IBL Finance, a fintech based financial services platform, opened its initial public offering (IPO) for subscription on Tuesday, January 9, 2024. The IPO will remain open for subscription till January 11, 2024. Investors who are planning to invest in the IBL Finance IPO can check the details of the same here:
The IBL Finance IPO is a fixed price issue of Rs. 33.42 crore and comprises entirely a fresh issue of 65.5 lakh shares. Its price has been fixed at Rs. 51 per share and the minimum lot size for an application is 2000 Shares. The minimum amount of investment required by retail investors is Rs. 102,000, while the minimum lot size investment for HNI is 2 lots (4,000 shares) amounting to Rs. 204,000.
The objectives of the issue is to utilise the net proceeds from the issue towards augmenting the company’s Tier-1 capital base to meet the company’s future capital requirements, arising out of growth of the business and asset; and for general corporate purposes.
The share allotment for the IBL Finance IPO is likely to be finalised on January 12, 2024 and the company will list on NSE SME likely on January 16, 2024. The book running lead manager of the IPO is Fedex Securities Pvt Ltd, while the registrar of the issue is Bigshare Services Pvt Ltd.
IBL Finance Ltd was incorporated in August 2017 and leverages technology and data-science to make lending quick, simple and hassle-free. IBL Finance is a mobile App that provides instant personal loans through a 100% digital process. Users can get a personal loan up to a limit of Rs. 50,000 in 3 minutes. The company has disbursed 1,63,282 personal loans amounting to Rs. 7,105.44 lakh, as of March 31, 2023.