SFL, a financial services provider for MSMEs, exhibited steady top-line growth but faced a bottom-line setback in FY22. It aims to attract informed, cash-surplus, risk-seeking investors for its IPO filed in March 2023, targeting Rs. 1200 cr. with Rs. 750 cr. fresh equity and Rs. 450 cr. OFS. Pre-IPO placement reduced fresh issue quantum by Rs. 150 cr. and OFS by Rs. 25 cr. Despite recent MSME NPA concerns post-pandemic, SFL maintains its benchmarks with a maximum ticket size of Rs. 30 lakhs, aiming to carve a niche in small-ticket financing. FY23 showed improvement financially with total income/net profit at Rs. 732.81 cr. / Rs. 149.74 cr., though no dividends were paid.