Abans Holdings
Mainboard₹346 Cr issue
0.00%
Listing gain over issue price
Issue size
₹346 Cr
1 lot at cut-off
₹14,850
Lot size
55shares
Open
12 Dec 2022
Close
15 Dec 2022
Allotment
20 Dec 2022
Listing
23 Dec 2022
Listing performance
Issue price
₹270
Listed at
₹270
Listing-day close
₹218.40
Latest price
₹201
Close on 23 Oct 2026
Listing gain
0.00%
Return since issue
-25.56%
Scheduled dates
Tentative timetable — a past date is not confirmation the step completed
Issue details
- IPO date
- 12 Dec 2022 – 15 Dec 2022
- Listing date
- 23 Dec 2022
- Face value
- ₹2 per share
- Issue price
- ₹270 per share
- Lot size
- 55 shares
- Total issue size
- ₹346 Cr
- Market cap at offer price
- ₹1,354 Cr
- Promoter holding
- 97.42% → 72.09% pre-issue → post-issue
- ISIN
- INE00ZE01026
- Registrar
- Bigshare Services Pvt.Ltd.
- Lead managers
- Aryaman Financial Services Ltd.
- Registered office
- 36, 37, 38A, Floor 3, Nariman Bhavan, Backbay Reclamation, Nariman Point, Maharashtra
Reservation and application size
How the issue is split between investor categories, and what each may bid
| Investor category | Shares | % of net | % of total |
|---|---|---|---|
| Anchor investor · within QIB | 0 | — | — |
| Market maker | 0 | — | — |
Application size
Minimum 55 shares per lot, in multiples, at ₹270
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 1 | 55 | ₹14,850 |
| Retail (max) | 13 | 715 | ₹1,93,050 |
| S-HNI (min) | 14 | 770 | ₹2,07,900 |
| S-HNI (max) | 67 | 3,685 | ₹9,94,950 |
| B-HNI (min) | 68 | 3,740 | ₹10,09,800 |
Category limits
| Category | Bid size | Cut-off |
|---|---|---|
| Retail (RII) | Up to ₹2 lakh | Yes |
| Small HNI (sNII) | ₹2 lakh – ₹10 lakh | No |
| Big HNI (bNII) | Above ₹10 lakh | No |
| Employee | Up to ₹5 lakh | Yes |
Bidding at cut-off means accepting the final issue price without naming one. Only retail and employee applicants may do so.
Anchor investors
Institutional allocation placed a day before the issue opens, carved out of the QIB portion and locked in after listing.
Shares allocated
0
Anchor portion
₹0 Cr
at ₹270 per share
Valuation and performance
Valuation at offer price
₹270 per share
| Metric | Pre-issue | Post-issue |
|---|---|---|
| EPS (₹) | 13.37 | — |
| P/E (×) | 20.19 | — |
| Market cap | — | ₹1,354 Cr |
Key performance indicators
Latest reported period
- Return on net worth
- 9.01%
- ROCE
- 11.00%
- Debt / equity
- 0.12
- PAT margin
- 9.59%
- EBITDA margin
- 14.48%
- NAV per share
- ₹136.17
Single period as reported. Year-on-year movement is in the financials table below, where every period is published.
About Abans Holdings
Abans Holdings Limited represents the financial services arm of the Abans Group, headquartered in India with active businesses across Hongkong, UK, UAE, China, Mauritius and India. The company operates through 17 subsidiaries and step-subsidiaries, conducting a diversified global financial services business. It generates revenue from NBFC services (financing to private traders and small/medium businesses involved in commodities trading), global institutional trading in equities/commodities/foreign exchange, private client stock broking, depositary services, asset management services, investment advisory services and wealth management services to corporates, institutional and high net worth individual clients. The company was originally incorporated as Abans Vanijya Private Limited on September 24, 2009 in Kolkata, subsequently converted to a public limited company and renamed Abans Holdings Limited in May 2021.
Company Analysis
from RHPAbans Holdings Limited is a diversified global financial services company providing NBFC services, institutional trading in equities/commodities/foreign exchange, stock broking, depositary services, asset management, and wealth management across six countries.
Abans Holdings Limited represents the financial services arm of the Abans Group, headquartered in India with active businesses across Hongkong, UK, UAE, China, Mauritius and India. The company operates through 17 subsidiaries and step-subsidiaries, conducting a diversified global financial services business. It generates revenue from NBFC services (financing to private traders and small/medium businesses involved in commodities trading), global institutional trading in equities/commodities/foreign exchange, private client stock broking, depositary services, asset management services, investment advisory services and wealth management services to corporates, institutional and high net worth individual clients. The company was originally incorporated as Abans Vanijya Private Limited on September 24, 2009 in Kolkata, subsequently converted to a public limited company and renamed Abans Holdings Limited in May 2021.
Non-Banking Financial Companies (NBFC)Stock Broking and Securities TradingCommodity Derivatives TradingCurrency Exchange TradingWealth Management and Asset ManagementInvestment Advisory ServicesDepositary Services
Objects of the Issue
- Further Investment in our NBFC Subsidiary (Abans Finance Pvt. Ltd.) for financing the augmentation of its capital base to meet its future capital requirements ₹8,000.00 lakhs p.21
- General Corporate Purposes ₹1,991.38 lakhs p.21
- Further Investment in our NBFC Subsidiary (Abans Finance Pvt. Ltd.) for financing the augmentation of its capital base to meet its future capital requirements ₹8,000.00 lakhs p.91
- General Corporate Purposes including strategic initiatives, partnerships, joint ventures and acquisitions, reduce consolidated debt levels, meeting exigencies in ordinary course of business, renovate and refurbish facilities, brand promotion activities ₹1,991.38 lakhs p.91
- Augment fund based capacities to scale up NBFC business operations by providing Indian Rupee denominated secured and unsecured structured term financing solutions p.123
- —
Issue Structure
- Total Issue
- ₹34,560.00 lakhs
- Fresh Issue
- ₹10,260.00 lakhs (38,00,000 Equity Shares at ₹270 per share)
- Offer for Sale
- ₹24,300.00 lakhs (90,00,000 Equity Shares at ₹270 per share by Mr. Abhishek Bansal)
- Price Band
- ₹256 per Equity Share (Floor Price) to ₹270 per Equity Share (Cap Price)
- Lot Size
- 55 Equity Shares and multiples of 55 Equity Shares thereafter (Bid Lot)
- Face Value
- ₹2 per Equity Share
Business Model
The company earns revenue through multiple channels: NBFC services generating interest income from loans to commodity traders; Capital Business comprising internal treasury operations managing excess capital through low/medium risk strategies in physical and exchange-traded commodities and other instruments; Agency Business providing brokerage, commission and fees from institutional and non-institutional trading services, wealth management and private client broking in equities, commodities and foreign exchange across Indian and international exchanges; and Finance Business focused on lending activities. For FY 2022, Finance Business contributed 26.47%, Agency Business 14.33%, Capital Business 59.04% and Others 0.16% of total gross operating income.
Business Segments
Lending to private traders and other small and medium businesses involved in commodities trading market; primarily focused on unsecured short-term loans generally repayable within 12 months
Provides institutional and non-institutional trading services, wealth management and private client brokerage services mainly in equity, commodities and foreign exchange across Indian and international exchanges; earns fees, commission and brokerage from clients
Internal treasury operations managing excess capital funds through low/medium risk strategies, maintaining positions in physical and exchange-traded commodities and other instruments; includes commodity and equities trading vertical
Miscellaneous business activities
NBFC lending operations through Abans Finance Pvt. Ltd., providing secured and unsecured structured term financing to SMEs, traders, and other businesses
Broking services, financial advisory, and wealth management generating fees, brokerage and other financial services income
Internal Treasury Operations including physical commodities trading and exchange-traded derivatives in commodities, equities and currency markets
Investment income from securities holdings and other operational income from warehousing and logistics
RBI registered NBFC (Non Deposit taking) providing Indian Rupee denominated secured and unsecured structured term financing solutions to private traders and other small and medium businesses (SMEs) in commodities trading, gems & jewellery, technology solutions, and agriculture & agri-product trading
SEBI registered stock and commodity exchange brokers providing institutional and private client broking services, wealth management, asset management, portfolio management, and investment advisory services across equities, commodities, forex, and CFDs with memberships in BSE, NSE, MSEI, MCX, NCDEX, ICEX (India) and LME, DGCX, DCE, INE (international)
Internal treasury operations managing excess capital funds through multi-strategy investment approach including commodity trading (gold, silver, zinc, guarseeds, castor seeds, etc.), equities trading, forex trading, and exchange-based derivatives; also investment and dividend income
Warehousing and agri-trading services through Abans Agri Warehousing & Logistics Pvt. Ltd. (approximately 0.43 lakhs sq. ft. of warehousing space) and payment processing services through Corporate Avenue Services Limited (UK) licensed by FCA
Multi-asset global institutional trading in equities, commodities and foreign exchange, private client broking services
Non-Banking Financial Company operations providing financial services
Asset management and investment advisory services, wealth management services to corporates, institutional and high net-worth individual clients
Agri-commodity services, warehousing, and warehousing-related services
Gold dore refinery and manufacturing operations
RBI Registered NBFC (Non Deposit taking) focused on lending to private traders and other small and medium businesses involved in the commodities trading market
SEBI registered Stock and Commodity Exchange Brokers with memberships across major stock exchanges (BSE, NSE, MSEI, MCX, NCDEX, ICEX) and international exchanges (DGCX Dubai, LME London, INE and DCE China). Provides institutional and non-institutional trading services, wealth management, private client brokerage, portfolio management and investment advisory services.
Manages excess capital funds through low/medium risk strategies, maintains positions in physical and exchange traded commodities and other instruments to support capital needs of other businesses and generate trading profits
Provides warehousing services to commodity market participants and investment/dividend income
Non-banking financial services providing loans and interest income generation
Brokerage services, commissions, and financial services fees
Internal treasury operations, exchange-traded commodity instruments, and derivatives trading
Investment income and dividend receipts
SWOT Analysis
Strengths
- • Diversified global financial services business across six countries(p.21)
- • Strong credit rating maintained despite NBFC sector deterioration(p.29)
- • Zero NPA across reporting periods(p.35)
- • Solid liquidity position with current ratio above 2.5(p.44)
- • Improved leverage with debt reduction from ₹31,879.45 lakhs to ₹7,692.12 lakhs(p.27)
- • Timely servicing of all debt obligations without default(p.30)
- • Established risk management framework with sophisticated technology systems(p.48)
- • High-performance technology infrastructure for multi-market operations(p.52)
- • Implementation of Robotic Process Automation to improve efficiency(p.51)
- • Diversified business verticals generating multiple revenue streams(p.50)
- • Integrated multi-asset financial services platform across global exchanges(p.121)
- • Experienced promoter and strong management team(p.121)
- • Global memberships in major commodity and forex exchanges(p.121)
- • Standardized operating procedures and scalable business model(p.122)
- • Strong internal controls and risk management systems(p.122)
- • Zero gross NPA in NBFC lending business(p.124)
- • Strong financial performance with consistent profit growth(p.121)
- • Advanced technology infrastructure and digital capabilities(p.123)
- • Operational cost flexibility through reduction in physical asset intensity(p.274)
- • Ability to reduce workforce and restructure operations efficiently(p.274)
- • Significant debt reduction and improved financial position(p.277)
- • Diversified revenue streams across multiple business verticals(p.277)
- • Resilience through multiple trading platforms and markets access(p.308)
Weaknesses
- • Holding company structure dependent entirely on 17 subsidiaries' performance(p.29)
- • Majority of NBFC advances are unsecured without collateral(p.34)
- • High dependence on limited set of market participants and counterparties(p.42)
- • Volatile revenue streams dependent on capital business and treasury operations(p.31)
- • GST registrations suspended for subsidiary in certain states(p.33)
- • Significant political contributions reducing net profits(p.34)
- • Multiple subsidiaries and group companies incurring losses(p.47)
- • High employee attrition rates of 37-39% in recent years(p.36)
- • High working capital requirements constraining operational flexibility(p.56)
- • Restrictive covenants in borrowing arrangements limiting strategic options(p.56)
- • Over-reliance on promoter relationships for business benefits(p.54)
- • Continued concentrated promoter control post-IPO(p.57)
- • Leased properties without fully registered agreements creating legal risks(p.54)
- • Relatively small scale compared to major listed peer institutions(p.118)
- • Lower profitability margins than some competitors(p.118)
- • Limited investment banking and insurance capabilities versus peers(p.117)
- • Dependence on commodities trading for material portion of income(p.127)
- • Limited debt capital raising capability compared to established peers(p.118)
- • Extreme operational sensitivity to commodity trading volumes and market dynamics(p.274)
- • High dependence on small number of customers(p.282)
- • Vulnerability of loan portfolio to market conditions and asset quality stress(p.277)
- • Significant negative operating cash flow despite profitability(p.276)
- • Multiple pending tax and regulatory litigations creating uncertainty(p.289)
Opportunities
- • India's growing UHNWI segment with 63% expected growth by 2025(p.21)
- • Strong gross national savings rate at 30.5% of GDP in 2019(p.21)
- • Expansion of warehousing facilities for commodity trading(p.40)
- • New ventures in international markets including UK payment processing(p.40)
- • Established relationships in UK providing access to customers(p.40)
- • Expansion of wealth management and asset management services(p.55)
- • Growth in NBFC financing business with rising capital requirements(p.92)
- • Organic and inorganic growth through acquisitions and investments(p.49)
- • Leveraging market relationships for client base expansion(p.92)
- • Expand lending business through NBFC with fresh capital raise(p.123)
- • Leverage growing Indian capital markets and retail investor participation(p.114)
- • Expand complementary businesses like warehousing and payment services(p.123)
- • Develop treasury payment services for institutional clients(p.123)
- • Expand margin funding and structured financing in capital markets(p.124)
- • Leverage technology to improve scalability and client experience(p.123)
- • Benefit from growing NBFC sector and regulatory consolidation trends(p.109)
- • Expansion and rebuilding of high-margin lending portfolio post-COVID(p.277)
- • Growth in agency business which maintains stable margins(p.277)
- • Development of treasury and derivatives operations for capital preservation(p.277)
- • Access to institutional capital markets through IPO strengthening balance sheet(p.331)
- • Expansion of registration and market access across multiple exchanges and jurisdictions(p.310)
Threats
- • Continuing COVID-19 impacts and potential future pandemics affecting business operations(p.26)
- • Subsidiary involved in SEBI proceeding regarding illegal pair-contracts(p.32)
- • Commodity trading revenue declined significantly due to COVID-related changes(p.27)
- • Vulnerability to volatility in commodity and securities market prices(p.31)
- • Dependence on Indian and international exchanges for trading platform access(p.35)
- • Extensive regulatory requirements and compliance obligations(p.40)
- • Interest rate and maturity mismatches creating liquidity risks(p.44)
- • General economic downturns affecting trading volumes and commission income(p.45)
- • Operational risks including technology failures and human errors(p.47)
- • Operational risks from failure of automated risk management systems(p.48)
- • Seasonal volatility in agricultural commodities business(p.49)
- • Dependency on third-party intermediaries and service providers(p.49)
- • Intense competition from better-resourced financial services firms(p.58)
- • Rapid technological changes and need for continuous innovation(p.52)
- • External macroeconomic and geopolitical risks(p.62)
- • Systemic risks from financial institution instability(p.61)
- • Global economic slowdown and reduced market volatility(p.106)
- • Inflationary pressures and monetary policy tightening globally(p.106)
- • Intense competition from established financial services players with greater resources(p.130)
- • Price competition and margin compression in brokerage business(p.130)
- • Commodity market volatility and arbitrage opportunity reduction(p.127)
- • Competition from commercial banks in NBFC lending business(p.130)
- • Regulatory consolidation and changing NBFC governance frameworks(p.109)
- • Geopolitical risks including Russia-Ukraine conflict impact(p.105)
- • Agricultural commodities business is highly seasonal with volatile volumes(p.282)
- • Intense competition from stronger domestic and global competitors(p.282)
- • Regulatory investigations and tax scrutiny across multiple group entities(p.287)
- • SEBI regulatory action against subsidiary for violations(p.305)
- • Provisional bank account attachments and GST compliance disputes(p.292)
Promoters
| Name | Role | Pre-Issue | Post-Issue |
|---|---|---|---|
| Abhishek Bansal | Promoter/Promoter Selling Shareholder | 96.45% | 72.09% |
| Promoter Group | Promoter Group | 0.97% | — |
| Mr. Abhishek Bansal | Promoter and Chairman & Managing Director | 96.45% | 71.19% |
| Mrs. Shriyam Bansal | Promoter Group | 0.97% | 0.90% |
| Mr. Abhishek Bansal | Promoter | — | — |
| Abhishek Bansal | Promoter | 96.45% | — |
| Abhishek Bansal | Promoter/Promoter Director | — | — |
| Abhishek Bansal | Promoter/Promoter Selling Shareholder | — | — |
Leadership
Abhishek Bansal · Promoter
Sheela Gupta · Company Secretary and Compliance Officer
Nirbhay Vassa · Chief Financial Officer
Auto-extracted from the company's RHP using AI, with each fact linked to its source passage (hover any row to see the quote & page). Provided for research only, not investment advice — verify against the official RHP before relying on it.
Abans Holdings IPO FAQs
What is the lot size of Abans Holdings IPO?
The minimum lot size of Abans Holdings IPO is 55 shares. One lot costs ₹14,850 at the cut-off price.
When does Abans Holdings IPO open and close?
Abans Holdings IPO opened for subscription on 12 Dec 2022 and closed on 15 Dec 2022.
What is the listing date of Abans Holdings IPO?
Abans Holdings IPO listed on 23 Dec 2022.