Moneyview IPO Crosses 18 Times Subscription on Final Day as NII Book Tops 55 Times

Demand for Moneyview's initial public offering accelerated sharply on Monday, the last day of bidding, with the Rs 1,091.68-crore issue subscribed 18.14 times by 12:38 pm according to NSE data. The number is more than twelve times the 1.49 times the issue had managed at the end of its opening session last Thursday (see our day-one coverage).

Where the bids came from

Investors had put in bids for about 421.8 crore shares against roughly 23.25 crore shares on offer by early afternoon. The non-institutional investor portion, typically dominated by high-net-worth individuals, was the standout, subscribed 55.47 times. Retail individual investors had bid for 11.42 times their reserved quota.

The pace through the morning shows how much of the book was built on the final day. The issue stood at a little over 7 times at 10 am and around 11.4 times by about 11:15 am before crossing 18 times shortly after noon. Final figures will be known only after bidding closes this evening.

The institutional question gets a partial answer

The most closely watched category was the qualified institutional buyer (QIB) book. Institutions had barely participated through the first two sessions, and a morning snapshot on Monday still showed the QIB portion at well under one times. By 12:38 pm it had crossed full subscription, at 1.43 times.

That matters because QIB participation is often read as a signal of how professional money values an issue. A book driven almost entirely by HNIs and retail investors can be more exposed to sharp swings after listing, since those investors tend to be quicker to book profits. Institutions typically place a large chunk of their bids in the final hours of an offer, so the QIB figure could still climb meaningfully before the window shuts.

What the money will be used for

The offer combines a fresh issue of shares worth Rs 750 crore with an offer for sale of 10.05 crore shares valued at Rs 341.68 crore. Selling shareholders include promoter Puneet Agarwal along with investors Accel India IV (Mauritius), AccelGrowth IV Holdings (Mauritius), DI Investment LLC and NLI Strategic Venture Investment.

Of the fresh capital, Rs 325 crore is earmarked to support the company's lending operations and Rs 250 crore will go towards strengthening the capital base of its NBFC subsidiary. The remainder is set aside for general corporate purposes.

Founded in 2014, Moneyview runs a digital-only, credit-led platform offering personal loans along with transaction, investment and insurance products. The price band is Rs 32 to Rs 34 per share, and a single lot comprises 441 shares, putting the minimum retail application at Rs 14,994 at the upper end of the band.

Key dates ahead

The basis of allotment is expected to be finalised on Tuesday, September 29, with refunds and credit of shares to follow. Shares are scheduled to begin trading on the NSE and BSE on Thursday, October 1.

For investors who applied, the heavy oversubscription in the retail and NII categories means allotment odds will be slim, since retail allotment in an oversubscribed book is done through a lottery of minimum lots. The strength of the final QIB figure, due after the close, is likely to shape expectations for listing day more than the headline multiple.

This is an original summary based on public reporting. See our editorial policy for how we source, write, and correct our stories.