Moneyview
What they do: Hybrid fintech model combining credit distribution fees with net interest margins via captive NBFC WFPL.
By IPO Milega Research · Published · Updated
Analysis score 7.4 +1.5 for 230.54x QIB subscription
Robust operational top-line exceeding ₹33,500 million in FY2026, delivering ₹2,427 million net profit and an annualized ROE of nearly 30%.
- GMP (unofficial)
- +44.12%
- ₹15 a share
- Subscribed
- 101.86x
- Total
- Retail odds
- 4.9%
- 1 in 20
GMP is an unofficial grey market indication.
- Price band
- ₹32-34
- Lot size
- N/A
- Min. investment
- N/A
- Issue size
- 1,092 Cr.
- Open24 Sept 2026
- Close28 Sept 2026
- Allotment29 Sept 2026
- Listing1 Oct 2026
Overview
Estimated from the current subscription figures. Tap a category to work it out for your application size.
- QIB
- 230.54x
- NII
- 120.37x
- Retail
- 20.41x
₹49 (+44.12%)
GMP trend
Unofficial grey market quotes, times in IST
Outer ring: estimated gain
How the score adds up
The overall score is the average of these five, nudged by QIB demand once bidding closes.
- Financials8.0
- Performance8.0
- Flexibility8.0
- Timing7.0
- Risk6.0
48 (41.18%)
Strengths3
- Over 140 million registered users and 11.9 million monetized users
- Managed AUM exceeded ₹225,200 million by June 2026
- Reduced platform annualised loss rate to 6.95% in FY2026
Concerns5
- High reliance on top financial lending partners for fee and credit revenue
- Credit defaults and rising Stage 3 non-performing loans in unsecured portfolios
- Stringent and evolving RBI regulatory requirements for digital lending platforms
- Historical negative operating cash flows across certain fiscal periods
- Intense competition across digital lending and fintech marketplace segments
Who gets shares
- QIB50%
- NII15%
- Retail35%
- Retail Minimum14,9941 lots, 441 shares
- Retail Maximum1,94,92213 lots, 5,733 shares
- S-HNI Minimum2,09,91614 lots, 6,174 shares
- S-HNI Maximum9,89,60466 lots, 29,106 shares
- B-HNI Minimum10,04,59867 lots, 29,547 shares
| Application | Lot size | Shares | Amount |
|---|---|---|---|
| Retail Minimum | 1 | 441 | 14,994 |
| Retail Maximum | 13 | 5,733 | 1,94,922 |
| S-HNI Minimum | 14 | 6,174 | 2,09,916 |
| S-HNI Maximum | 66 | 29,106 | 9,89,604 |
| B-HNI Minimum | 67 | 29,547 | 10,04,598 |
Timing
7.0/10Favorable environment as digital consumer credit expansion outpaces traditional banking channels across Tier-2+ geographies.
- Time to market
- Timely execution to augment regulatory capital buffers and scale underwriting capabilities ahead of expected market volume growth.
- How allotment works
- Basis of allotment finalization followed by electronic demat credit within two working days
- Market timing
- Favourable
- Time to market
- 8.0
- Listing on
- NSE, BSE
Key milestones
- 23 Sept 2026Anchor Investor Bidding Date
- 24 Sept 2026Bid/Offer Opening Date
- 28 Sept 2026Bid/Offer Closing Date
Financials
8.0/10- Revenue
- ₹3,404 Cr
- +43.1%
- Profit after tax
- ₹0 Cr
- No prior year
- Net margin
- 0.0%
- 0.0 pts
- Assets
- ₹8,105 Cr
- +43.9%
- Return on equity
- 19.18%
- Debt to equity
- 2.32
- Current ratio
- 1.67
- Revenue CAGR
- 58%
- ROCE
- -%
- Return on net worth
- 17.85%
- NAV per share (₹)
- 14.57
Financial performance trend
Amount ₹ in croresRobust operational top-line exceeding ₹33,500 million in FY2026, delivering ₹2,427 million net profit and an annualized ROE of nearly 30%.
Risk
6.0/10Read this score as a safety rating: 10/10 means the lowest risk, 1/10 the highest.
Where the risks sit
- Financial risks3
- Market risks2
- Operational risks2
- Regulatory risks2
Key risks stem from unsecured credit defaults, partner reliance, and stringent RBI regulatory shifts. Negative operating cash flows and intense fintech competition also pose challenges.
How the company offsets these
Dynamic underwriting with 100,000+ data variables, proactive risk parameter adjustments, and ongoing diversification into secured credit, gold, and marketplace financial products.
Financial risks3
- Unsecured borrower credit defaults and impairment expenses
- Negative cash flows from operations across historical periods
- Interest rate fluctuations impacting borrowing costs
Market risks2
- Intense retail lending competition from NBFCs and banks
- Broader macroeconomic slowdown impacting credit demand and repayments
Operational risks2
- Platform outages, data integrity, and cyber security breaches
- Algorithmic underwriting errors across multi-variable scoring models
Regulatory risks2
- Stricter RBI norms on digital lending and risk weights
- Compliance burdens, license maintenance, and statutory penal risks
Performance
8.0/10Strong scale with top-line revenue growing rapidly from FY2024 to FY2026. Annualised credit losses improved steadily despite broader industry credit headwinds.
- Historical growth
- Consistent rapid acceleration, Revenue grew 74.25% in FY2025 and 43.26% in FY2026
- Market comparison
- Maintained the highest PBT and income CAGR among digital lending peers while demonstrating lower loss rates than industry benchmarks.
- Future potential
- Positioned to capture substantial expansion as India's digital personal loan market scales rapidly.
- Operational consistency
- Sustained revenue expansion and positive net margins driven by repeatable digital distribution and captive NBFC underwriting.
- Experience
- Founders and senior management blend deep technical acumen with extensive financial services domain experience.
- Track record
- Steered the company into the largest full-stack digital lending platform in India by AUM.
Key achievements
- 01Over 140 million registered users and 11.9 million monetized users
- 02Managed AUM exceeded ₹225,200 million by June 2026
- 03Reduced platform annualised loss rate to 6.95% in FY2026
Flexibility
8.0/10Rapidly recalibrates credit thresholds and risk parameters according to shifting macroeconomic and delinquency cycles.
Solid equity base exceeding ₹24,000 million, though leverage stands at 2.27x debt-to-equity.
Branchless digital operations process roughly 200,000 daily loan applications with minimal human touch.
Strong agility underpinned by a proprietary tech-first infrastructure, zero physical branches, and a dual marketplace-cum-captive NBFC operational structure.
- Product diversification
- Expanded from personal loans into fixed deposits, digital gold, insurance, earned wage access, and UPI.
- Future adaptability
- Comprehensive API integrations with 48 financial partners allow fast onboarding of new third-party financial products.
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The data on this page has been reviewed manually by the IPO Milega research team. It is not investment advice, and IPO Milega accepts no responsibility for losses arising from any investment decision. Investments in the securities market are subject to market risks. Read all the related documents, including the full prospectus, carefully before investing.