Public listed firm preparing to float online trade finance platform
Promoters of little known public listed fin-tech and cloud computing firm Stampede Capital have provided bridge finance to boost its yet-to-be-launched trade finance platform TradeFlowClub besides preparing for overseas listing for an arm and other ongoing projects, the Hyderabad-based firm said on Monday.
The company, which was formerly known as Brilliant Securities, was founded by Venkat S Meenavalli in 1995. It has since then evolved its business and operates three subsidiaries: Stampede Cloud Services Pte Ltd, Stampede Financials Pte Ltd and Stampede Technologies Pte Ltd.
Stampede Capital said it is finalising the investment banker and global audit firms for listing a Singapore-incorporate subsidiary overseas. It did not share what businesses are housed under this unit but added that it expects to complete the process by July 2016.
The little known, firm which commands a market cap of Rs 1,100 crore, has seen its share price more than double in the past one year. It may be riding on the investor flavour on 'fin-tech' with several startups in the field raising VC funding in the country and abroad.
Its revenues rose three times to Rs 74 crore for the year ended March 31, 2015 with net profit of Rs 14.5 crore after being in the red the previous year. It is to go ex-stock split later this week.