An IPO is being launched on the NSE & BSE mainboard, aiming to raise funds through a book-built issue. The offering includes up to ₹12,500 crore, comprising a fresh issue of ₹2,500 crore and an offer for sale (OFS) of ₹10,000 crore by the promoter.
🏭 Company Overview
A prominent non-deposit-taking NBFC, established in 2007, headquartered in Mumbai, India. The company provides a wide array of lending and financial services tailored to both individuals and businesses.
📌 Key Offerings:
- Loan Products: Personal loans, business loans, vehicle loans (cars, two-wheelers, commercial vehicles), gold loans, construction equipment finance, loans against property/securities, and consumer durable loans.
- Fee-based & BPO Services: Includes insurance advisory, security services, collections, back-office support, and contact center operations.
📍 Network & Presence:
- Operates 1,700+ branches across 1,150+ cities and towns, primarily targeting urban and semi-urban regions.
✅ Financial Credentials:
- Holds top-tier credit ratings including CARE AAA, CRISIL AAA for long-term debt, and A1+ for short-term instruments.
🏦 Ownership:
- A wholly owned subsidiary of a major private-sector bank, holding a 94.6% stake before the IPO. Benefits include strong capital backing, brand trust, and access to a wide customer base.
Lot Size & Investment Details
| Appy as | Price Band | Lot Size | Share | Appy Upto |
| Retail (Min) | ₹700 – ₹740 | 1 lot | 37 shares | ₹27,380 |
| Retail (Max) | ₹700 – ₹740 | 1 lot | 37 shares | ₹27,380 (Retail limit) |
| S-HNI (Min) | ₹700 – ₹740 | 2 lot | 74 shares | ₹54,760 |
📊 Financial Highlights
| Financial Year | Revenue (₹ Cr) | Net Profit (₹ Cr) |
|---|---|---|
| FY 2022–23 | 11,306.3 | 1,011.4 |
| FY 2023–24 | 14,171.1 | 2,460.8 |
📦 Issue Structure
- Total Issue Size: ₹12,500 crore
- Fresh Issue: ₹2,500 crore
- Offer for Sale (OFS): ₹10,000 crore (by promoter shareholder)
- Face Value: ₹10 per equity share
- Price Band: ₹700 – ₹740 per share
- Lot Size: 37 shares
- Issue Type: Book-built issue
- Listing At: NSE & BSE (Mainboard)
- Registrar: Link Intime India Pvt Ltd
- BRLMs (Book Running Lead Managers): Kotak Mahindra Capital, ICICI Securities, HDFC Bank, and Morgan Stanley India
⚠️ Risks
📉 Credit Risk & NPAs
A significant portion of the loan book is extended to individuals and small businesses in semi-urban and rural areas. Any economic downturn, rise in unemployment, or sector-specific stress can lead to higher defaults and a rise in non-performing assets (NPAs).
💰 Interest Rate Sensitivity
As a lending institution, net interest margins are highly sensitive to changes in interest rates. A rapid increase in borrowing costs or a fall in loan demand may impact profitability.
🧾 Regulatory Compliance
Being a non-deposit taking NBFC, the business is subject to stringent RBI regulations. Any change in regulatory framework—such as capital adequacy, provisioning norms, or lending limits—can directly affect operations and compliance costs.
🏦 High Concentration of Parent Ownership
A large portion of equity is currently held by the parent company. Post-IPO, significant stake dilution or control shifts could create uncertainty in governance or strategy.
🔍 IPO-Related Legal Review
Regulators have flagged concerns over a 2008 share allotment. Although under review, any adverse finding may delay the IPO process or lead to reputational harm.
📉 Market Risks Post-Listing
As one of the largest NBFC IPOs, market conditions at the time of listing could influence stock performance. Broader market volatility may affect listing gains or investor sentiment.
📝 Summary
IPO launching on NSE & BSE mainboard
Issue Size: ₹12,500 crore (₹2,500 Cr fresh issue + ₹10,000 Cr OFS)
Price Band: ₹700 – ₹740 per share
Lot Size: 37 shares (₹25,900 – ₹27,380 approx.)
IPO Dates: Opens on June 25, 2025, closes on June 27, 2025
Business: Leading NBFC offering loans, asset finance, and BPO services
Parent Company: Backed by a major private-sector bank
FY24 Revenue: ₹14,171.1 Cr | Net Profit: ₹2,460.8 Cr
Branch Network: 1,700+ locations across 1,150+ cities/towns
Purpose: Capital infusion for future growth, OFS by promoter
Risks: NPA exposure, regulatory scrutiny, and market volatility
