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- Price band
- ₹32 – ₹34
- Issue size
- ₹1,092 Cr
- Lot size
- 441 sh
- Bidding
- 24 – 28 Sep
- Grey market
- ₹15
Face value ₹1.00
69% fresh capital
₹14,994 minimum
Lists 1 Oct 2026
Unofficial quote
The question this issue poses
In one sentence
A digital lender that keeps more than 74% of its ₹22,520.17 Cr managed book off its own balance sheet, priced at 20.38–21.66x FY26 earnings — the question is whether a fee model that still absorbs partner credit losses through Default Loss Guarantees should be valued as a platform or as the lender it economically is.
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.
65Balanced
IPOVista score 65 out of 100, graded Balanced.IPOVista score
Growing and reasonably priced
85% of the scoring model was backed by disclosed data for Moneyview, giving high confidence. Weights for anything missing were redistributed rather than scored as zero.
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 2.3× leaves limited headroom if demand softens or rates rise.
Grey market data is unofficial
GMP is an unregulated, unverifiable over-the-counter quote. It is shown as a sentiment indicator and carries no settlement guarantee.
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 2014 · 798 employees
Moneyview is a digital-only consumer credit platform aimed at India's middle-income households. It was founded in 2014 by Puneet Agarwal, an IIT alumnus who had previously worked at McKinsey, Capital One and Google, and Sanjay Aggarwal, a technologist from Infosys and Yahoo. The app began as a money-management and credit-tracking tool and became a lending front door: personal loans, business loans, home loans, loan against property and credit cards sit alongside fixed deposits, 24K digital gold, vehicle insurance and UPI payments. As of 30 June 2026 it reported 140.28 million registered users, of whom 11.90 million were monetised, roughly 200,000 loan applications processed a day, 48 financial partners, and managed assets under management of ₹22,520.17 Cr. The company describes itself as a credit-led financial services platform rather than a bank, and its material subsidiary Whizdm Finance Private Limited is the NBFC through which it lends on its own book.
Two revenue streams sit on one funnel. The larger one is a platform fee: Moneyview sources and underwrites borrowers, then passes them to partner lenders and earns service commissions for origination, processing and collections. More than 74% of the ₹22,520.17 Cr managed book is funded off Moneyview's own balance sheet this way, which is why total income of ₹3,404.27 Cr in FY26 sits on total assets of only ₹8,104.85 Cr. The smaller but faster-growing stream is direct lending through Whizdm Finance, which earns interest and carries the loan on balance sheet — borrowings rose from ₹1,708.92 Cr in FY24 to ₹5,157.04 Cr in FY26 to fund it. The two are not as separate as they look: under Default Loss Guarantee arrangements Moneyview absorbs a contracted share of losses on loans it originated for partners, so credit risk follows the borrower even when the asset does not. ₹325 Cr of the ₹750 Cr fresh issue is earmarked precisely for that guarantee cover. Repeat borrowers supplied 62.70% of loan volume in FY26, up from 42.08% in FY24, which is what pushes operating cost as a share of income down from 56.42% to 34.84% over the same window.
What makes it hard to copy
Moneyview owns the lending licence as well as the funnel: subsidiary Whizdm Finance is an RBI-registered non-deposit-taking NBFC in the middle layer, so the same platform that routes borrowers to 48 integrated Financial Partners — whose top ten have been on it for more than four years on average — can also underwrite and hold the loan itself.
Where the revenue comes from
Share of revenue by reportable segment, latest full year
- Fees and commission income56.7%
- Interest income39.2%
- Gain on derecognition of financial assets2.9%
- Other (1)1.3%
Hover or focus a segment for its share and what it covers.
Where it operates
- Offices (all leased or co-working; no owned property)3
Kadubeesanahalli, Marathahalli, Bengaluru — registered and corporate office · Garvebhavi Palya, Kudlu Main Road, Bengaluru — branch office · Kadubeesanahalli, Bengaluru — registered office of Whizdm Finance
Markets served
India
Who runs it
- Puneet AgarwalManaging Director and Chief Executive Officer · since 2025Co-founder and a director since 11 August 2014; redesignated Managing Director and CEO on 2 September 2025 for a five-year term to 1 September 2030. DIN 06921984.
- Sanjay AggarwalExecutive Director and Chief Technology Officer · since 2014Co-founder and a director since 11 August 2014. DIN 00931994.
- Saurav GoyalChief Financial Officer · since 2025With the company since 20 September 2018; appointed CFO of Moneyview and of Whizdm Finance with effect from 2 September 2025. Chartered accountant, previously at S.R. Batliboi & Co.
- Subrata MitraNon-Executive Director · since 2015Nominee of the Accel Group, on the board since 20 April 2015. DIN 00570124.
- Ankit Kumar JainCompany Secretary and Compliance Officer · since 2023With the company since 19 July 2023; previously at SMFG India Credit and Edelweiss Housing Finance.
The company on paper
- Legal name
- Moneyview Limited
- Incorporated
- 11 Aug 2014
- CIN
- U72200KA2014PLC075775
- Sector
- Financials · Digital lending & consumer fintech
- Employees
- 798
- Registered office
- 17/1, 1st and 2nd Floor, The Address Building, Outer Ring Road, Marathahalli, Kadubeesanahalli, Bangalore 560 103, Karnataka, India
- Statutory auditor
- S.R. Batliboi & Associates LLP, Chartered Accountants
- Promoters
- Puneet Agarwal, Sanjay Aggarwal, Sushma Abburi
- Promoter holding, pre-issue
- 24.0%
- Website
- moneyview.in
The numbers
Financial performance
Revenue has compounded at 56.5% 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
Profit against cash generated
Profit after tax and net cash from operating activities, in ₹ crore. The figure under each period is cash generated per ₹100 of profit.
- Profit after tax
- Operating cash flow
Above 100% the business collects more cash than it books as profit. Persistently below it, growth is being funded out of working capital.
The price
Valuation
At the upper band this issue asks a 26.7% discount to the median P/E of the listed peers its own prospectus names.
Always post-issue, so issues stay comparable with each other
5 listed companies the prospectus names itself
What you pay
Earnings and sales behind one share, and the multiple the band asks for them.
- EPS, pre-issue (FY26)
- ₹1.58
- EPS, post-issue
- —
- Price / sales
- —
- Net asset value per share
- ₹14.57
What it earns on what it has
Returns and margins. These are the figures that say whether the multiple above is deserved.
- Return on net worth
- 11.7%
- Return on capital employed
- —
- EBITDA margin
- 28.5%
- Net margin
- 7.1%
What it owes
Gearing at the latest balance-sheet date.
- Debt to equity
- 2.32×
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
69% of the money raised is fresh capital that goes to the company; the rest goes to shareholders selling down.
- Fresh issue
- ₹750 Cr
- Offer for sale
- ₹342 Cr
- Total issue size
- ₹1,092 Cr
- Shares offered in the OFS
- 10,04,94,200
- Pre-issue shares outstanding
- 1,53,96,43,033
- Employee discount
- None
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
- Invested in growth
- General and unallocated
Hover or focus an object to see whether that spending grows the business or repairs the balance sheet.
84% of the quantified proceeds is earmarked for growth; the rest repairs the balance sheet or is unallocated.
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 at the end of day 3. Anchor allocations are excluded.
Hover or focus a category to see who bids in it.
Total subscription101.87×
A category subscribed above 1× is oversubscribed; allotment in that category then runs as a lottery or on a proportionate basis.
Anchor book
Anchor investors commit one working day before the issue opens and are locked in for 30 and 90 days. Who turns up here is the first real signal of institutional appetite.
- Raised from anchors
- ₹328 Cr
- Anchor investors
- —
- 50% lock-in ends
- 28 Oct 2026
- Remaining lock-in ends
- 27 Dec 2026
Grey market premium
Premium quoted over the ₹34 cut-off price. Unofficial and unregulated — sentiment, not a forecast.
Unofficial
The grey market is an informal, unregulated market with no clearing house and no obligation to settle. A premium here does not guarantee a listing gain, and quotes can move sharply — this one ranged ₹5 to ₹15, a spread of ₹10, across the period shown.
Outcome
How it actually listed
- Issue price
- ₹34.00
- Listed at
- ₹55.00
- Listing gain
- up 61.8%
- Since listing
- up 81.3%
As of 13 Oct 2026
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.
Lots
1
- Shares applied for
- 441
- At cut-off price
- ₹34.00
- Amount blocked
- ₹14,994
One lot is 441 shares at ₹14,994. Retail applications are capped at ₹2,00,000, which allows up to 13 lots here — apply for more and you are bidding as a non-institutional investor instead.
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.
~5%
chance of one lot, per application
- Retail subscription
- 20.41×
- Applicants per share available
- 20.4× the retail quota
This is an estimate of a lottery, not a prediction. Actual odds depend on the final basis of allotment, how many applications were at the minimum lot, and rejections for technical reasons. Applying from multiple distinct PANs is the only legitimate way to hold more tickets in that lottery.
What it actually did
This issue has listed, so there is a real number instead of a prediction. The grey-market premium is shown beside it for comparison.
₹55.00
listed at, 61.8% against the issue price
- Issue price
- ₹34.00
- Premium said
- ₹15.00 · 44.1%
- If allotted 441 shares
- ₹9,261
The grey market called 44.1% and the stock did 61.8% — a miss of 17.6 percentage points.
Our read
The case for and against
Grounded only in figures disclosed in the prospectus. This is analysis, not a recommendation.
What works
- Total income grew from ₹1,389.24 Cr in FY24 to ₹3,404.27 Cr in FY26, and EBITDA from ₹328.70 Cr to ₹968.92 Cr over the same two years.
- Q1 FY27 shows the growth continuing rather than decaying: total income of ₹1,065.09 Cr against ₹702.92 Cr a year earlier, and PAT of ₹173.80 Cr against ₹67.15 Cr.
- At 21.66x FY26 earnings the issue was priced below most of its own RHP peer set — Bajaj Finance at 33.66x, SBI Cards at 27.98x, PB Fintech at 120.33x and Paytm at 213.45x — with only Kissht cheaper at 16.62x.
- Disclosed RoNW of 17.85% sits above Bajaj Finance's 17.19% and well above PB Fintech's 9.17%, though below Kissht's 20.96%.
- Asset-light distribution: ₹22,520.17 Cr of managed AUM is carried on total assets of just ₹8,104.85 Cr, because partners fund most of it.
- Repeat borrowers rose from 42.08% of loan volume in FY24 to 62.70% in FY26, pulling operating expense as a share of income down from 56.42% to 34.84%.
What to weigh against it
- Profit stalled: PAT was ₹240.28 Cr in FY25 and ₹242.71 Cr in FY26, essentially flat, even though total income rose 43% between those years.
- Borrowings tripled from ₹1,708.92 Cr in FY24 to ₹5,157.04 Cr in FY26 and reached ₹5,484.76 Cr by June 2026 — debt-to-equity of 2.32x on FY26 figures.
- Operating cash flow was negative in all three reported years: -₹1,632.74 Cr in FY24, -₹1,420.71 Cr in FY25 and -₹950.90 Cr in FY26. Growth is funded by borrowing, not by the business.
- The off-balance-sheet structure does not transfer credit risk. ₹325 Cr of the ₹750 Cr fresh issue — 43% of it — is earmarked to back Default Loss Guarantees, which is Moneyview paying for partner losses.
- FY26 impairment expense of ₹983.53 Cr is roughly four times the year's ₹242.71 Cr PAT, so the reported profit is what survives a very large credit charge.
- Concentration: the ten largest financial partners contributed 37.36% of FY26 income, and the platform fee stream depends on those relationships continuing.
- Stage 3 loans were 2.72% as of June 2026 and the annualised loan loss rate was 6.95% in FY26 — better than the 7.93% of FY24 and the 8.29% industry figure cited, but still a high-loss segment.
Easy to miss in the prospectus
- The disclosed RoNW of 17.85% does not reconcile to the balance sheet shown here: FY26 PAT of ₹242.71 Cr over net worth of ₹2,225.42 Cr is 10.9%. The 17.85% is the figure from the prospectus peer table and is only comparable to the peer RoNWs beside it, not to the net worth line.
- Several data sites quote a 'post-issue P/E' of 8.61x, which annualises the strong ₹173.80 Cr Q1 FY27 quarter. On FY26 earnings the same ₹34 price is 21.66x. The two figures differ by a factor of 2.5 for the same share.
- Grey market sentiment badly under-called this debut. GMP peaked at ₹15 on listing morning, implying about ₹49, yet the stock opened at ₹55 on NSE for a 61.76% gain — roughly 17 percentage points more than the grey market expected at any point.
- The 101.87x headline was institutional, not retail. QIB came in at 230.54x and NII at 120.37x while retail managed 20.41x.
- The book was almost entirely a last-day event: 1.49x after day one and 6.22x after day two, against 101.87x at close.
- Promoters held only 23.96% before the issue, so this is an investor-backed company without a controlling founder block — unusual for an Indian mainboard listing and relevant to how future equity raises would dilute.
- The stock has held above its debut: ₹62.12 on 12 October 2026 against a ₹53.88 close on listing day, so the first-day sellers were not the whole story.
- The three objects are funded out of net proceeds of ₹686.72 Cr, not the ₹750 Cr headline fresh issue. The final prospectus fills in what the red herring left as placeholders: ₹325 Cr for default loss guarantee arrangements, ₹250 Cr into Whizdm Finance and ₹111.72 Cr of general corporate purposes, totalling ₹686.72 Cr. The ₹63.28 Cr gap is the company’s own share of offer expenses, which is deducted in arriving at net proceeds rather than spent out of them. The ₹90.96 Cr of offer expenses quoted elsewhere is the figure for the whole offer, shared with the selling shareholders of a ₹341.68 Cr offer for sale, and adding it to the three objects double-counts past the size of the fresh issue.
Straight from the filing
Read it yourself
Every figure on this page comes out of these. Go and check them.
- Prospectus28 Sep 2026Filed after pricing, with every placeholder filled in.Opens on moneyview.in · about 15.1 MB
- Red Herring Prospectus20 Sep 2026The document the issue was bid on. Carries the price band and the dates.Opens on moneyview.in · about 16.5 MB
- Draft Red Herring Prospectus3 Mar 2026The first draft, filed for review. No price band and no dates.Opens on moneyview.in · about 8.5 MB
- Addendum to the DRHP12 Sep 2026A correction to an earlier filing. Can move a stated figure.Opens on moneyview.in · about 0.8 MB
- Corrigendum to the RHP22 Sep 2026A correction to an earlier filing. Can move a stated figure.Opens on moneyview.in · about 0.9 MB
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, BofA Securities India Limited, IIFL Capital Services Limited, Kotak Mahindra Capital Company Limited
- Registrar
- MUFG Intime India Private Limited
How these figures were checked
Reconciled to Moneyview's own prospectus and to exchange disclosures, then cross-checked against 5 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.
- Moneyview Limited — Prospectus dated 28 September 2026 (objects of the offer: utilisation of net proceeds, general corporate purposes and the net proceeds total) · read 13 Oct 2026
- Moneyview — About us (founding year, founders, product range) · read 12 Oct 2026
The prospectus is the authoritative document. Check anything that matters against it before you act.
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