India Shelter Finance Corporation IPO
India Shelter Finance Corporation IPO — date, price band, lot size & details 2023
India Shelter Finance Corporation listed on 20 Dec 2023 at ₹620, 25.8% above the ₹493 issue price.
India Shelter Finance is a retail affordable housing finance company lending mainly to self-employed first-time home buyers in Tier II and Tier III cities. It had 203 branches on 30 September 2023.
Stock price
India Shelter Finance Corporation is listed — here is the live share price.
Researched & reviewed by
Abhishek Vohera,
Founder, IPO Guru
Last updated
Figures sourced from the RHP, BSE & NSE
Timetable
Key dates from opening to listing. Today is 11 November.
- Open 13 Dec 2023
- Close 15 Dec 2023
- Allotment 18 Dec 2023
- Refund/credit 19 Dec 2023
- Listing 20 Dec 2023
Issue summary
The terms of the offer, as filed.
| IPO Dates | 13 to 15 Dec, 2023 |
|---|---|
| Price Band | ₹469 – ₹493 |
| Face Value | ₹5 |
| Lot Size | 30 Shares |
| Issue Size | ₹1200 Cr |
| Sale Type | Fresh capital cum OFS |
| Listing On | BSE, NSE |
| Registrar | KFin Technologies Limited |
| Min Investment | ₹ 14,790 |
Share of the offer set aside for each investor category, as stated in the offer document.
What will it cost me?
Bidding is in multiples of 30 shares at the ₹493 cut-off. Drag to size your application.
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 1 | 30 | ₹14,790 |
| Retail (max) | 13 | 390 | ₹1,92,270 |
| S-HNI (min) | 14 | 420 | ₹2,07,060 |
| S-HNI (max) | 67 | 2,010 | ₹9,90,930 |
| B-HNI (min) | 68 | 2,040 | ₹10,05,720 |
Strengths & risks
Drawn from the offer document — the case for and against, side by side.
Strengths · 5
- 01Profit after tax rose from Rs 87.39 crore in FY2021 to Rs 155.34 crore in FY2023.
- 02Total income rose from Rs 322.80 crore in FY2021 to Rs 606.23 crore in FY2023.
- 03Its AUM grew at a two-year CAGR of 40.8% as per CRISIL.
- 04Rs 800.00 crore of the issue was fresh capital for lending growth.
- 05The promoters did not sell shares, and it had 203 branches.
Risks · 5
- 01The pre-issue P/E was 28.83 at the upper band of Rs 493, based on EPS of Rs 17.10.
- 02Total borrowing was Rs 3,272.48 crore on 30 September 2023, and the source puts debt to equity at 2.12.
- 03Self-employed borrowers in smaller cities have less steady income, which raises credit risk across its 203 branches.
- 04Rs 400.00 crore of the issue was offer for sale by investors.
- 05The promoters held 56.93% before the issue and 48.3% after it, as per the prospectus share counts.
Three years of numbers
All figures in ₹ crore, as reported in the India Shelter Finance Corporation offer document.
| Metric | 30 Sep 2023 | 31 Mar 2023 | 31 Mar 2022 | 31 Mar 2021 |
|---|---|---|---|---|
| Assets | 4,758.68 | 4,295.59 | 3,221.22 | 2,462.64 |
| Total Income | 398.58 | 606.23 | 459.81 | 322.80 |
| Profit After Tax | 107.35 | 155.34 | 128.45 | 87.39 |
| NET Worth | 1,374.97 | 1,240.53 | 1,076.13 | 937.27 |
| Total Borrowing | 3,272.48 | 2,973.43 | 2,059.40 | 1,480.72 |
See how this IPO compares — view listing performance of all mainboard IPOs.
Valuation & key ratios
Ratios are for the latest full financial year reported in the India Shelter Finance Corporation RHP. EPS and P/E are post-issue — the table below carries the pre-issue comparison.
India Shelter Finance Corporation IPO Valuation
How the issue prices the company before and after the fresh shares are created.
| Valuation Metric | Pre-Issue | Post-Issue |
|---|---|---|
| EPS (₹) | ₹17.10 | ₹20.06 |
| P/E Ratio (x) | 28.83 | 24.58 |
| Market Cap at Offer Price (₹ Cr) | ₹3,094.94 | ₹2,638.26 |
Pre-issue figures use the shareholding reported in the RHP; post-issue figures use the shareholding once the fresh issue has created new shares. The two differ because of that dilution and because post-issue earnings per share are often annualised, so the change can run in either direction. Market capitalisation is calculated at the ₹493 offer price. Compare the post-issue P/E against listed peers before deciding — a premium there is growth you are paying for in advance.
Where the money goes
₹750.92 Cr of the issue is earmarked to named objects.
About the company
It had a distribution network of 203 branches on 30 September 2023, backed by technology across its operations and the loan life cycle. As per CRISIL, its AUM grew at a two-year CAGR of 40.8% between FY2021 and FY2023.
Its target customers are self-employed people, with a focus on first-time home loan takers in low and middle income groups in Tier II and Tier III cities. Its promoters are Anil Mehta, WestBridge Crossover Fund and Aravali Investment Holdings.
The IPO was Rs 1,200 crore, with Rs 800.00 crore of fresh issue and Rs 400.00 crore of offer for sale by investors such as Madison India and MIO Starrock. Rs 640.00 crore was planned for onward lending.
Interested in this IPO? Check the live subscription status or browse all upcoming mainboard IPOs.
The bankers & the filings
Who is running the book, and the documents this page is built from.
India Shelter Finance Corporation IPO Documents
Read the filings 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.
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Citigroup Global Markets India Pvt. Ltd
29 issues handledBest listing: Tata Technologies (+140.0%). Weakest: Kalyan Jewellers India (-15.0%).
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.
Company contact
Frequently asked
What is the GMP of India Shelter Finance Corporation?
The current Grey Market Premium is ₹160, or 32% over the issue price.
What is the India Shelter Finance Corporation IPO price band?
₹469 to ₹493, on a face value of ₹5.
When is the allotment?
The basis of allotment is 18 December 2023, with listing on 20 December 2023.
How do I check allotment status?
On the IPO Guru allotment page or on the registrar's site — KFin Technologies Limited.
Every number here traces back to a filing.
IPO Guru tracks GMP, subscription and allotment for every Mainboard and SME issue. Every number on this page is sourced from the RHP, BSE & NSE.
Not investment advice. Grey market premium is an unofficial, unregulated indicator and is not a forecast.
