Opening Date
13 May 2024
Closing Date
27 May 2024
Yield
Upto 10.75%
Tenure
Upto 120 Months
Ongoing IPO
Opening Date
13 May 2024
Closing Date
27 May 2024
Time to close
Yield
Upto 10.75%
Tenure
Upto 120 Months
| Issue Size (Including Green Shoe Option) | 200 | ||
| Face Value | 1000 | ||
| Coupon | Upto 10.75% | ||
| Minimum Number of Bonds | 10 | ||
| Lot Size (Multiplier) | 1 | ||
| Allotment Date (Tentative) | 31 May 2024 | ||
| Listing Date (Tentative) | 3 Jun 2024 | ||
| Exchange Bid Time (24 Hours) | 10:00 to 17:00 | ||
Documents attached
*Allotment on first come first serve basis
Series | I | II | III | IV | V | VI | VII | VIII | IX | X | XI | XII |
Nature Of NCDs | Secured Reedemable Non-Convertible Debenture | |||||||||||
Who Can Apply | Everyone | |||||||||||
Tenure | 24 Months | 24 Months | 24 Months | 36 Months | 36 Months | 36 Months | 60 Months | 60 Months | 84 Months | 84 Months | 120 Months | 120 Months |
Frequency of Interest payment | YEARLY | MONTHLY | CUMULATIVE | YEARLY | MONTHLY | CUMULATIVE | YEARLY | MONTHLY | YEARLY | MONTHLY | YEARLY | MONTHLY |
Best Coupon Rate (% p.a.) for: | ||||||||||||
Category 1 | 9.25 % | 8.88 % | -N.A.- | 9.40 % | 9.02 % | -N.A.- | 9.65 % | 9.25 % | 10.00 % | 9.57 % | 10.25 % | 9.80 % |
Category 2 | 9.25 % | 8.88 % | -N.A.- | 9.40 % | 9.02 % | -N.A.- | 9.65 % | 9.25 % | 10.00 % | 9.57 % | 10.25 % | 9.80 % |
Category 3 | 9.65 % | 9.25 % | -N.A.- | 9.90 % | 9.48 % | -N.A.- | 10.15 % | 9.71 % | 10.50 % | 10.03 % | 10.75 % | 10.25 % |
Category 4 | 9.65 % | 9.25 % | -N.A.- | 9.90 % | 9.48 % | -N.A.- | 10.15 % | 9.71 % | 10.50 % | 10.03 % | 10.75 % | 10.25 % |
Effective Yield (% p.a.) for: | ||||||||||||
Category 1 | 9.25 % | 9.25 % | 9.25 % | 9.40 % | 9.40 % | 9.40 % | 9.65 % | 9.65 % | 10 % | 10 % | 10.25 % | 10.24 % |
Category 2 | 9.25 % | 9.25 % | 9.25 % | 9.40 % | 9.40 % | 9.40 % | 9.65 % | 9.65 % | 10 % | 10 % | 10.25 % | 10.24 % |
Category 3 | 9.65 % | 9.65 % | 9.65 % | 9.90 % | 9.90 % | 9.90 % | 10.15 % | 10.15 % | 10.50 % | 10.50 % | 10.74 % | 10.75 % |
Category 4 | 9.65 % | 9.65 % | 9.65 % | 9.90 % | 9.90 % | 9.90 % | 10.15 % | 10.15 % | 10.50 % | 10.50 % | 10.74 % | 10.75 % |
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BondsIndia is an online platform for fixed-income securities such as IPOs, bonds, 54EC bonds, and fixed deposits. With a cumulative pedigree of 50+ years in the bond market, we aim to democratize the market for common investors by stationing detailed insights, expert advice, and keeping a close watch on the market sentiment. BondsIndia brings up-to-date information when IPOs go live, fixed deposits with higher interests, and bonds with competitive price before anyone else.
BondsIndia ditches the traditional ways of investing by offering a Technology based platform for investors that ensures instant online settlements and reduces counter-party risks. Choose BondsIndia for its sleek interface, fail-safe communication and step-by-step guide to ensure a well-placed bid. You can apply for Edelweiss Financial Services Limited IPO on BondsIndia's website.
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Rs 74,414 crores
2.90%
IBHFL is one of the larger housing finance companies HFCs in India. In its current legal form, its origins date back to April 1, 2012, when Indiabulls Financial Services Ltd was reverse merged with it. The process was completed on March 8, 2013, following the Delhi High Courts approval on December 12, 2012. After the merger, IBHFL continues to operate as an HFC registered with the National Housing Bank.
The company, along with its subsidiary Indiabulls Commercial Credit Ltd, focuses on asset classes such as mortgages and commercial real estate. As part of an institutionalisation exercise, the promoter group held less than 1% stake in the entity as on June 30, 2023, and the company is professionally managed. Further, the company has initiated a rebranding exercise to simplify its corporate structure and signify the focus towards retail mortgage lending.
For fiscal 2023, IBHFL had profit after tax PAT of Rs 1,128 crore on total income of Rs 8,725 crore, compared with Rs 1,178 crore and Rs 8,994 crore, respectively, in the previous fiscal. During the quarter ended June 30, 2023, IBHFL reported PAT of Rs 296 crore on total income of Rs 1,916 crore, compared with Rs 287 crore and Rs 2,078 crore, respectively, during the corresponding period of the previous fiscal.
Strong capitalisation with healthy cover for asset-side risks
Capitalisation is marked by sizeable networth of Rs 17,576 crore as on June 30, 2023, supported by healthy internal cash accrual. Accretion of Rs 1,988 crore from sale of bulk of its investment in OakNorth Bank in fiscal 2021 also strengthened the capital position. Networth coverage for net non-performing assets NPAs was comfortable at around 15.7 times as on June 30, 2023. Further, consolidated Tier 1 capital adequacy ratio CAR was healthy at 26.7%, as was overall CAR at 31.2%. Consolidated on book gearing was comfortable at 2.9 times as on June 30, 2023 3.0 times as on March 31, 2023. Given the strong liquidity that IBHFL maintains on a steady-state basis, net gearing was 2.2 times as on March 31, 2023 2.6 times a year ago.
$Comfortable asset quality in retail segment
IBHFL reported overall gross non-performing assets GNPAs of 2.87% as on June 30, 2023 compared to 2.86% as on March 31, 2023 3.21% as on March 31, 2022. The reduction in GNPAs over fiscal 2022 has been driven by improvement in asset quality GNPAs of the developer loan book from 13.33% as on March 31, 2022 to 9.06% as on March 31, 2023.The GNPAs in home loans and Loan Against Property LAP segments have increased from 1.48% and 2.94% as on March 31, 2022 to 1.64% and 3.40% in March 31, 2023, respectively.
Sizeable presence in the retail mortgage finance segment:
IBHFLu2019s total AUM stood at Rs 65,787 crore as on June 30, 2023. The share of housing loans within the overall AUM continues to increase and was at 72% as on June 30, 2023 as compared to 50% as on March 31, 2015. The companyu2019s LAP portfolio accounted for 16% of the overall AUM as on June 30, 2023, with the remaining 13% being constituted of commercial credit. The proportion of housing loans and LAP is expected to increase further from current levels over the medium term.
Successful transition to new business model to be established
The management has recalibrated its business model, under which IBHFL is gradually moving towards a less risky and asset light framework, wherein disbursements will primarily be in the HL and LAP segments with a potential 60:40 split, with a low proportion of incremental disbursals in developer finance portfolio. Further, on a steady state basis, of the overall disbursals, a significant proportion will be either co-originated or sold down to banks.
IBHFL has started working towards this new model and thus far, has entered into a co origination agreement with eight financial institutions. Disbursements amounting to Rs 7,844 crore were done in fiscal 2023 under these agreements. However, the managementu2019s ability to increase the disbursement pace, establish tie-ups with multiple banks and successfully scale up this model, while maintaining healthy profitability and asset quality is to be witnessed. However, the company has demonstrated good execution capabilities in scaling up businesses in the past.
Susceptibility to asset quality risks arising from the commercial real estate portfolio
Asset-quality risks arising from a sizeable, large-ticket commercial credit portfolio of Rs 7,573 crore as on June 30, 2023, persist, and could impact the company portfolio performance. This portfolio exhibits high concentration average ticket size of Rs 150 crore with the top 10 exposures forming 62% of the corporate AUM and having a median rating of BBB. Thus even a few large accounts experiencing stress could impact the overall asset quality.
The share of commercial credit in overall AUM has decreased over the last few years to 13% on June 30, 2023 from 17% on March 31, 2019. The management has launched an alternative investment fund AIF platform for this segment wherein Rs 200 crore has been disbursed to a leading developer. Further, the process of filing for regulatory approvals is underway for launching two more AIFs. Going forward, the company may continue to do selective lending to existing borrowers in this space.
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