Nisus Finance Services Co
SMEBSE₹114 Cr issue
+25.00%
Listing gain over issue price
Issue size
₹114 Cr
1 lot at cut-off
₹1,44,000
Lot size
800shares
Open
04 Dec 2024
Close
06 Dec 2024
Allotment
09 Dec 2024
Listing
11 Dec 2024
Listing performance
Issue price
₹180
Listed at
₹225
Listing-day close
₹236.25
Latest price
₹153.05
Close on 23 Oct 2026
Listing gain
+25.00%
Return since issue
-14.97%
Scheduled dates
Tentative timetable — a past date is not confirmation the step completed
Issue details
- IPO date
- 04 Dec 2024 – 06 Dec 2024
- Listing date
- 11 Dec 2024
- Face value
- ₹10 per share
- Issue price
- ₹180 per share
- Lot size
- 800 shares
- Listing at
- BSE
- Total issue size
- ₹114 Cr
- Market cap at offer price
- ₹430 Cr
- Promoter holding
- 99.74% → 73.22% pre-issue → post-issue
- ISIN
- INE0DQN01013
- Registrar
- Skyline Financial Services Pvt.Ltd.
- Lead managers
- Beeline Capital Advisors Pvt.Ltd.
- Registered office
- Unit No 502-A, Floor-5, A-Wing, Poonam Chambers, Dr.Annie Besant Road, Worli, 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 | 17,89,600 | — | — |
| Market maker | 3,51,200 | — | — |
Application size
Minimum 800 shares per lot, in multiples, at ₹180
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 1 | 800 | ₹1,44,000 |
| S-HNI (min) | 2 | 1,600 | ₹2,88,000 |
| S-HNI (max) | 6 | 4,800 | ₹8,64,000 |
| B-HNI (min) | 7 | 5,600 | ₹10,08,000 |
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.
Shares allocated
17,89,600
Anchor portion
₹32.21 Cr
at ₹180 per share
Valuation and performance
Valuation at offer price
₹180 per share
| Metric | Pre-issue | Post-issue |
|---|---|---|
| EPS (₹) | 12.64 | 14.00 |
| P/E (×) | 14.24 | 12.86 |
| Price to book (×) | 10.48 | — |
| Market cap | — | ₹430 Cr |
Key performance indicators
Latest reported period
- Return on net worth
- 73.09%
- ROCE
- 101.63%
- Debt / equity
- 0.23
- PAT margin
- 54.30%
- NAV per share
- ₹17.17
- Price to book
- 10.48
Single period as reported. Year-on-year movement is in the financials table below, where every period is published.
About Nisus Finance Services Co
Nisus Finance Services Co Limited was incorporated as Molior Realty Private Limited on August 21, 2013, and converted to a public limited company on July 15, 2024. The company operates through two primary segments: (1) Transaction Advisory Services and (2) Fund and Asset Management. It operates under the 'Nisus Finance Group'/'NiFCO' brand alongside subsidiaries including Nisus Finance & Investment Managers LLP, Nisus BCD Advisors LLP, Nisus Finance International Advisors IFSC LLP, Nisus Finance Investment Consultancy FZCO, and Nisus Fincorp Private Limited (an NBFC). The company manages an AUM of more than INR 1000 Crore as of FY 2024 across real estate and urban infrastructure assets. Revenue for the three months ended June 30, 2024 was ₹1,358.00 lakhs, and for fiscal 2024 was ₹4,212.71 lakhs. The company has combined founder experience of over 15 years in real estate financing and capital markets.
Company Analysis
from RHPNisus Finance Services Co Limited is a financial services company engaged in transaction advisory services and real estate/urban infrastructure fund and asset management, operating across India and internationally.
Nisus Finance Services Co Limited was incorporated as Molior Realty Private Limited on August 21, 2013, and converted to a public limited company on July 15, 2024. The company operates through two primary segments: (1) Transaction Advisory Services and (2) Fund and Asset Management. It operates under the 'Nisus Finance Group'/'NiFCO' brand alongside subsidiaries including Nisus Finance & Investment Managers LLP, Nisus BCD Advisors LLP, Nisus Finance International Advisors IFSC LLP, Nisus Finance Investment Consultancy FZCO, and Nisus Fincorp Private Limited (an NBFC). The company manages an AUM of more than INR 1000 Crore as of FY 2024 across real estate and urban infrastructure assets. Revenue for the three months ended June 30, 2024 was ₹1,358.00 lakhs, and for fiscal 2024 was ₹4,212.71 lakhs. The company has combined founder experience of over 15 years in real estate financing and capital markets.
Transaction Advisory ServicesReal Estate and Urban Infrastructure Fund and Asset ManagementNon-Banking Finance (NBFC)
Objects of the Issue
- Augmenting fund setup, additional licenses, facility management services and fund management infrastructure in IFSC-Gift City (Gandhinagar), DIFC-Dubai (UAE) and FSC-Mauritius. ₹1,246.45 Lakhs p.24
- Fund raising cost, distribution and placement fee to third party distributors or agents in India and/or international markets for creation of pool of funds. ₹3,590.58 Lakhs p.24
- Investment in Subsidiary Company viz. Nisus Fincorp Private Limited (RBI Registered NBFC), for augmenting the capital base. ₹2,500.00 Lakhs p.24
- General Corporate Purposes ₹2,226.12 Lakhs p.24
- Augmenting fund setup, additional licenses, facility management services and fund management infrastructure in IFSC-Gift City (Gandhinagar), DIFC-Dubai (UAE) and FSC-Mauritius ₹1,246.45 lakhs p.84
- Fund raising cost, distribution and placement fee to third party distributors or agents in India and/or international markets for creation of pool of funds ₹3,590.58 lakhs p.81
- Investment in Subsidiary Company viz. Nisus Fincorp Private Limited (RBI Registered NBFC), for augmenting the capital base ₹2,500.00 lakhs p.81
- General Corporate Purposes ₹2,226.12 lakhs p.81
- Funding for raising capital for India, Dubai and GIFT City based funds p.129
- Further investment in Associate Company Nisus Fincorp Private Limited to increase its loan book p.129
- Objects of the Offer - specific purposes for which funds are being raised have not been explicitly detailed in this portion of the document.
Issue Structure
- Total Issue
- 63,46,400 Equity Shares aggregating to ₹11,423.52 Lakhs
- Fresh Issue
- 56,45,600 Equity Shares aggregating to ₹10,162.08 Lakhs
- Offer for Sale
- 7,00,800 Equity Shares by Amit Anil Goenka aggregating to ₹1,261.44 Lakhs
- Price Band
- ₹170 (Floor Price) to ₹180 (Cap Price)
- Lot Size
- 800 Equity Shares (Bid Lot)
- Face Value
- ₹10 per Equity Share
Business Model
The company earns revenue through transaction advisory services on a project-by-project basis, management fees based on committed/drawn-down capital and assets under management, incentive fees when investment funds achieve certain financial returns, monitoring fees, and transaction fees. The NBFC subsidiary generates income through lending and interest on investments.
Business Segments
Provides advisory services on transactions, requiring close working with developer partners to craft solutions aligned with their long-term business plans
Real Estate and Urban Infrastructure Fund and Asset Management business engaging with asset owners, developers, operators, investors, funds, domestic and global LPs, family offices, and intermediaries
Nisus Fincorp Private Limited, an NBFC subsidiary engaged in the business of financing
Managed by Nisus BCD Advisors LLP (subsidiary), engaged in opportunistic debt, equity and mezzanine investments in real estate and infrastructure sector focusing on special situations and urban infrastructure
Managed by Dalmia Nisus Finance Investment Managers LLP (associate company), engaged in opportunistic debt, equity and mezzanine investments focused on performing credits in real estate and infrastructure
The company is mainly engaged in the business of transaction advisory services
Through subsidiary Nisus Fincorp Private Limited (51% holding), the company is engaged in financing operations and provision of full range of financial services including loans, hire purchase, leasing, discounting, mortgages
Assists and facilitates developer partners in various transactions including outright sale, joint venture, joint development, capital structuring, and provides advisory solutions for asset monetization and capital solutions. Services include private equity and structured credit facilitation, financial advisory and structuring, warehousing and land aggregation, preleased commercial spaces identification, and asset monetization through various exit strategies.
Manages alternative investment funds focused on real estate and urban infrastructure through subsidiaries and associates. Evaluates investment opportunities, provides growth capital, project financing, and special situation funding to developers. Manages funds through SEBI, IFSC, and DIFC registered AIFs with focus on debt, equity, and mezzanine investments in real estate and infrastructure sector.
Provides transaction advisory services, real estate consulting, fund management services for alternative investment funds, and project management consultation
Generates income from investments in alternative investment funds, non-convertible debentures, and dividend income from investments
Advisory services to real estate developers and financing entities to craft solutions that align with long-term business plans; also handles loan repayment assignments and facility agent roles for debenture holders.
Management of Real Estate and Urban Infrastructure Funds through subsidiaries and stepdown subsidiaries; manages portfolio of more than ₹1,000 crore across real estate and urban infrastructure; one scheme (Real Estate Special Opportunities Fund – I) has been assigned 'Care AIF 1' grading by CareEdge.
Income earned from investments in Non-Convertible Debentures (NCDs) and Fixed Deposits held as investments.
Capital gains from sale of Non-Convertible Debentures and other investment securities.
Financing activities through subsidiary Nisus Fincorp Private Limited, an NBFC company registered with RBI without accepting public deposits; recently invested in Microsafe Projects LLP for acquiring residential properties.
SWOT Analysis
Strengths
- • Decade-long presence and substantial AUM in real estate and urban infrastructure funds(p.23)
- • Diversified business model across Transaction Advisory, Fund & Asset Management, and NBFC(p.23)
- • Strong fund management credentials with Care AIF 1 grading(p.23)
- • Experienced promoter team with 15+ years in real estate financing and capital markets(p.23)
- • Extensive stakeholder network across real estate ecosystem(p.23)
- • Established fund management presence with ₹10 billion AUM(p.91)
- • Multiple successful funds under management with invested deals(p.92)
- • NBFC subsidiary with strong capital adequacy(p.99)
- • Regulatory registrations for fund management across multiple jurisdictions(p.84)
- • Strong promoter backing with 99.74% pre-offer shareholding(p.74)
- • Well-established, credible NiFCO brand with strong investor trust(p.139)
- • Diversified business model spanning advisory, fund management, and NBFC(p.139)
- • Strong AUM growth with proven exit track record(p.135)
- • Ability to identify emerging market trends early(p.139)
- • Experienced management with 15+ years in real estate financing(p.135)
- • Strong governance and risk management framework(p.140)
- • Experienced leadership team with deep financial industry expertise(p.167)
- • Diverse portfolio of investment products across asset classes(p.160)
- • Strong profitability with significant earnings growth(p.198)
- • Subsidiary companies contributing to consolidated revenues(p.191)
- • Certified and peer-reviewed auditors managing financial integrity(p.195)
- • Established decade-long presence in real estate financing and fund management with significant AUM(p.232)
- • Strong financial performance with exceptional profitability margins(p.231)
- • High return on equity demonstrating efficient capital deployment(p.231)
- • Prestigious credit rating from independent agency(p.232)
- • Diversified revenue streams across transaction advisory, fund management, and financing(p.232)
- • Significant revenue growth trajectory(p.237)
Weaknesses
- • High customer concentration with top 10 customers representing 56.14% of revenue (FY2024)(p.32)
- • Unsecured loans repayable on demand creating liquidity risk(p.36)
- • Negative operating cash flows in certain periods(p.39)
- • Delayed filing of statutory e-forms with RoC (up to 673-1891 days late)(p.34)
- • No dividend declared since incorporation(p.39)
- • Registered office located on leasehold premises with no long-term guarantee(p.38)
- • Extreme promoter concentration with 99.74% pre-offer shareholding(p.74)
- • Unlisted company status with limited historical public market experience(p.45)
- • Small public shareholder base of only 8 shareholders pre-offer(p.76)
- • Limited management resources and experience with public company obligations(p.45)
- • Significant debt obligations requiring refinancing(p.83)
- • High customer concentration risk(p.107)
- • Negative operating cash flows in recent period(p.107)
- • Small employee base limiting operational capacity(p.107)
- • Short-term borrowing dependency(p.147)
- • Limited geographic presence with only 3 offices(p.134)
- • Reliance on key personnel(p.140)
- • Significant dependence on unsecured loans from directors(p.204)
- • Limited payment to independent directors indicating minimal independent board engagement(p.167)
- • No dividend payment history despite profitability(p.189)
- • Concentration of shareholding with promoters reducing institutional investor confidence(p.203)
- • Reliance on fund management business with potential revenue volatility(p.214)
- • Heavy concentration in top customer revenue dependency(p.244)
- • Significant dependence on few customers with fluctuating patterns(p.244)
- • Unfunded gratuity liability exposure(p.229)
- • Outstanding GST demand from tax authority(p.230)
- • Pending litigation with material financial exposure(p.248)
- • Volatile operating cash flows(p.240)
Opportunities
- • Expansion of Real Estate AIF market as major funding channel for developers(p.24)
- • India's strong economic growth trajectory supporting real estate sector(p.23)
- • Growing AIF commitments with substantial deployment headroom(p.23)
- • Expansion of fund and asset management capabilities through IPO proceeds(p.24)
- • Diversification into NBFC business with growth capital allocation(p.25)
- • International expansion opportunities in GIFT City, Dubai, and Mauritius(p.24)
- • Expansion into international fund markets with established offshore vehicles(p.84)
- • Growth in real estate and infrastructure fund raising with significant target corpus(p.95)
- • Enhanced capital base for NBFC lending operations(p.99)
- • Established partnerships with international placement agents(p.95)
- • Access to capital through listing enhances fund raising capability(p.81)
- • Growing AIF and real estate fund market in India(p.118)
- • Expanding middle class and urbanization driving real estate demand(p.123)
- • Rising HNI/UHNI wealth and investor interest in AIFs(p.141)
- • Global expansion opportunities through GIFT City and Dubai presence(p.142)
- • NBFC business expansion to serve contractor and SME financing(p.140)
- • Government infrastructure investment driving demand(p.115)
- • Expansion into global markets through IFSC subsidiary(p.184)
- • Growth in alternative investment fund management(p.183)
- • Expansion of NBFC services for SME credit solutions(p.186)
- • Real estate and infrastructure project financing opportunities(p.160)
- • Expansion into residential property acquisition business through new associate(p.232)
- • Potential migration to main board exchange upon meeting eligibility criteria(p.278)
- • Growing real estate financing and fund management market in India(p.244)
- • Capacity expansion through subsidiary infrastructure(p.234)
Threats
- • Regulatory restrictions on NBFC investments in AIFs with downstream exposures(p.34)
- • Intensifying competition in financing industry with pricing pressures(p.33)
- • Significant downturn in financial markets affecting fund performance and AUM(p.33)
- • Real estate sector vulnerability to external shocks and regulatory changes(p.34)
- • Cyclical nature and volatility of Indian financial markets(p.44)
- • Stricter regulatory requirements for NBFCs under RBI's SBR Framework(p.34)
- • Volatility and downturns in Indian and global real estate markets(p.46)
- • Foreign exchange and currency fluctuation risks(p.48)
- • Changes in Indian tax laws and regulatory framework(p.45)
- • Global economic, political instability and geopolitical tensions(p.47)
- • Restrictions on foreign investor participation in Indian securities(p.45)
- • Inflation pressures limiting pricing flexibility(p.49)
- • Competition from organized and unorganized sector players(p.144)
- • Economic uncertainty and market cycle dependence(p.140)
- • Regulatory changes impacting fund operations and taxation(p.126)
- • Real estate sector challenges including land litigation risks(p.126)
- • Cybersecurity risks to financial operations(p.144)
- • Interest rate sensitivity affecting fund returns and borrowing costs(p.122)
- • Concentrated customer base creating revenue dependency risks(p.210)
- • Exposure to real estate sector cyclicality and volatility(p.160)
- • Regulatory changes affecting NBFC and fund management operations(p.168)
- • Default risk on invested debentures and credit instruments(p.210)
- • Foreign exchange exposure through global operations(p.217)
- • Dependence on key personnel with no mention of succession planning(p.234)
- • Significant exposure to litigation in subsidiary operations(p.249)
- • Regulatory and compliance risks in NBFC and fund management operations(p.234)
- • Competition from existing market players(p.234)
- • Macroeconomic sensitivity affecting real estate market(p.234)
- • Interest rate and inflation exposure(p.234)
Promoters
| Name | Role | Pre-Issue | Post-Issue |
|---|---|---|---|
| Amit Anil Goenka | Promoter Selling Shareholder | 99.74% | 73.22% |
| Mridula Amit Goenka | Promoter | Negligible | Negligible |
| Amit Anil Goenka | Promoter & Chairman and Managing Director | 99.74% | 73.22% |
| Mridula Amit Goenka | Promoter & Executive Director | Negligible | Negligible |
| Amit Anil Goenka | Promoter | — | — |
| Mridula Amit Goenka | Promoter | — | — |
| Amit Anil Goenka | Chairman and Managing Director / Promoter | 100.00% | — |
| Mridula Amit Goenka | Executive Director / Promoter | 0.00% | — |
| Amit Anil Goenka | Promoter | — | — |
| Mridula Amit Goenka | Promoter | — | — |
Leadership
Amit Anil Goenka · MD/Promoter
Mridula Amit Goenka · Promoter
Ruksana Istak Khan · Company Secretary and Compliance Officer
Sunil Maheshwari · CFO
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.
Nisus Finance Services Co IPO FAQs
What is the lot size of Nisus Finance Services Co IPO?
The minimum lot size of Nisus Finance Services Co IPO is 800 shares. One lot costs ₹1,44,000 at the cut-off price.
When does Nisus Finance Services Co IPO open and close?
Nisus Finance Services Co IPO opened for subscription on 04 Dec 2024 and closed on 06 Dec 2024.
What is the listing date of Nisus Finance Services Co IPO?
Nisus Finance Services Co IPO listed on 11 Dec 2024.