IFL Finance IPO
IFL Finance IPO — date, issue size, SEBI status & DRHP details 2026
IFL Finance filed its draft red herring prospectus (DRHP) with SEBI on 29 Jul 2026 for an IPO of a fresh issue of up to 3,55,00,000 shares and an offer for sale of up to 30,00,000 shares. The draft is under SEBI review. The price band, lot size and IPO dates are not announced yet.
IFL Finance is a Delhi based NBFC that gives secured retail loans, mainly against gold, through 88 branches in five states. Its revenue was Rs 84.61 crore in FY2026 and its profit after tax was Rs 21.63 crore.
Researched & reviewed by
Abhishek Vohera,
Founder, IPO Guru
Last updated
Figures sourced from the DRHP filed with SEBI
Where the IFL Finance IPO stands
From draft to listing. Today is 24 October 2026.
- DRHP filed 29 Jul 2026
- SEBI observations TBA
- RHP & price band TBA
- Bidding TBA
- Listing TBA
| DRHP filed with SEBI | 29 Jul 2026 |
|---|---|
| SEBI status | Under SEBI review · 21 Oct 2026 |
| Last SEBI communication | 21 Oct 2026 |
| Coordinating lead manager | Aryaman Financial Services Ltd. |
| RHP, price band & dates | Not announced |
IFL Finance IPO details
The offer as the DRHP describes it. Terms can change in the RHP.
| Issue type | Fresh issue and offer for sale |
|---|---|
| Fresh issue | Up to 3,55,00,000 shares |
| Offer for sale | Up to 30,00,000 shares |
| Total issue size | Depends on the price band |
| Face value | ₹10 per share |
| Proposed listing | BSE, NSE |
| Price band | Not announced (comes with the RHP) |
| Lot size | Not announced |
| IPO dates | Not announced |
| Book running lead managers | Aryaman Financial Services Limited |
| Registrar | Skyline Financial Services Private Limited |
Who is selling in the offer for sale
| Selling shareholder | Type | Offering | Avg. cost / share |
|---|---|---|---|
| Sunita Bansal | Promoter | Up to 5,89,952 shares | Rs 12.04 |
| Gopal Bansal HUF | Promoter Group | Up to 20,07,734 shares | Rs 10.94 |
| Arvind Kumar Bansal HUF | Promoter Group | Up to 2,09,990 shares | Rs 10.00 |
| Kriti Suri | Promoter Group | Up to 1,92,324 shares | Rs 10.06 |
The sellers' weighted average cost of acquisition is between Rs 10.00 and Rs 12.04 per share against a face value of Rs 10; the document lists the per seller figures in two tables that do not fully match, so check the DRHP.
Strengths & risks
The case for and against, from the DRHP's own numbers and risk factors.
Strengths · 7
- 01The loan book is mainly gold backed: gold loans rose from 41.45% to 84.77% of total gross loans between 31 March 2024 and 31 March 2026.
- 02Gross AUM grew from Rs 279.10 crore in FY2024 to Rs 520.49 crore in FY2026.
- 03Asset quality is stated at Gross Stage 3 loans of 0.79% and Net Stage 3 loans of 0.58% on 31 March 2026.
- 04Profit after tax rose from Rs 12.15 crore in FY2024 to Rs 18.13 crore in FY2025 and Rs 21.63 crore in FY2026.
- 05The cost to income ratio improved from 58.98% in FY2024 to 43.14% in FY2026.
- 06CRISIL moved the rating from BBB- to BBB (stable) by 31 March 2026, and the capital adequacy ratio was 33.97%.
- 07The company has 88 branches and 33,951 active customers, and no single customer is a material part of revenue.
Risks · 10
- 01Operating cash flow was negative at Rs -152.61 crore in FY2026, Rs -30.59 crore in FY2025 and Rs -13.00 crore in FY2024, as loan growth is funded by borrowing.
- 02Total borrowings rose to Rs 388.22 crore in FY2026 from Rs 187.80 crore in FY2025, and borrowings to equity rose to 2.14 times from 1.18 times.
- 03The portfolio changed fast: gold loans went from 41.45% to 84.77% of gross loans in two years, and the document says the sustainability and risks of this are uncertain.
- 04Home loans and loans against property were 15.23% of gross loans on 31 March 2026 and carry exposure to the real estate sector.
- 05Provision coverage fell to 27.62% in FY2026 from 31.84% in FY2025.
- 06Fixed rate loans were 98.06% of gross loans and fixed rate borrowings were 64.52% of borrowings, so a rate change could squeeze the net interest margin.
- 07Net interest margin fell to 11.18% in FY2026 from 14.09% in FY2025, and average yield fell to 19.08% from 22.57%.
- 08One promoter has been in SEBI regulatory proceedings that were settled, and litigation against the promoters involves Rs 195.06 million.
- 09The company does not own its logo.
- 10The fresh issue is only for capital augmentation and general corporate purposes, with general corporate purposes allowed up to 25% of gross proceeds, and the offer for sale money goes to the selling shareholders.
IFL Finance financials
Restated figures in ₹ crore, as reported in the DRHP.
| ₹ crore | 31 Mar 2026 | 31 Mar 2025 | 31 Mar 2024 |
|---|---|---|---|
| Revenue from Operations | 84.61 | 71.11 | 63.34 |
| Total Income | 85.70 | 71.37 | 63.78 |
| EBITDA | 65.62 | 52.25 | 41.60 |
| Profit After Tax | 21.63 | 18.13 | 12.15 |
| Net Worth | 179.92 | 158.24 | 105.08 |
| Total Borrowing | 388.22 | 187.80 | 182.42 |
Key ratios (FY26)
P/E and market capitalisation need the price band and are added when the RHP is out.
Where the IPO money goes
₹150 crore of the fresh issue is earmarked to named objects; offer for sale proceeds go to the selling shareholders, not the company.
About IFL Finance
The main business is secured retail loans, with a focus on loans against pledged gold. The company also continues to service its older home loans and loans against property. Borrowers are self-employed people, small business owners, traders, salaried individuals and people in the informal sector who need credit against gold or immovable property.
As on 31 March 2026 the company had 88 branches. Of these, 31 are in Delhi, 33 in Rajasthan, 11 in Madhya Pradesh, 9 in Uttar Pradesh and 4 in Haryana. The branch network was 77 in FY2025 and 67 in FY2024. The branches handle customer acquisition, loan origination, gold and property appraisal, servicing and collections. Credit, risk, finance, treasury, compliance and IT work are done from the central office.
The company had 33,951 active customers and 328 employees on 31 March 2026. Gross assets under management were Rs 520.49 crore, of which Rs 513.24 crore is the company's own portfolio and Rs 7.25 crore is a managed co-lending portfolio. Total disbursements in FY2026 were Rs 1,336.41 crore, against Rs 478.98 crore in FY2025. The maximum loan to value ratio is 75%.
The promoters are Gopal Bansal, Sunita Bansal and India Finsec Limited. India Finsec is listed on BSE and is an unregistered Core Investment Company. It holds 71.01% of IFL Finance before the issue. CRISIL rates the company BBB with a stable outlook as on 31 March 2026, up from BBB- a year earlier.
The industry
The industry section of the abridged prospectus, sourced from a Dun and Bradstreet report, describes non-banking financial institutions as players that add to credit and investment capital by serving segments that banks may leave underserved. The document says the sector held a significant share of global financial assets as of 2024. It gives no India market size or growth figure in the abridged prospectus.
Customer concentration: The company says no single customer contributes a material portion of revenue from operations.
Promoters & management
Promoters hold 87.92% and the promoter group holds 11.76% before the issue, of which India Finsec Limited alone holds 71.01%.
| Name | Role |
|---|---|
| Gopal Bansal | Managing Director |
| Sunita Bansal | Whole-Time Director |
| Kriti Suri | Whole-Time Director |
| Ashish Bansal | Non-Executive Director |
| Devi Dass Agarwal | Chairperson and Non-Executive Independent Director |
| Prerna Mittal Arora | Chief Financial Officer |
| Shivani Jindal | Company Secretary and Compliance Officer |
The bankers & the filings
Who is running the issue, and the SEBI documents this page is built from.
Lead Manager Track Record
How the book-running lead managers on this issue have priced their past IPOs, measured on listing day.
Aryaman Financial Services Limited
4 issues handled (2 mainboard, 2 SME)Best listing: Shankesh Jewellers (+11.1%). Weakest: Narmadesh Brass Industries (-3.9%).
Listing gain compares the listing-day opening price with the issue price, using the IPOs on IPO Guru that this lead manager has taken to market. A strong record reflects how the banker has priced past issues — it is not a forecast for this one. See every issue they have handled on the lead managers page.
IFL Finance IPO: frequently asked
When will the IFL Finance IPO open?
The IFL Finance IPO dates are not announced yet. The draft is under SEBI review. The company announces the dates and price band after it files its red herring prospectus (RHP) with the Registrar of Companies, usually a week or two before bidding opens. This page switches to the full IPO page with dates, price band and lot size as soon as that happens.
What is the IFL Finance IPO price band?
The price band is not announced yet. It is set by the company and its lead managers and published with the RHP, a few days before the issue opens. The DRHP fixes only the face value of ₹10 per share.
How big is the IFL Finance IPO?
IFL Finance filed its draft red herring prospectus (DRHP) with SEBI on 29 Jul 2026 for an IPO of a fresh issue of up to 3,55,00,000 shares and an offer for sale of up to 30,00,000 shares. The final size in rupees depends on the price band.
Has SEBI approved the IFL Finance IPO?
The draft is under SEBI review. SEBI observations are valid for 12 months; the IPO has to open within that window or the company must file again.
What is the IFL Finance IPO GMP?
There is no grey market premium to report before the price band is announced. IPO Guru starts tracking the IFL Finance IPO GMP once the RHP and price band are out.
What will IFL Finance do with the IPO money?
As per the DRHP: Augmentation of capital base to meet future capital requirements (₹150 crore); General corporate purposes.
Who are the lead managers of the IFL Finance IPO?
The book running lead managers are Aryaman Financial Services Limited. Skyline Financial Services Private Limited is the registrar.
What does IFL Finance do?
IFL Finance is an NBFC that gives secured retail loans, mainly against gold, through 88 branches in Delhi, Rajasthan, Madhya Pradesh, Uttar Pradesh and Haryana.
Who owns IFL Finance?
India Finsec Limited holds 71.01% before the issue. Promoters hold 87.92% and the promoter group holds 11.76%.
Is IFL Finance profitable?
Yes. Profit after tax was Rs 21.63 crore in FY2026, Rs 18.13 crore in FY2025 and Rs 12.15 crore in FY2024.
Other companies in the IPO pipeline
Mainboard companies with drafts filed with SEBI, same bankers first.
Know the day the price band is out.
We track every mainboard draft from SEBI filing to listing. When IFL Finance files its RHP, this page becomes the full IPO page with dates, price band, lot size, GMP and subscription.
Not investment advice. Figures are from the company's draft offer document filed with SEBI and may change in the RHP.
