The initial public offering (IPO) of Moneyview enters its second day of subscription today, September 25. The issue, which opened for subscription on September 24, received a decent response from investors and was fully subscribed on the first day of bidding.

The Rs 1,091.68-crore Moneyview IPO comprises a fresh issue of 22.06 crore shares aggregating to Rs 750 crore and an offer for sale (OFS) of 10.05 crore shares worth Rs 341.68 crore.

The three-day subscription window for the public issue is set to close on September 28, 2026. The allotment is expected to be finalised on September 29, while the shares are likely to list on both the NSE and BSE on October 1, 2026.

The price band has been fixed at Rs 32-Rs 34 per share, with a lot size of 441 shares. At the upper price band, retail investors will need to invest a minimum of Rs 14,994 for one lot.

Meanwhile, as the issue enters its second day of subscription, the IPO is commanding a 38.24% premium in the grey market, signalling strong investor interest and indicating a potential listing gain if the current GMP holds.

Axis Capital, BofA Securities India, IIFL Capital Services and Kotak Mahindra Capital Co are the book-running lead managers to the issue, while MUFG Intime India is the registrar.

The public issue received strong demand from investors on the first day of bidding, with bids received for 33,48,61,002 shares against 23,25,24,175 shares on offer, resulting in an overall subscription of 1.44 times, according to NSE data.

Non-Institutional Investors (NIIs) led the demand, with their category subscribed 2.43 times. This was followed by retail investors, who bid for 1.79 times the shares reserved for their category.

Qualified Institutional Buyers (QIBs), meanwhile, placed bids for merely 33,71,445 shares against 6,50,89,575 shares reserved for them.

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Moneyview Ltd plans to use the net IPO proceeds primarily to expand its lending business. Around Rs 325 crore will be deployed towards increasing loan disbursals under Default Loss Guarantee (DLG) arrangements.

Another Rs 250 crore is proposed to be invested in WFPL, the company’s material subsidiary, to strengthen its capital base. The balance will be utilised for general corporate purposes, taking the total planned utilisation to Rs 575 crore.

According to an Anand Rathi research report, at the upper price band, Moneyview is valued at 24.7x FY26 P/E, 1.79x FY26 P/S, 2.33x FY26 P/B and 2.9x FY26 EV/EBITDA, implying a post-issue market capitalisation of Rs 59,848 million.

The brokerage highlighted user growth, rising product penetration, improving operating efficiency and the company’s capital-light business model as factors supporting its growth outlook. Based on these considerations, Anand Rathi has assigned a “Subscribe – Long Term” rating to the issue.

Investors should note that grey-market premiums are unofficial indicators and can change before listing. The GMP should therefore not be considered a guarantee of the actual listing price or returns.

Moneyview Ltd recorded a 43% rise in total income to Rs 3,404 crore in FY26, compared with Rs 2,379 crore in FY25. However, profit growth was comparatively subdued, with profit after tax (PAT) increasing 1% to Rs 243 crore in FY26 from Rs 240 crore in FY25.

Incorporated in 2014, Moneyview is a digital-only, self-serve, credit-led financial services platform focused on customers in Middle India. It provides access to a full suite of financial products through the Moneyview mobile application and a network of 48 financial partners.

The company’s mobile app, which has a 4.8-star rating, serves as a one-stop platform for users’ financial needs, providing access to a range of financial products.

The platform functions as a two-sided network, connecting users seeking financial products with banks, NBFCs, insurers and other financial institutions offering such products. The company says this creates a flywheel effect that supports the expansion of its two-sided network.

Disclosure: This article has been written by Kumar Gaurav, who is not a SEBI-registered Research Analyst or an Investment Adviser. Gaurav and their ‘relative(s)’ (as defined under Section 2(77) of the Companies Act, 2013) do not hold any financial interest in the companies mentioned in this article as of the date of publication. The views/recommendations mentioned in this article, wherever applicable, are those of the respective SEBI-registered Research Analyst/brokerage and have been reproduced/reported with due attribution. They should not be construed as the views or recommendations of The Economic Times Digital or the journalist. Readers are advised to consider the original research report and make their investment decisions based on their own assessment. Brokerage disclaimers here