s fastest-growing markets.
The upcoming share market listing of its Indian arm, TSI, is set to be a major step forward. It’s expected to lift the company’s profile in India and open the door to more growth opportunities.
As India continues to push for better access to cash, banking and digital payments, Findi is well-positioned to support that demand and expand its presence in the years ahead.
