IBL Finance share price made a decent debut on the bourses today, January 16, 2024, as the stock got listed at ₹56 apiece on NSE SME, a premium of 10% to the issue price of ₹51 apiece. The stock quickly jumped to ₹58.80 after hitting the secondary market.
The ₹33.41 crore SME IPO was open for subscription between January 9 and January 11, 2024, at a price band of ₹51 apiece. The IPO is a completely fresh issue of 6,550,000 equity shares.
The issue was overall subscribed to 17 times. The issue received a healthy response from retail investors whose portion set was subscribed to 24 times and a decent response from non-institutional buyers whose portion set was subscribed to 9.94 times, as per data available on Chittorgarh.
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The company plans to use the net proceeds from the issue for general corporate purposes, expanding the Tier-I capital base to cover the company’s anticipated future capital needs resulting from asset and business growth.
About IBL Finance
IBL Finance Limited is a fintech-based financial services platform that uses technology and data science to make lending easier and faster. It commenced its lending business to self-employed professionals and small business entrepreneurs during the financial year on March 31, 2019.
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Subsequently, in fiscal 2020, it migrated to a fintech-based financial services platform. It launched our mobile-based personal loan business under the “IBL: Instant Personal Loan” brand.
Under the personal loan lending business, the company extend instant personal loans up to ₹50,000 with tenors of up to 12 months through an entirely digital mobile app-only process. Since its launch and up to March 31, 2023, the company has disbursed 1,63,282 personal loans amounting to ₹71 crore, the company’s RHP showed.
IBL Finance has listed peers, including MAS Financial Services, Arman Financial Service, Apollo Finvest (India), CSL Finance, and Ugro Capital.
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IBL Finance Financials
The company reported revenue of ₹112.59 lakh in FY21, which improved to ₹327.08 lakh in FY22 and further to ₹1,333.13 lakh in FY23. In FY21, the company reported a net loss of ₹9.88 lakh, marking a turnaround in FY22 with a net profit of ₹42.73 lakh. The momentum persisted, and in FY23, the net profit further escalated to ₹192.83 lakh.
Disclaimer: We advise investors to check with certified experts before taking any investment decisions.
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Published: 16 Jan 2024, 10:08 AM IST
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