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My Mudra Fincorp Ltd IPO
Status: Closed
Overview
IPO date
05 Sept 2024 to 09 Sept 2024
Face value
₹ 10 per share
Price
₹ 104 to ₹110 per share
Issue Size
3,024,000 shares
(aggregating up to ₹ 33.26 Cr)
(aggregating up to ₹ 33.26 Cr)
Allotment Date
10 Sept 2024
Listing at
NSE
Issue type
Book Building - SME
Sector
Finance
Objectives of My Mudra Fincorp Ltd IPO
Initial public offer of upto 30,24,000 equity shares of face value of
Rs. 10/- each (the "Equity Shares") of My Mudra Fincorp Limited ("The Company" or "The Issuer") at an issue price of Rs. 110/- per equity share (including share premium of Rs .100/- per equity share) for cash, aggregating up to Rs. 33.26 crores ("Public Issue") out of which 1,53,600 equity shares of face value of Rs. 10 each, at an issue price of Rs. 110/- per equity share for cash, aggregating Rs. 1.69 crores will be reserved for subscription by the market maker to the issue (the "Market Maker Reservation Portion"). The public issue less market maker reservation portion i.e. issue of 28,70,400 equity shares of face value of Rs. 10 each, at an issue price of Rs. 110/- per equity share for cash, aggregating upto Rs. 31.57 crores is herein after referred to as the "Net Issue". The public issue and net issue will constitute 26.55% and 25.20 % respectively of the post-issue paid-up equity share capital of the company.
*Subject to finalization of basis of allotment
My Mudra Fincorp Ltd IPO Strategy
- Broaden and deepen our Consumer reach in India.
- Product diversification.
- Continue to invest in its digital and technology infrastructure.
- Increasing Collaboration with Banks & NBFCs.
- Strengthening Customer Retention.
- Enhancing sales, promotional and marketing activities.
About My Mudra Fincorp Ltd
My Mudra Fincorp Limited was originally incorporated as a Private Limited Company under the name 'My Mudra Fincorp Private Limited' pursuant to a Certificate of Incorporation dated September 11, 2013 issued by Registrar of Companies, National Capital Territory of Delhi and Haryana. Subsequently, Company was converted into a Public Limited Company and the name of Company was changed from 'My Mudra Fincorp Private Limited' to 'My Mudra Fincorp Limited' vide a fresh Certificate of Incorporation dated October 19, 2023, issued by the Registrar of Companies, Delhi.
The Company operates as a Channel Partner (DSA) for major Banks and NBFCs in India. It integrate tele-calling, advertising, direct marketing, referrals, networking, and a combined physical and digital (physital) approach to acquire customers. It specialize in distributing secured loans such as home loans, loans against property, etc, unsecured loans like business loans, personal loans, professional loans, and credit cards. Recently, the Company expanded to include insurance products from which they will receive revenue through commissions from the insurer partners.
The Company provide customers to research and compare lending and insurance products offered by lending and insurer partners. Once customers share their requirements, it present multiple options, detailing related costs and features in a clear and simple manner, enabling informed decisions for applications to appropriate financial institutions, such as banks or NBFCs. Upon credit approval, the loan is conveniently sanctioned. The Company ensures faster service and disbursement of loans at the best possible interest rates and terms acceptable to customers. It also serves a diverse clientele, including individuals, corporates, and professionals like Chartered Accountants (CAs) and Company Secretaries (CSs).
In 2017, the Company established first branch at Indore locations.
The Company is planning the Initial Public Issue of 30,24,000 Equity Shares through Fresh Issue.
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T&C*
Strengths vs Risks of My Mudra Fincorp Ltd
Know the pros & cons
Strengths
Strong portfolio and diverse range of Loan products across consumer preferences.- Diversified revenue from multiple locations and geographies of India.
- Capital efficient model with low operating costs.
- Strategic Partnerships with Banks and NBFCs.
- Experienced Leadership and Management.
Risks
- The company's business is depended on its relationship with Banks & NBFCs. The company has entered into agreements with major Banks and NBFCs, any termination of these existing relationship would adversely affect its business, results of operations, financial condition and prospects.
- A substantial portion of the revenue is generated from its banking partners and financial institutions. The company banking partners and financial institutions are regulated by the Reserve Bank of India ("RBI") and any change in the RBI's policies, decisions and regulatory framework could adversely affect its business, cash flows, results of operations and financial condition.
- The proper functioning of its online platform and technology infrastructure is essential to the company's business. Any disruption to its IT systems and infrastructure could materially affect the company's ability to maintain the satisfactory performance of its platform and deliver consistent services to the company's users.
- Its top ten and top five customers contribute approximately 63.56% and 42.54% respectively of the company's revenues for the financial year ended March 31, 2024. Any loss of business from one or more of them may adversely affect its revenues and profitability.
- Significant disruptions in its information technology systems or breaches of data security could affect the company's business and reputation.
- The company is bound by specific obligations and restrictive covenants outlined in the business agreements the company has entered with third parties. Failing to adhere to these obligations and covenants could potentially result in a significant negative impact on its business, prospects, cashflows, and financial condition.
- The company relies on end consumers using one or more of its services, and are thus vulnerable to changes in consumer preferences and behavior that could adversely affect its profitability and financial condition.
- The company does not own the registered office, corporate office including branches from which the company carry out its business activities. If there are issues such as non-renewal of rent agreements, disputes regarding the use of these premises, or disruptions in business operations due to actions by its business associates, the company's business and operational results could be adversely affected.
- If there are delays in the development or implementation of technology or digital infrastructure and the possible time or cost overruns related to the Proposed implementation or development are higher than expected, it could have a material adverse effect on its financial condition, results of operations and growth prospects.
- Increase in Consumer Complaints May Damage its Reputation, Cause Operational Disruptions, and Affect Financial Performance.
- The company has limited experience in one of its services related to distribution of Insurance Products and credit cards. If the company is unable to successfully manage its growth, the company's business, prospects, financial condition and results of operations could be adversely affected.
- Fraud or negligence by employees or franchises, or similar incidents, including operational fraud, may adversely affect its results of operations and financial condition.
- The internal management of risks associated with statutory requirements applicable to Direct Selling Agents (DSAs) may pose challenges to its operational compliance and financial stability.
- The Company's logo `MY MUDOA BHAROSE KA DUSRA NAAM' is not registered as on date of this Draft Red Herring Prospectus. Its may be unable to adequately protect the company intellectual property. Furthermore, its may be subject to claims alleging breach of third-party intellectual property rights which could have a material adverse effect on its business, results of operations and financial condition.
- The Company has faced penal actions from Banks and NBFCs in the past. There is no guarantee that the company will not encounter similar penalties in the future, which could negatively impact its financial condition, operations, and profitability.
- The company operates in dynamic and competitive online fintech industries, which makes it difficult to predict its future prospects.
- Interest rate fluctuations may adversely affect the Company's business.
- The company has experienced negative cash flows from operating activities and may do so in the future, which could have a material adverse effect on its business, prospects, financial condition, cash flows and results of operations.
- The Company and Promoters is involved in certain legal proceeding(s) and potential litigations. Any adverse decision in such proceeding(s) may render them liable to liabilities/ penalties.
- The company requires certain approvals or licenses in the ordinary course of business and the failures to renew, obtain or retain them in a timely manner, or at all, may adversely affect its operations.
- Its historical performance is not indicative of the company's future growth or financial results and its may not be able to sustain the company historical growth rates.
- Any Penalty or demand raised by statutory authorities in future will affect financial position of the Company.
- Stringent and changing laws and regulations relating to privacy and data protection could result in claims, harm its results of operations, financial condition, and prospects, or otherwise harm its business.
- Adverse publicity and third-party claims regarding its services could negatively impact the company.
- Sufficient working capital is essential to ensure the seamless daily operation of its business. If, for any reason, there is a disruption or the company encounter difficulties in obtaining the necessary working capital in a timely manner and under favorable terms, it could potentially have a detrimental impact on its operational efficiency, profitability, and prospects for growth.
- The company may be exposed to the risk of delays or non-payment by its clients and other counterparties, which may also affect
its cash flows and business.
- There are certain discrepancies/errors noticed in some of its corporate records relating to forms filed with the Registrar of Companies and other provisions of Companies Act, 2013. Any penalty or action taken by any regulatory authorities in future, for non-compliance with provisions of corporate and other law could impact the reputation and financial position of the Company to that extent.
- Employee fraud or misconduct could harm it by impairing the company's ability to attract and retain clients and subject it to significant legal liability and reputational harm.
- The company has in the past entered into related party transactions and may continue to do so in the future. There can be no assurance that such transactions, individually or in the aggregate, will not have an adverse effect on the Company's financial condition and results of operations.
- The company is dependent on its Promoters and Directors for the continued success of its business through their continuing services and strategic guidance and support.
- The Company has during the preceding one year from the date of this Draft Red Herring Prospectus have allotted Equity Shares at a price which is lower than the Issue Price.
- Its insurance coverage may not be adequate to protect the company against certain operating hazards and this may have a material adverse effect on its business.
- Its may not be successful in implementing the company's business strategies.
- The average cost of acquisition of Equity Shares by its Promoters, could be lower than the issue price.
- The company is subject to restrictive covenants under its credit facilities that limit the company operational flexibility.
- Its Promoter and the Promoter Group will jointly continue to retain majority shareholding in the Company after the issue, which will allow them to determine the outcome of the matters requiring the approval of shareholders.
- Loans availed by the Company has been secured on personal guarantees of its Promoters and Directors. Its business, financial condition, results of operations, cash flows and prospects may be adversely affected in case of invocation of any personal guarantees provided by its directors.
- There may be potential conflicts of interest if its Promoters or Directors get involved in any business activities that compete with or are in the same line of activity as its business operations.
- The company has not made any dividend payments in the past and its ability to pay dividends in the future will depends upon future earnings, financial condition, cash flows, working capital requirements, capital expenditures and restrictive covenants in its financing arrangements.
- Its may require further equity issuance, which will lead to dilution of equity and may affect the market price of its Equity Shares or additional funds through incurring debt to satisfy its capital needs, which the company may not be able to procure and any future equity offerings by the company.
- The company cannot assure you that its will be able to secure adequate financing in the future on acceptable terms. The company failures to obtain sufficient financing could result in delay or abandonment of its business plans and this may have an adverse effect on its growth and operations.
- The company has not identified any alternate source of funding and hence any failures or delay on its part to mobilize the required resources or any shortfall in the Issue proceeds may delay the implementation schedule.
- Any variation in the utilization of the Net Proceeds as disclosed in this Draft Red Herring Prospectus shall be subject to certain compliance requirements, including prior approval of the shareholders of the Company.
- The deployment of funds raised through this Issue shall not be subject to any Monitoring Agency and shall be purely dependent on the discretion of the management of the Company.
- The company cannot guarantee the accuracy or completeness of facts and other statistics with respect to India, the Indian economy and industry in which the company operates contained in the Draft Red Herring Prospectus.
- Any future issuance of Equity Shares may dilute your shareholdings, and sale of the Equity Shares by its major shareholders may adversely affect the trading price of the company's Equity Shares.
- There is no guarantee that the Equity Shares issued pursuant to the Issue will be listed on the Emerge Platform of NSE Platform in a timely manner or at all.
- The Equity Shares have never been publicly traded, and, after the Issue, the Equity Shares may experience price and volume fluctuations, and an active trading market for the Equity Shares may not develop. Further, the price of the Equity Shares may be volatile, and you may be unable to resell the Equity Shares at or above the Issue Price, or at all.
- Certain data mentioned in this Draft Red Herring Prospectus has not been independently verified.
- Investors other than retail (including non- institutional investors and Corporate Bodies) are not permitted to withdraw or lower their Bids (in terms of quantity of Equity Shares or the Amount) at any stage after submitting an Application.
- The Objects of the Issue for which funds are being raised have not been appraised by any bank or financial institution. Any variation between the estimation and acual expenditure as estimated by the management could result in execution delays or influence its profitability adversely.
- QIBs and Non-Institutional Bidders are not permitted to withdraw or lower their Bids (in terms of quantity of Equity Shares or the Bid Amount) at any stage after submitting a Bid and Retail Individual Investors are not permitted to withdraw their Bids after Bid/Issue Closing Date.
My Mudra Fincorp Ltd Peer Comparison
Understand the company’s industry standing
My Mudra Fincorp Ltd
Akiko Global Services Ltd
Face Value
10
10
Standalone / Consolidated
Standalone
Standalone
Total Income Rs. Cr.
71.0724
39.5811
EPS-Basis
10.09
4.21
EPS-Diluted
10.09
4.21
NAV Per Share
---
---
P/E-Basic EPS
10.9
16.15
P/E-Diluted EPS
---
---
RONW(%)
49.74
78.36
Latest NAV Period
---
---
Latest NAV
---
---
How to check the allotment status of My Mudra Fincorp Ltd IPO?
Follow the steps
Open link to the registrar using this URL (https://evault.kfintech.com/ipostatus/).
Select company from dropdown menu.
Enter details- PAN, Application number or DP client ID
Get your allotment status
Open link to the registrar using this URL (https://evault.kfintech.com/ipostatus/).
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The IPO opens on 05 Sept 2024 & closes on 09 Sept 2024.
My Mudra Fincorp Limited was originally incorporated as a Private Limited Company under the name 'My Mudra Fincorp Private Limited' pursuant to a Certificate of Incorporation dated September 11, 2013 issued by Registrar of Companies, National Capital Territory of Delhi and Haryana. Subsequently, Company was converted into a Public Limited Company and the name of Company was changed from 'My Mudra Fincorp Private Limited' to 'My Mudra Fincorp Limited' vide a fresh Certificate of Incorporation dated October 19, 2023, issued by the Registrar of Companies, Delhi.
The Company operates as a Channel Partner (DSA) for major Banks and NBFCs in India. It integrate tele-calling, advertising, direct marketing, referrals, networking, and a combined physical and digital (physital) approach to acquire customers. It specialize in distributing secured loans such as home loans, loans against property, etc, unsecured loans like business loans, personal loans, professional loans, and credit cards. Recently, the Company expanded to include insurance products from which they will receive revenue through commissions from the insurer partners.
The Company provide customers to research and compare lending and insurance products offered by lending and insurer partners. Once customers share their requirements, it present multiple options, detailing related costs and features in a clear and simple manner, enabling informed decisions for applications to appropriate financial institutions, such as banks or NBFCs. Upon credit approval, the loan is conveniently sanctioned. The Company ensures faster service and disbursement of loans at the best possible interest rates and terms acceptable to customers. It also serves a diverse clientele, including individuals, corporates, and professionals like Chartered Accountants (CAs) and Company Secretaries (CSs).
In 2017, the Company established first branch at Indore locations.
The Company is planning the Initial Public Issue of 30,24,000 Equity Shares through Fresh Issue.
My Mudra Fincorp Ltd IPO will close on 09 Sept 2024.
- Strong portfolio and diverse range of Loan products across consumer preferences.
- Diversified revenue from multiple locations and geographies of India.
- Capital efficient model with low operating costs.
- Strategic Partnerships with Banks and NBFCs.
- Experienced Leadership and Management.
| S.No | Promoters Name | Pre Issue Shares | Pre Issue Percentage | Post Issue Shares | Post Issue Percentage |
|---|---|---|---|---|---|
| 1 | Vaibhav Kulshrestha | 1820000 | 21.75 | 1820000 | 15.98 |
| 2 | Nisha Kulshrestha | 4768400 | 56.99 | 4768400 | 41.86 |
- The company's business is depended on its relationship with Banks & NBFCs. The company has entered into agreements with major Banks and NBFCs, any termination of these existing relationship would adversely affect its business, results of operations, financial condition and prospects.
- A substantial portion of the revenue is generated from its banking partners and financial institutions. The company banking partners and financial institutions are regulated by the Reserve Bank of India ("RBI") and any change in the RBI's policies, decisions and regulatory framework could adversely affect its business, cash flows, results of operations and financial condition.
- The proper functioning of its online platform and technology infrastructure is essential to the company's business. Any disruption to its IT systems and infrastructure could materially affect the company's ability to maintain the satisfactory performance of its platform and deliver consistent services to the company's users.
- Its top ten and top five customers contribute approximately 63.56% and 42.54% respectively of the company's revenues for the financial year ended March 31, 2024. Any loss of business from one or more of them may adversely affect its revenues and profitability.
- Significant disruptions in its information technology systems or breaches of data security could affect the company's business and reputation.
- The company is bound by specific obligations and restrictive covenants outlined in the business agreements the company has entered with third parties. Failing to adhere to these obligations and covenants could potentially result in a significant negative impact on its business, prospects, cashflows, and financial condition.
- The company relies on end consumers using one or more of its services, and are thus vulnerable to changes in consumer preferences and behavior that could adversely affect its profitability and financial condition.
- The company does not own the registered office, corporate office including branches from which the company carry out its business activities. If there are issues such as non-renewal of rent agreements, disputes regarding the use of these premises, or disruptions in business operations due to actions by its business associates, the company's business and operational results could be adversely affected.
- If there are delays in the development or implementation of technology or digital infrastructure and the possible time or cost overruns related to the Proposed implementation or development are higher than expected, it could have a material adverse effect on its financial condition, results of operations and growth prospects.
- Increase in Consumer Complaints May Damage its Reputation, Cause Operational Disruptions, and Affect Financial Performance.
- The company has limited experience in one of its services related to distribution of Insurance Products and credit cards. If the company is unable to successfully manage its growth, the company's business, prospects, financial condition and results of operations could be adversely affected.
- Fraud or negligence by employees or franchises, or similar incidents, including operational fraud, may adversely affect its results of operations and financial condition.
- The internal management of risks associated with statutory requirements applicable to Direct Selling Agents (DSAs) may pose challenges to its operational compliance and financial stability.
- The Company's logo `MY MUDOA BHAROSE KA DUSRA NAAM' is not registered as on date of this Draft Red Herring Prospectus. Its may be unable to adequately protect the company intellectual property. Furthermore, its may be subject to claims alleging breach of third-party intellectual property rights which could have a material adverse effect on its business, results of operations and financial condition.
- The Company has faced penal actions from Banks and NBFCs in the past. There is no guarantee that the company will not encounter similar penalties in the future, which could negatively impact its financial condition, operations, and profitability.
- The company operates in dynamic and competitive online fintech industries, which makes it difficult to predict its future prospects.
- Interest rate fluctuations may adversely affect the Company's business.
- The company has experienced negative cash flows from operating activities and may do so in the future, which could have a material adverse effect on its business, prospects, financial condition, cash flows and results of operations.
- The Company and Promoters is involved in certain legal proceeding(s) and potential litigations. Any adverse decision in such proceeding(s) may render them liable to liabilities/ penalties.
- The company requires certain approvals or licenses in the ordinary course of business and the failures to renew, obtain or retain them in a timely manner, or at all, may adversely affect its operations.
- Its historical performance is not indicative of the company's future growth or financial results and its may not be able to sustain the company historical growth rates.
- Any Penalty or demand raised by statutory authorities in future will affect financial position of the Company.
- Stringent and changing laws and regulations relating to privacy and data protection could result in claims, harm its results of operations, financial condition, and prospects, or otherwise harm its business.
- Adverse publicity and third-party claims regarding its services could negatively impact the company.
- Sufficient working capital is essential to ensure the seamless daily operation of its business. If, for any reason, there is a disruption or the company encounter difficulties in obtaining the necessary working capital in a timely manner and under favorable terms, it could potentially have a detrimental impact on its operational efficiency, profitability, and prospects for growth.
- The company may be exposed to the risk of delays or non-payment by its clients and other counterparties, which may also affect its cash flows and business.
- There are certain discrepancies/errors noticed in some of its corporate records relating to forms filed with the Registrar of Companies and other provisions of Companies Act, 2013. Any penalty or action taken by any regulatory authorities in future, for non-compliance with provisions of corporate and other law could impact the reputation and financial position of the Company to that extent.
- Employee fraud or misconduct could harm it by impairing the company's ability to attract and retain clients and subject it to significant legal liability and reputational harm.
- The company has in the past entered into related party transactions and may continue to do so in the future. There can be no assurance that such transactions, individually or in the aggregate, will not have an adverse effect on the Company's financial condition and results of operations.
- The company is dependent on its Promoters and Directors for the continued success of its business through their continuing services and strategic guidance and support.
- The Company has during the preceding one year from the date of this Draft Red Herring Prospectus have allotted Equity Shares at a price which is lower than the Issue Price.
- Its insurance coverage may not be adequate to protect the company against certain operating hazards and this may have a material adverse effect on its business.
- Its may not be successful in implementing the company's business strategies.
- The average cost of acquisition of Equity Shares by its Promoters, could be lower than the issue price.
- The company is subject to restrictive covenants under its credit facilities that limit the company operational flexibility.
- Its Promoter and the Promoter Group will jointly continue to retain majority shareholding in the Company after the issue, which will allow them to determine the outcome of the matters requiring the approval of shareholders.
- Loans availed by the Company has been secured on personal guarantees of its Promoters and Directors. Its business, financial condition, results of operations, cash flows and prospects may be adversely affected in case of invocation of any personal guarantees provided by its directors.
- There may be potential conflicts of interest if its Promoters or Directors get involved in any business activities that compete with or are in the same line of activity as its business operations.
- The company has not made any dividend payments in the past and its ability to pay dividends in the future will depends upon future earnings, financial condition, cash flows, working capital requirements, capital expenditures and restrictive covenants in its financing arrangements.
- Its may require further equity issuance, which will lead to dilution of equity and may affect the market price of its Equity Shares or additional funds through incurring debt to satisfy its capital needs, which the company may not be able to procure and any future equity offerings by the company.
- The company cannot assure you that its will be able to secure adequate financing in the future on acceptable terms. The company failures to obtain sufficient financing could result in delay or abandonment of its business plans and this may have an adverse effect on its growth and operations.
- The company has not identified any alternate source of funding and hence any failures or delay on its part to mobilize the required resources or any shortfall in the Issue proceeds may delay the implementation schedule.
- Any variation in the utilization of the Net Proceeds as disclosed in this Draft Red Herring Prospectus shall be subject to certain compliance requirements, including prior approval of the shareholders of the Company.
- The deployment of funds raised through this Issue shall not be subject to any Monitoring Agency and shall be purely dependent on the discretion of the management of the Company.
- The company cannot guarantee the accuracy or completeness of facts and other statistics with respect to India, the Indian economy and industry in which the company operates contained in the Draft Red Herring Prospectus.
- Any future issuance of Equity Shares may dilute your shareholdings, and sale of the Equity Shares by its major shareholders may adversely affect the trading price of the company's Equity Shares.
- There is no guarantee that the Equity Shares issued pursuant to the Issue will be listed on the Emerge Platform of NSE Platform in a timely manner or at all.
- The Equity Shares have never been publicly traded, and, after the Issue, the Equity Shares may experience price and volume fluctuations, and an active trading market for the Equity Shares may not develop. Further, the price of the Equity Shares may be volatile, and you may be unable to resell the Equity Shares at or above the Issue Price, or at all.
- Certain data mentioned in this Draft Red Herring Prospectus has not been independently verified.
- Investors other than retail (including non- institutional investors and Corporate Bodies) are not permitted to withdraw or lower their Bids (in terms of quantity of Equity Shares or the Amount) at any stage after submitting an Application.
- The Objects of the Issue for which funds are being raised have not been appraised by any bank or financial institution. Any variation between the estimation and acual expenditure as estimated by the management could result in execution delays or influence its profitability adversely.
- QIBs and Non-Institutional Bidders are not permitted to withdraw or lower their Bids (in terms of quantity of Equity Shares or the Bid Amount) at any stage after submitting a Bid and Retail Individual Investors are not permitted to withdraw their Bids after Bid/Issue Closing Date.
The Issue type of My Mudra Fincorp Ltd is Book Building - SME.
The minimum application for shares of My Mudra Fincorp Ltd is 1200.
The total shares issue of My Mudra Fincorp Ltd is 3024000.
Initial public offer of upto 30,24,000 equity shares of face value of
Rs. 10/- each (the "Equity Shares") of My Mudra Fincorp Limited ("The Company" or "The Issuer") at an issue price of Rs. 110/- per equity share (including share premium of Rs .100/- per equity share) for cash, aggregating up to Rs. 33.26 crores ("Public Issue") out of which 1,53,600 equity shares of face value of Rs. 10 each, at an issue price of Rs. 110/- per equity share for cash, aggregating Rs. 1.69 crores will be reserved for subscription by the market maker to the issue (the "Market Maker Reservation Portion"). The public issue less market maker reservation portion i.e. issue of 28,70,400 equity shares of face value of Rs. 10 each, at an issue price of Rs. 110/- per equity share for cash, aggregating upto Rs. 31.57 crores is herein after referred to as the "Net Issue". The public issue and net issue will constitute 26.55% and 25.20 % respectively of the post-issue paid-up equity share capital of the company.
*Subject to finalization of basis of allotment