Finbud Financial SME
Listing performance
Scheduled dates
Tentative timetable — a past date is not confirmation the step completed
Grey market premium
Unofficial and indicative — not a forecast
3 observations recorded — too few to plot a trend.
Day-wise premium · 3 observations
| Date | GMP | % | Sauda | Est. listing | Gain / lot |
|---|---|---|---|---|---|
| 13 Nov 2025 | ₹11 | +7.75% | ₹8,400 | ₹153 | ₹11,000 |
| 12 Nov 2025 | ₹11 | +7.75% | ₹8,400 | ₹153 | ₹11,000 |
| 11 Nov 2025 | ₹0 | 0.00% | ₹0 | ₹142 | ₹0 |
Gain per lot assumes the premium holds to listing and that the application is allotted — allotment in an oversubscribed issue is a lottery, so it is indicative, not expected. Sauda is the rate paid for a submitted application itself.
Issue details
- Listing date
- 13 Nov 2025
- Face value
- ₹10 per share
- Issue price
- ₹142 per share
- Lot size
- 1,000 shares
- Total issue size
- ₹71.68 Cr
- Market cap at offer price
- ₹271 Cr
- Promoter holding
- 64.92% → 47.72% pre-issue → post-issue
- ISIN
- INE0EDU01014
- Registrar
- Skyline Financial Services Pvt.Ltd.
- Lead managers
- SKI Capital Services Ltd.
- Registered office
- No.10, 1st Floor, 6th Main, 9th Cross, Jeevan Bhima Nagar, Karnataka
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 | 14,37,000 | — | — |
| Market maker | 2,53,000 | — | — |
Application size
Minimum 1,000 shares per lot, in multiples, at ₹142
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 1 | 1,000 | ₹1,42,000 |
| S-HNI (min) | 2 | 2,000 | ₹2,84,000 |
| S-HNI (max) | 7 | 7,000 | ₹9,94,000 |
| B-HNI (min) | 8 | 8,000 | ₹11,36,000 |
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.
Valuation and performance
Valuation at offer price
₹142 per share
| Metric | Pre-issue | Post-issue |
|---|---|---|
| EPS (₹) | 6.07 | 5.24 |
| P/E (×) | 23.39 | 27.10 |
| Price to book (×) | 5.53 | — |
| Market cap | — | ₹271 Cr |
Key performance indicators
Latest reported period
- Return on net worth
- 23.61%
- ROCE
- 32.11%
- Debt / equity
- 0.51
- PAT margin
- 3.81%
- EBITDA margin
- 6.57%
- NAV per share
- ₹25.70
- Price to book
- 5.53
Single period as reported. Year-on-year movement is in the financials table below, where every period is published.
About Finbud Financial SME
Finbud Financial Services Limited (formerly Finbud Financial Services Private Limited), incorporated on July 9, 2012, operates as a financial platform specializing in connecting borrowers with lenders through a hybrid model that combines online digital channels and traditional agent-based distribution. The company employs a commission-based revenue model, deriving income from each successful loan disbursement conducted by its Lending Partners including banks and NBFCs. It offers personal loans, home loans, credit lines to consumers, and business loans and working capital loans to small and medium-sized enterprises. The company matches each borrower with a suitable lender to ensure specific financial needs are met with flexible terms and competitive rates. For the financial years ended March 31, 2023, 2024, and 2025, and the stub period ended July 31, 2025, the company reported revenue from operations of ₹13,492.52 lakhs, ₹18,949.75 lakhs, ₹22,264.13 lakhs, and ₹8,299.57 lakhs respectively.
Company Analysis
from RHPFinbud Financial Services Limited is a digital lending platform that connects borrowers with lenders through a hybrid model combining online and agent-based channels, operating in India's digital lending and fintech industries.
Finbud Financial Services Limited (formerly Finbud Financial Services Private Limited), incorporated on July 9, 2012, operates as a financial platform specializing in connecting borrowers with lenders through a hybrid model that combines online digital channels and traditional agent-based distribution. The company employs a commission-based revenue model, deriving income from each successful loan disbursement conducted by its Lending Partners including banks and NBFCs. It offers personal loans, home loans, credit lines to consumers, and business loans and working capital loans to small and medium-sized enterprises. The company matches each borrower with a suitable lender to ensure specific financial needs are met with flexible terms and competitive rates. For the financial years ended March 31, 2023, 2024, and 2025, and the stub period ended July 31, 2025, the company reported revenue from operations of ₹13,492.52 lakhs, ₹18,949.75 lakhs, ₹22,264.13 lakhs, and ₹8,299.57 lakhs respectively.
Objects of the Issue
- Working Capital Requirement ₹2,090.00 lakhs p.19
- Investment In Wholly Owned Subsidiary i.e. LTCV Credit Private Limited ₹1,500.00 lakhs p.19
- Funding for Business Development and Marketing Activities ₹1,775.00 lakhs p.19
- Prepayment or repayment of a portion of certain outstanding borrowings availed by our Company ₹403.00 lakhs p.19
- General corporate purposes Capped to 15% of amount being raised or ₹10 crores, whichever is lower p.20
- Working Capital Requirement ₹2,090.00 Lakhs p.93
- Investment In Wholly Owned Subsidiary i.e. LTCV Credit Private Limited ₹1,500.00 Lakhs p.99
- Funding for Business Development and Marketing Activities ₹1,775.00 Lakhs p.101
- Prepayment or repayment of a portion of certain outstanding borrowings availed by our Company ₹403.00 Lakhs p.92
- General Corporate Purposes [●] p.92
- Working Capital Requirement ₹2,090.00 Lakhs p.110
- Investment In Wholly Owned Subsidiary i.e. LTCV Credit Private Limited ₹1,500.00 Lakhs p.110
- Funding for Business Development and Marketing Activities ₹1,775.00 Lakhs p.110
- Prepayment or repayment of a portion of certain outstanding borrowings availed by our Company ₹403.00 Lakhs p.105
- General Corporate Purposes p.108
- Repayment of borrowings
Issue Structure
- Total Issue
- Up to ₹[●] lakhs (aggregating fresh issue of 50,48,000 Equity Shares of face value of ₹10 each)
- Fresh Issue
- Up to 50,48,000 Equity Shares aggregating up to ₹[●] Lakhs
- Offer for Sale
- NA (Not Applicable)
- Price Band
- [●] (to be determined through book building process)
- Lot Size
- [●] Equity Shares and in multiples of [●] Equity Shares thereafter
- Face Value
- ₹10/- per Equity Share
Business Model
Commission-based revenue model derived from successful loan disbursements conducted by Lending Partners (Banks and NBFCs). The company operates through two channels: Digital channel (online platform) and Agent channel (traditional agent-based distribution). For the stub period ended July 31, 2025 and for periods ended March 31, 2025, 2024, and 2023, Agent channel sales contributed 86.17%, 85.46%, 86.03%, and 87.79% of total revenue respectively, while Digital channel sales accounted for 13.83%, 14.54%, 13.97%, and 12.21%.
Business Segments
SWOT Analysis
- • Hybrid business model combining digital and agent channels(p.19)
- • Established partnerships with Banks and NBFCs for product distribution(p.27)
- • Strong revenue growth trajectory with 28.45% CAGR over three years(p.40)
- • Implementation of ISO/IEC 27001:2022 certification for information security(p.27)
- • Diversified financial product offerings to consumers and SMEs(p.19)
- • Experienced management team with deep lending industry expertise(p.102)
- • Dual distribution model providing competitive advantage (Agent + Digital channels)(p.93)
- • Strong track record of successful loan distribution with established customer base(p.99)
- • Wholly-owned NBFC subsidiary enabling vertical integration and margin capture(p.98)
- • Hybrid business model combining agent and digital channels(p.138)
- • Extensive geographic reach across India(p.138)
- • Wide network of agents for customer acquisition(p.146)
- • Diversified loan product portfolio(p.143)
- • Strong partnerships with lenders(p.138)
- • Proprietary technology platform and data analytics capabilities(p.138)
- • Recognition as valued partner by major financial institutions(p.166)
- • Established relationships with multiple tier-1 banks and NBFCs(p.168)
- • Experienced promoter and management team with deep financial services expertise(p.172)
- • Strong financial performance with consistent revenue growth(p.197)
- • Heavy dependence on Agent channel sales representing 86% of revenue(p.27)
- • Concentration risk with top Lending Partner accounting for 20.10% of revenue(p.36)
- • No cybersecurity insurance coverage despite digital operations(p.27)
- • History of statutory payment delays and working capital constraints(p.30)
- • Non-compliance with Companies Act regarding Board meeting disclosures(p.29)
- • Accounting software lacking audit trail feature as per statutory mandate(p.40)
- • Negative operating cash flows in prior years(p.36)
- • Independent Directors have not passed required proficiency self-assessment test(p.38)
- • Heavy dependence on a concentrated customer/lender base(p.47)
- • Significant working capital intensity requiring continuous financing(p.93)
- • Elevated debt obligations increasing financial burden(p.48)
- • May require additional financing to meet growth requirements(p.48)
- • Potential for delayed implementation of expansion plans due to capital constraints(p.48)
- • High dependency on a concentrated base of lenders(p.139)
- • Geographic concentration risk with significant revenue from limited states(p.139)
- • Operational complexity in managing hybrid (offline and online) business model(p.140)
- • High leverage and debt burden(p.141)
- • Vulnerability to regulatory changes affecting lending practices(p.140)
- • Heavy dependence on a few key financial institution clients(p.168)
- • Significant short-term borrowings relative to equity(p.196)
- • Limited non-current asset base with high dependence on receivables(p.196)
- • Subsidiary company showing losses or minimal profitability(p.166)
- • Expansion into underpenetrated Tier 2 and Tier 3 cities with lower competition(p.19)
- • Leveraging AI and data analytics for enhanced credit assessment and service personalization(p.19)
- • Investment in subsidiary LTCV Credit Private Limited with Rs. 1,500 lakhs allocation(p.19)
- • Allocation of Rs. 1,775 lakhs for Business Development and Marketing Activities(p.19)
- • Financial inclusion focus as a regulatory driver(p.19)
- • Expansion into secured lending segment with higher revenue per customer(p.94)
- • Scale digital channel from 14% to 28% of revenue mix(p.93)
- • Diversification into multiple loan products (personal, business, auto, LAP)(p.99)
- • Market penetration in underserved Tier 2 and Tier 3 geographies through agent network(p.104)
- • Transition to blended omnichannel marketing strategy to reduce customer acquisition costs(p.103)
- • Expansion into new product lines(p.153)
- • Growth in digital lending market driven by increasing internet penetration(p.134)
- • Expansion into new geographic markets(p.153)
- • Increasing demand for personalized financial services(p.140)
- • Strategic partnerships and collaborations to enhance market presence(p.154)
- • Strong structural support from growing fintech ecosystem in India(p.134)
- • Expansion through multi-channel distribution platform for personal loans(p.200)
- • Growing personal lending market in India(p.166)
- • Partnership expansion with new financial institutions(p.166)
- • Digital transformation and technology-led growth(p.172)
- • Evolving regulatory environment and potential requirement for RBI authorizations(p.29)
- • Intense competition from banks, NBFCs, and fintech startups in digital lending(p.42)
- • Market saturation in urban regions limiting customer acquisition(p.45)
- • Vulnerability to interest rate fluctuations driven by RBI policies(p.40)
- • Cybersecurity risks and data breach threats(p.27)
- • Regulatory changes to privacy and data protection laws(p.43)
- • Risk of termination or non-renewal of lending partner agreements(p.28)
- • Seasonality of loan demand affecting revenue stability(p.37)
- • Regulatory changes in taxation and lending regulations could adversely impact operations(p.50)
- • Interest rate fluctuations impacting borrowing costs and profitability(p.48)
- • Intense competition in the lending and fintech sector(p.93)
- • Political instability and changes in economic liberalization policies(p.51)
- • Global economic volatility and market disruptions affecting business performance(p.51)
- • Natural calamities and external events disrupting operations(p.51)
- • Risks from GST and General Anti-Avoidance Rules (GAAR) provisions(p.51)
- • Regulatory changes impacting the financial services industry(p.140)
- • Economic downturns affecting loan repayment rates and demand(p.140)
- • Intense competition from traditional and digital lending players(p.157)
- • High competition leading to pressure on margins and customer retention(p.140)
- • Cybersecurity risks and data privacy concerns(p.140)
- • Market saturation in certain segments affecting growth potential(p.140)
- • Regulatory changes affecting non-banking financial services(p.180)
- • Concentration risk from termination by major clients(p.168)
- • Cyclical nature of financial services and loan distribution(p.200)
- • Interest rate and credit market volatility(p.197)
Promoters
| Name | Role | Pre-Issue | Post-Issue |
|---|---|---|---|
| Parth Pande | Promoter | 21.44% | — |
| Vivek Bhatia | Promoter | 22.04% | — |
| Parag Agarwal | Promoter | 21.45% | — |
| Parag Agarwal | Promoter | 21.45% | [●] |
| Vivek Bhatia | Promoter | 22.04% | [●] |
| Parth Pande | Promoter | 21.44% | [●] |
| Vivek Bhatia | Promoter | — | — |
| Parag Agarwal | Promoter | — | — |
| Parth Pande | Promoter | — | — |
| Parag Agarwal | Promoter | 21.45% | — |
| Parth Pande | Promoter | 21.44% | — |
| Vivek Bhatia | Promoter | 22.04% | — |
| Vivek Bhatia | Promoter | — | — |
| Parag Agarwal | Promoter | — | — |
| Parth Pande | Promoter | — | — |
Leadership
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.