Muthoot Microfin Ltd. IPO

Muthoot Microfin Ltd.

IPO Listing Details

Listed On


Listed On

Issue Price


Issue Price

Listing Price


Listing Price

Listing Gains

-₹13.00 (-4.47%)

Listing Gains

IPO Details

Bidding Dates

18 Dec - 20 Dec '23

Bidding Dates

Min. Investment


Min. Investment

Lot Size


Lot Size

Price Range

₹277 - ₹291

Price Range

Issue Size

676 Cr

Issue Size

Subscription Rate

  • Retail Individual Investor
  • Non-Institutional Investor
  • Qualified Institutional Buyers
  • Employees

About Company

Muthoot Microfin Limited, a subsidiary of Muthoot Pappachan Group, was founded in April 1992 to provide micro-loans to female consumers in rural India. The company offers income-generating loans, Pragathi loans (bridging loans to existing customers for working capital and income-generating activities), secured loans in the form of gold loans, and Muthoot Small & Growing Business ("MSGB") loans for livelihood solutions. They also provide life-improvement opportunities such as loans for cell phones, solar lighting, and household goods. Greater Pacific Capital, an investor shareholder in Muthoot Microfin Ltd, will offer shares worth 50 crore out of the total shares worth 200 crore offered in the OFS. The promoter owners will offer the remaining shares for ₹150 crore. Muthoot Microfin Ltd's whole IPO will thus consist of the issuing and sale of 3,29,89,690 shares (329.90 lakh shares approximately), resulting in a total IPO size of 960.00 crore at the maximum price range of ₹291 per share.  Muthoot Microfin is looking to raise ₹960 crore, which includes a fresh issue of ₹760 crore and an offer-for-sale of up to 6,872,852 equity shares, amounting to ₹200 crore. The anchor book for the issue will open on Friday, December 15. f application 20th December 2023 Date of Allotment 21st December 2023 Refund begins from 22nd December 2023 Credit of shares to Demat 22nd December 2023 Listing date 26th December 2023

Why should you invest in Muthoot Microfin Ltd. IPO?

The company specialises in microfinance, with a focus on rural areas and Joint Liability Group funding. Its performance has been steadily improving, and it has kept NPAs under control. The business has also recorded a significant increase in profit in the last few years.


Muthoot Microfin IPO Grey Market Premium

Date GMP
15th December Rs.88
14th December Rs.105

Muthoot Microfin IPO Noteworthy Highlights

  • The fresh issuance part will primarily be used to supplement its capital base in order to expand its asset book in the future; this is a basic need for most financial asset-based organisations. 


  • To improve its underwriting capabilities through technology, the company has created a unique credit score card in collaboration with Equifax to evaluate consumer creditworthiness by awarding specific credit scores to customers.


  • Currently, the promoters hold a 69.08% stake in the company, which will get diluted post the IPO to 55.47%. 


  • As per the terms of the offer, 50% of the net offer is reserved for Qualified Institutional Buyers (QIBs), while 35% of the total issue size is reserved for retail investors. The residual 15% is kept aside for the HNI/NII investors.

Muthoot Microfin Ltd. IPO - SWOT Analysis


The business approach of the company encourages financial inclusion by catering to low-income groups in 321 districts across 18 states and union territories. Muthoot Microfinance has expanded its activities throughout North, East, and West India during the last five years, expanding its customer base and gross loan portfolio while recording a collection efficiency of 95.84% for 2023.



The company had debt securities of ₹1370.2 crore and borrowings (excluding debt securities) at ₹5123.0 crore as of March 31, 2023. The business also has had negative cash flows and may continue to do so as a result of its operating, investing, and financing operations.



As of March 31, 2023, the corporation had 1,172 branches, 10,227 employees, and 2.77 million active clients. The company benefits from organic development and the transition away from the unorganised segment as a proxy for the organisation of the financial lending market. Its net margins and ROE have been remarkable in the last year, and its ROA of 1.92% is higher than the industry average.



MFL, the Corporate Promoter, is heavily regulated in the financial services industry. Any perceived non-compliance by Promoters or Directors could harm the company's reputation, business, operational performance, and prospects.


Financial Snapshot - Muthoot Microfin

Check out the financial performance of Muthoot Microfin for recent years:

Financial Year Total Assets Total Revenues Net Profit
March 2021 Rs 4,184 crore Rs 684 crore Rs 7.05 crore
March 2022 Rs 5,592 crore Rs 833 crore Rs 47.40 crore
March 2023 Rs 8,529 crore Rs 1,429 crore Rs 164 crore

A competitive analysis

Muthoot Microfin has Spandana Spoorthy Financial Limited, Ujjivan Small Finance Bank Limited, Credit Access Grameen Limited and Bandhan Bank Limited as its peers. Take a look at their performances:


Competitive Analysis - Muthoot Microfin Ltd. IPO

Company Name Market Capitalisation(Rs.Cr) 1-Year Return
Spandana Spoorthy Financial Limited 7,534 68.66%
Ujjivan Small Finance Bank Limited 11,640 84.61%
Credit Access Grameen Limited 26,963 86.61%td>

How to apply for Muthoot Microfin Ltd. IPO?

You can apply for the Muthoot Microfin Ltd. IPO in these ways:

Link your personal bank A/C to a trusted UPI ID and map it with your TradeSmart account. Now, proceed further to book your IPO. On acceptance of the mandate, the bid amount will get blocked in your bank account Learn more.

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Muthoot Microfin Ltd. IPO FAQs

What are the opening and closing dates for the Muthoot Microfin IPO?

Muthoot Microfin IPO will open for subscription on December 18 and close on December 20.


What is the price band for Muthoot Microfin IPO?

The price band for Muthoot Microfin IPO is ₹277 to ₹291 per share.


Who is taking part in the OFS?

Under the OFS, promoters Thomas John Muthoot, George Muthoot, Preethi John Muthoot, Remmy Thomas and investor Greater Pacific Capital will offload shares.


What is the minimum and maximum lot size for the Muthoot Microfin IPO?

The minimum lot size is 1 and it can go up to 13.


What will be the promoter shareholding in Muthoot Microfin after the IPO?

The promoter shareholding in Muthoot Microfin after the IPO will reduce from 69.08% to 55.47%.


Who are Muthoot Microfin IPO Lead Managers?

ICICI Securities, Axis Capital, JM Financial and SBI Capital Markets are the book-running lead managers of the Muthoot Microfin IPO.


Who is the registrar of the issue?

Kfin Technologies is the registrar for Muthoot Microfin IPO.


When will the Muthoot Microfin IPO allotment take place?

The finalisation of the basis of allotment for Muthoot Microfin IPO will be done on December 21, and the allotted shares will be credited to investors’ demat accounts by December 22.


When and where will the Muthoot Microfin shares be listed?

The equity shares of Muthoot Microfin are proposed to be listed on December 26, 2023, on the Bombay Stock Exchange (BSE) and the National Stock Exchange (NSE).


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