Muthoot Microfin IPO
Muthoot Microfin IPO — date, price band, lot size & details 2023
Muthoot Microfin listed on 26 Dec 2023 at ₹275.3, 5.4% below the ₹291 issue price.
Muthoot Microfin is a microfinance institution giving micro-loans to women, mainly in rural India, and is part of the Muthoot Pappachan Group. It had 1,340 branches and 3.19 million active customers on 30 September 2023.
Stock price
Muthoot Microfin 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 18 Dec 2023
- Close 20 Dec 2023
- Allotment 21 Dec 2023
- Refund/credit 22 Dec 2023
- Listing 26 Dec 2023
Issue summary
The terms of the offer, as filed.
| IPO Dates | 18 to 20 Dec, 2023 |
|---|---|
| Price Band | ₹277 – ₹291 |
| Face Value | ₹10 |
| Lot Size | 51 Shares |
| Issue Size | ₹960 Cr |
| Sale Type | Fresh capital cum OFS |
| Listing On | BSE, NSE |
| Employee Discount | Rs 14.00 per share |
| Registrar | KFin Technologies Limited |
| Min Investment | ₹ 14,841 |
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 51 shares at the ₹291 cut-off. Drag to size your application.
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 1 | 51 | ₹14,841 |
| Retail (max) | 13 | 663 | ₹1,92,933 |
| S-HNI (min) | 14 | 714 | ₹2,07,774 |
| S-HNI (max) | 67 | 3,417 | ₹9,94,347 |
| B-HNI (min) | 68 | 3,468 | ₹10,09,188 |
Strengths & risks
Drawn from the offer document — the case for and against, side by side.
Strengths · 5
- 01Profit after tax rose from Rs 7.05 crore in FY2021 to Rs 163.89 crore in FY2023, as per the RHP.
- 02Profit after tax was Rs 205.26 crore in the six months to 30 September 2023, above the full FY2023 figure.
- 03Its active customers grew from 1.86 million to 3.19 million between 31 March 2021 and 30 September 2023.
- 04Rs 760.11 crore of the issue was fresh capital for lending growth.
- 05Net worth grew from Rs 889.89 crore on 31 March 2021 to Rs 1,842.10 crore on 30 September 2023.
Risks · 5
- 01Total borrowing was Rs 7,746.11 crore on 30 September 2023, and the source puts debt to equity at 3.99.
- 02Microfinance loans are unsecured and sensitive to local shocks, elections and loan waivers across its 1,340 branches.
- 03Profit was very low in FY2021, at Rs 7.05 crore, showing how quickly loan stress can hit results.
- 04The pre-issue P/E was 24.96 at the upper band of Rs 291, as per the source.
- 05Promoters held 69.08% before the issue and 55.47% after it.
Three years of numbers
All figures in ₹ crore, as reported in the Muthoot Microfin offer document.
| Metric | 30 Sep 2023 | 31 Mar 2023 | 31 Mar 2022 | 31 Mar 2021 |
|---|---|---|---|---|
| Assets | 10,031.30 | 8,529.20 | 5,591.46 | 4,183.85 |
| Revenue from Operations | 1,042.33 | 1,428.76 | 832.51 | 684.17 |
| Total Income | 1,047.24 | 1,446.34 | 842.94 | 696.28 |
| Profit After Tax | 205.26 | 163.89 | 47.40 | 7.05 |
| NET Worth | 1,842.10 | 1,625.85 | 1,336.58 | 889.89 |
| Total Borrowing | 7,746.11 | 6,493.18 | 3,996.61 | 3,015.66 |
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 Muthoot Microfin RHP. EPS and P/E are post-issue — the table below carries the pre-issue comparison.
Muthoot Microfin IPO Valuation
How the issue prices the company before and after the fresh shares are created.
| Valuation Metric | Pre-Issue | Post-Issue |
|---|---|---|
| P/E Ratio (x) | 24.96 | 25.38 |
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 ₹291 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
₹760.00 Cr of the issue is earmarked to named objects.
About the company
Its products include group loans for livelihood, Pragathi interim loans and individual loans, life betterment loans such as mobile phone loans, sanitation loans, and secured gold loans and Muthoot Small & Growing Business loans.
Its network grew from 755 branches and 1.86 million active customers on 31 March 2021 to 1,340 branches, 12,297 employees and 3.19 million active customers on 30 September 2023. Its promoters include Muthoot Fincorp Limited and members of the Muthoot family.
The IPO was Rs 960 crore, with Rs 760.11 crore of fresh issue and Rs 199.89 crore of offer for sale by six individual promoters and Greater Pacific Capital. The fresh money was meant to support its lending business.
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.
Muthoot Microfin 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.
JM Financial Ltd.
125 issues handledBest listing: Tata Technologies (+140.0%). Weakest: ACME Solar Holdings (-13.1%).
SBI Capital Markets Ltd.
70 issues handledBest listing: Bajaj Housing Finance (+114.3%). Weakest: Kalyan Jewellers India (-15.0%).
Axis Capital
126 issues handledBest listing: Latent View Analytics (+160.0%). Weakest: Shriram Properties (-23.7%).
ICICI Securities
133 issues handledBest listing: Latent View Analytics (+160.0%). Weakest: Shriram Properties (-23.7%).
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 Muthoot Microfin?
The current Grey Market Premium is ₹25, or 9% over the issue price.
What is the Muthoot Microfin IPO price band?
₹277 to ₹291, on a face value of ₹10.
When is the allotment?
The basis of allotment is 21 December 2023, with listing on 26 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.
