Moneyview

IPO Size: Rs. 1,092 cr

• Fresh Issue of Rs. 750 cr (12.5% dilution) for business growth (i) Rs. 352 cr investment to drive loan disbursals under default loss guarantee (DLG) arrangement (ii) Rs. 250 cr capital for on-book lending
• Offer for Sale (OFS) of Rs. 342 cr, by 7 investors (64% combined stake to drop to 52%) and promoter (24% to shrink to 19% post IPO)

Price band: Rs. 32-34 per share

M cap: Rs. 5,985 cr (IPO is 18% of m cap)

IPO Date: Thu 24^th Sep to Mon 28^th Sep 2026, Listing Thu 1^st Oct 2026

Grey Market Premium (GMP): We are strongly against ‘grey market premium’ as it is an unofficial figure, against SEBI guidelines.

 

Digital Lender and Financial Services Platform

Moneyview is a 12-year-old Bengaluru based digital-only financial services platform connecting users, mainly in tier-2 towns having average monthly income of Rs. 47,000, with banks, NBFCs, insurers for personal loans, insurance, credit cards, digital gold. Company also lends on its own account, through wholly owned subsidiary Whizdm Finance Private Limited (WFPL), having an aggregate base of 1.2 cr customers, nearly 3x of 46 lakh customers in FY24.

 

Two Components of AUM

As of 30.6.26, company’s assets under management (AUM) stood at Rs. 22,520 cr, up 27% YoY, of which, 25% are on-books. Balance 75% AUM are loans facilitated through platform partners, on which company earns fee income and shares credit losses through default loss guarantee (DLG) of up to 5% of loan portfolio.

Rs. 5,657 cr AUM facilitated WFPL fetches fee income and net interest margin, along with entire credit risk. WFPL’s net NPA was contained at 0.59% despite lending unsecured personal loan, with a debt-equity of 3.35x, on net worth of Rs. 1,571 cr and Q1FY27 PAT of Rs. 43 cr.

 

Growing Financials

FY26 revenue rose 43% YoY to Rs. 3,351 cr, comprising Rs. 1,900 cr fee income and Rs. 1,300 cr as interest income. Net interest income (NII) rose 63% YoY to Rs. 681 cr, with profit before tax (PBT) up 67% YoY to Rs. 534 cr. Due to one-time payment of Rs. 160 cr to promoters and Rs. 48 cr exceptional loss on cyber attack, PAT was flat YoY at Rs.243 cr.

Q1FY27 NII grew 33% YoY to Rs. 199 cr, with PAT of Rs. 174 cr, despite Rs. 261 cr impairment. Company’s full year FY24 PAT was Rs. 171 cr, whereas Q1FY27 PAT has exceeded that. EPS for Q1FY27 stood at Rs. 1.12, as against 43 paise for Q1FY26. Net worth as of 30.6.26 stood at Rs. 2,415 cr. Till date, company has raised Rs. 1,700 cr funds, which is essentially the present capital of lending subsidiary WFPL.   

 

Unicorn being Offered at Lower Price

Moneyview, a unicorn as per last fund raise, is a mix of fee-earning platform and NBFC providing unsecured personal loans. Company’s m cap of Rs. 5,985 cr must be dissected into two parts:

1. NBFC business to be valued on Price to Book Value (PBV) basis: Net worth as of 30.6.26 stood at Rs. 1,571 cr. Adding Rs. 250 cr capital infusion via IPO and expected profit for 9 months from July 2026 to Mar 2027, net worth as of 31.3.27 is estimated at Rs. 2,000 cr. Even if 1.5x PBV multiple is applied on current year basis, the resultant value is Rs.3,000 cr.
2. Platform business must be valued on potential earnings, so PE multiple. Derived value by subtracting Rs. 3,000 cr from m cap of Rs. 5,985 cr leads to Rs. 2,985 cr value for the platform business. Annualising this business’ Q1FY27 PAT of Rs. 131 cr, resultant PE multiple of 5.7x is quite low.

Looks like ~50% money has been left on the table for prospective IPO investors. The IPO price of sub-Rs. 50 is another bullish data point, for possible surge post listing.