Credila IPO

Credila Financial Services Limitedcredila.com

AnnouncedMainboardFinancialsNSE · BSE

Price band: —
Issue size: ₹5,000 Cr
Lot size: —
Bidding: —
Grey market: —

Market data to 17 Oct 2026. Company figures are as filed, sourced 17 Oct 2026. Every figure’s origin is listed under Sources.

IPOVista score

How this issue scores, and why

Every pillar opens to show the raw metric, the curve it was mapped through, the sub-score and its weight. Disagree with the weighting if you like — the arithmetic is all here.

67Balanced

IPOVista score

Balance sheet is the open question

48% of the scoring model was backed by disclosed data for Credila, giving low confidence. Weights for anything missing were redistributed rather than scored as zero.

How this score is built

PillarScoreWeight

Below the line: market sentiment. Capped at 8 of 100 points so a hot grey market can tilt a score but never carry one.

Read this before the number

Leveraged balance sheet
Debt-to-equity of 4.5× leaves limited headroom if demand softens or rates rise.

The IPOVista Score is a transparent summary of disclosed fundamentals and issue terms. It is research, not investment advice, and it cannot predict listing performance.

The company

What the business actually does

Founded 2006 · Mumbai, Maharashtra · 1,478 employees · part of EQT Private Capital Asia — Kopvoorn B.V. is an EQT affiliate, held 100% by Campan VIII Pte. Limited and ultimately by EQT AB (publ)

Credila lends to Indian students to pay for higher education. As of 31 March 2025, 94.65% of its assets under management funded study overseas and 5.35% study in India; by destination, 51.54% of AUM was for students in the United States, 18.84% the United Kingdom and 11.99% Canada, and 63.52% was for masters' programmes. Each loan is underwritten on the student's course, university and expected earnings alongside an earning co-borrower, usually a parent, present behind 91.98% of the book. Students are sourced through 1,672 distribution agents, overseas education consultants, test-preparation centres, bank referrals and direct digital channels across 41 cities and 32 branches. It is the only NBFC notified under Section 80E of the Income Tax Act, letting borrowers deduct loan interest.

It funds itself wholesale and lends long to students, earning the spread. In FY2025 it earned a yield of 11.76% on average gross loans against an 8.85% cost of borrowings, for a net interest margin of 3.95% and net interest income of Rs 1,601.13 cr. The branch-light model — 32 branches and 1,478 people carrying Rs 41,810.45 cr of AUM — held the cost-to-income ratio to 19.65%, with gross stage 3 loans at 0.19%. The binding constraint is capital: the book ran at 4.47 times equity on a 21.81% capital adequacy ratio, so growth needs fresh equity, and the entire Rs 3,000 cr fresh issue was earmarked to augment the capital base.

The company on paper

Legal name: Credila Financial Services Limited
IncorporatedThe legal entity is often incorporated years before the brand you know, and may have traded under another name first: 1 Feb 2006
CINCorporate Identity Number — the unambiguous handle for looking this company up at the MCA: U67190MH2006PLC159411
Parent group: EQT Private Capital Asia — Kopvoorn B.V. is an EQT affiliate, held 100% by Campan VIII Pte. Limited and ultimately by EQT AB (publ)
Sector: Financials · Education-focused NBFC lending to students
Employees: 1,478
Registered office: Mumbai, Maharashtra
Promoters: Kopvoorn B.V.
Promoter holding, pre-issue: 63.9%
Website: credila.com

The numbers

Financial performance

Revenue has compounded at 87.0% a year across the 3 reported financial years.

Revenue and profit

Figures in ₹ crore, as reported in the prospectus. Interim quarters are not annualised.

Revenue
Profit after tax

Margin trend

Profit and operating margin as a percentage of revenue

Net margin
EBITDA margin

Net worth and borrowings

At each period end, in ₹ crore. Gearing below each period is borrowings over net worth, from these same figures.

Net worth
Total borrowings

The price

Valuation

Ratios as disclosed in the prospectus, calculated at the upper end of the price band. P/E is always shown on post-issue earnings so issues stay comparable with each other.

P/E at the band, post-issue

Not priced yet

No price band has been fixed yet, so there is no multiple to quote

Median P/E of its named peers

32.4×

6 of the 8 listed companies the prospectus names — the others disclose no multiple

What you pay

Earnings and sales behind one share, and the multiple the band asks for them.

EPS, pre-issue (FY25): ₹47.69
EPS, post-issueNot disclosed, so computed from FY2025 profit after tax and the disclosed share count — this is the figure the multiple above is built on: ₹45.25
Price / sales: —
Net asset value per shareBook value behind one share — a floor, not a target: ₹397.39

What it earns on what it has

Returns and margins on FY2025. These are the figures that say whether the multiple above is deserved.

Return on net worthAs disclosed in the prospectus, on its own formula — Indian issuers define RoNW on average net worth, not closing.: 14.4%
Return on capital employed: —
EBITDA margin: —
Net margin: 20.9%

What it owes

Gearing at the latest balance-sheet date.

Debt to equityAs disclosed in the prospectus. Issuers divide by total equity, which includes non-controlling interests — a wider base than the net worth used for RoNW.: 4.47×

Valuation against listed peers

P/E against operating margin

The peer table does not carry both a P/E and an operating margin for enough companies to plot.

The terms

How the issue is structured

60% of the money raised is fresh capital that goes to the company; the rest goes to shareholders selling down.

Fresh issueNew shares — proceeds go to the company: ₹3,000 Cr
Offer for saleExisting shares — proceeds go to the selling shareholders: ₹2,000 Cr
Total issue size: ₹5,000 Cr
Shares offered in the OFS: —
Pre-issue shares outstanding: 21,87,87,715
Employee discount: —

Who the shares are reserved for

Share of the net offer set aside for each investor category

Select a category to see who bids in it and how allotment works there.

Percentages are of the net offer, which excludes any employee or shareholder reservation.

Use of proceeds

Stated objects of the fresh issue, largest first

Hover or focus an object to see whether that spending grows the business or repairs the balance sheet.

Who owns it before the issue

7 holders of record. Percentages are of pre-issue paid-up equity, as stated in the offer document.

Pre-issue. The offer document leaves the post-issue column to be filled at the prospectus stage, so it is not shown here.

Demand

What the market is bidding

Subscription is hard exchange data. Grey-market premium is not — it is an unofficial quote, shown because readers want it and labelled because it deserves the label.

Subscription by category

Cumulative bid multiples

No dates have been set yet, so bidding has not opened.

Grey market premium

Unofficial over-the-counter sentiment

No grey-market quotes have been recorded for this issue.

Work it out

What this means for one application

Three calculations, each stating the assumption it rests on.

What one application costs

Shares are applied for in whole lots at the cut-off price. The full amount is blocked in your bank account under ASBA, not debited, until allotment.

The lot size and price band are not fixed yet, so there is nothing to calculate.

Odds of getting an allotment

When the retail category is oversubscribed, SEBI requires a lottery for the minimum lot. Every application has the same chance, whatever its size.

Retail subscription figures are not available yet, so there is nothing to estimate from.

What the grey market implies

Arithmetic on an unofficial quote. The grey market has no clearing house and no obligation to settle — this is sentiment made numeric, not a forecast.

No grey-market quote has been recorded for this issue.

Our read

Easy to misread

Grounded only in figures disclosed in the prospectus. This is analysis, not a recommendation.

Easy to miss in the prospectus

The Rs 5,000 cr size is the UDRHP-I of 26 June 2025 as filed; it is not a live offer. SEBI's approval for it expired on 30 September 2026 with no RHP filed.
totalBorrowingsCr is the sum of three disclosed balance-sheet lines (debt securities, borrowings other than debt securities, subordinated liabilities). It reconciles with the disclosed debt-to-equity ratio of 4.47x for FY2025.
revenueCr is total income, the NBFC measure that includes interest income. EBITDA is deliberately blank: for a lender, finance cost is a cost of production, not a financing item below the line, so an EBITDA figure would not be comparable.

Straight from the filing

Read it yourself

Every figure on this page comes out of these. Go and check them.

Served by the issuer, the exchange or the regulator — never a copy hosted here, so what you open is the filing itself.

The paperwork

Who is running the issue

Lead managers: Axis Capital Limited, Citigroup Global Markets India Private Limited, Goldman Sachs (India) Securities Private Limited, IIFL Capital Services Limited, Jefferies India Private Limited
RegistrarAllotment status is checked on the registrar's own site: KFin Technologies Limited

How these figures were checked

Reconciled to Credila's own prospectus and to exchange disclosures, then cross-checked against 8 other independently published compilations of the same filing. Where a stated ratio disagreed with the line items it should come from, the disagreement was settled against the prospectus itself.

The prospectus is the authoritative document. Check anything that matters against it before you act.

At a glance

Board: Mainboard
Opens: —
Closes: —
Allotment: —
Lists: —
Revenue (FY2025): ₹4,726 Cr
Profit (FY2025): ₹990 Cr

Timeline

Tap a step for what it means. Dates are as disclosed in the prospectus and can move.

On this page

IPOVista publishes research and data compiled from public filings and exchange disclosures. Nothing here is investment advice, a recommendation, or an offer to buy or sell any security. Figures can contain errors and sources can be stale — verify against the prospectus before you act, and speak to a SEBI-registered adviser. Investing in securities carries risk, including loss of capital.