Opening Date
1 Dec 2022
Closing Date
22 Dec 2022
Yield
Upto 9.80%
Tenure
Upto 60 Months
Ongoing IPO
Opening Date
1 Dec 2022
Closing Date
22 Dec 2022
Time to close
Yield
Upto 9.80%
Tenure
Upto 60 Months
| Issue Size (Including Green Shoe Option) | 1,000 | ||
| Face Value | 1000 | ||
| Coupon | Upto 9.80 % | ||
| Minimum Number of Bonds | 10 | ||
| Lot Size (Multiplier) | 1 | ||
| Allotment Date (Tentative) | 28 Dec 2022 | ||
| Listing Date (Tentative) | 30 Dec 2022 | ||
| 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 |
Nature Of NCDs | Secured Redeemable Non-Convertible Debentures | |||||||
Who Can Apply | Everyone | |||||||
Tenure | 24 Months | 24 Months | 24 Months | 36 Months | 36 Months | 36 Months | 60 Months | 60 Months |
Frequency of Interest payment | YEARLY | MONTHLY | CUMULATIVE | YEARLY | MONTHLY | CUMULATIVE | YEARLY | MONTHLY |
Best Coupon Rate (% p.a.) for: | ||||||||
Category 1 | 8.90 % | 8.57 % | -N.A.- | 9.05 % | 8.70 % | -N.A.- | 9.30 % | 8.94 % |
Category 2 | 8.90 % | 8.57 % | -N.A.- | 9.05 % | 8.70 % | -N.A.- | 9.30 % | 8.94 % |
Category 3 | 9.30 % | 8.94 % | -N.A.- | 9.55 % | 9.16 % | -N.A.- | 9.80 % | 9.39 % |
Category 4 | 9.30 % | 8.94 % | -N.A.- | 9.55 % | 9.16 % | -N.A.- | 9.80 % | 9.39 % |
Effective Yield (% p.a.) for: | ||||||||
Category 1 | 8.89 % | 8.90 % | 8.90 % | 9.04 % | 9.05 % | 9.05 % | 9.29 % | 9.30 % |
Category 2 | 8.89 % | 8.90 % | 8.90 % | 9.04 % | 9.05 % | 9.05 % | 9.29 % | 9.30 % |
Category 3 | 9.29 % | 9.30 % | 9.30 % | 9.54 % | 9.55 % | 9.55 % | 9.79 % | 9.80 % |
Category 4 | 9.29 % | 9.30 % | 9.30 % | 9.54 % | 9.55 % | 9.55 % | 9.79 % | 9.80 % |
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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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Application process on BondsIndia platform is simple and seamless.
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Rs. 73914 Crs
3.20%
1.80%
Indiabulls Housing Finance Ltd (IBHFL) is one of the largest housing finance companies (HFCs) in India in terms of AUM. It is a non-deposit-taking HFC registered with the National Housing Board (NHB). IBHFL focuses primarily on long-term secured mortgage-backed loans.
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Housing loans and loans against property - It primarily offers housing loans and loans against property to our target client base of salaried and self-employed individuals and micro, small and medium-sized enterprises (MSMEs) and corporates.
Mortgage loans to real estate developers in India It also offers mortgage loans to real estate developers in India in the form of lease rental discounting for commercial premises and construction finance for the construction of residential premises.
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1. Indiabulls Commercial Credit Limited$$2. Indiabulls Asset Management Company Limited$$3. Indiabulls Collection Agency Limited $$4. Ibulls Sales Limited $$5. Indiabulls Capital Services Limited$$6. Indiabulls Advisory Services Limited$$7. Indiabulls Insurance Advisors Limited$$8. Indiabulls Trustee Company Limited $$9. Indiabulls Holdings Limited$$10. Indiabulls Asset Holding Company Limited$$11. Nilgiri Financial Consultants Limited$$12. Indiabulls Investment Management Limited (Formerly known as Indiabulls Venture Capital Management Company Limited) $$13. Indiabulls Asset Management Mauritius (Foreign Company)
Strong capitalization with healthy cover for asset-side risks
The company has demonstrated strong ability to raise capital (including the Rs 683 crore equity raised through qualified institutional placement [QIP] in fiscal 2021) and the proposed capital raising (of at least USD 275 million) will further strengthen the capital position over the medium term. Strong capitalization should continue to support the companyu2019s overall financial risk profile over the medium term.
Comfortable asset quality in retail segments
IBHFL reported overall gross NPAs of 2.9% as on June 30, 2021 compared to 2.7% as on March 31, 2021. The uptick has been due to higher delinquencies in the housing loan and loan against property (LAP) segments on account of the second wave of Covid-19. $$The companys risk-mitigating measures are prudent, in the form of conservative loan-to-value ratios (averaging around 49%) in the LAP segment, and emphasis on collateral with sufficient cover in the commercial real estate segment. However, any sharp increase in NPAs, mainly in the commercial credit portfolio, and its impact on profitability will remain key rating sensitivity factors for IBHFL.
Sizeable presence in the retail mortgage finance segment
IBHFL is the one of the larger housing finance companies (HFCs) in India with total AUM of Rs 79,213 crore as on June 30, 2021. The share of housing loans within the overall AUM continues to increase and was at 69% as on June 30, 2021 as compared to 50% as on March 31, 2015. The companys LAP portfolio accounted for 17% of the overall AUM as on June 30, 2021, with the remaining 14% being towards commercial credit. The proportion of housing loans and LAP is expected to increase from current levels over the medium term. $$IBHFL overall AUM growth is expected to be subdued over the next couple of quarters as it recalibrates its business model, but is expected to revive subsequently. While the share of own book in the total AUM is expected to come down, its overall presence in the retail mortgage finance market is expected to remain sizeable.
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 11,190 crore as on June 30, 2021 persist, and could impact the companys portfolio performance. Given the chunkiness of loans (average ticket size of Rs 150 crore), even a few large accounts experiencing stress could impact asset quality. $$The share of commercial credit in overall AUM has decreased over the last couple of years and was 14% as on June 30, 2020. The management is also in discussion with a potential investor for launching an alternative investment fund (AIF) platform (expected to be launched in the current fiscal) for this segment. $$However, any weakening in asset quality, specifically in the commercial real estate book and its impact on profitability, remains monitorable.
Successful transition to new business model to be established; though IBHFL has demonstrated strong execution capabilities in the past.
The management has recalibrated its business model in the light of funding access challenges that the company, as well as non-banking financial companies (NBFCs) in general have faced in recent times. Under the revised business model, IBHFL plans to move towards a less risky and asset-light framework, wherein disbursements will primarily be in the housing loans and LAP segments. $$IBHFL has started working towards this new model and has entered into a co-origination agreement with five banks and one HFC. It is also in discussion with a few other banks. However, the managements 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, though the company has demonstrated good execution capabilities in scaling up businesses in the past.
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