IFL Finance IPO
IFL Finance Ltd. has filed a draft red herring prospectus (DRHP) with SEBI for a mainboard IPO, a fresh issue and offer for sale. As of SEBI's report dated 30 October 2026, the draft is under SEBI review. The draft proposes a fresh issue of up to 3,55,00,000 shares and an offer for sale of up to 30,00,000 shares by promoter Sunita Bansal and three promoter group members. In FY26 the company made a profit of ₹21.63 crore on revenue of ₹84.61 crore. The price band, lot size and IPO dates are not announced yet.
- Status
- Under SEBI reviewSEBI report, 30 Oct 2026
- SEBI received draft
- 29 Jul 2026
- Type of issue
- Fresh issue and offer for sale
- Lead manager
- Aryaman Financial Services Ltd.
- Last SEBI contact
- 21 Oct 2026
- Price band and dates
- Not announced
Where it stands
IFL Finance IPO: where it stands
SEBI processing status, 30 Oct 2026- Draft filed with SEBI29 Jul 2026
- SEBI reviewUnder SEBI review
- SEBI observations
- RHP and price bandNot yet
- Bidding and listingNot yet
SEBI is examining the draft offer document. This is SEBI's own list of drafts under process.
SEBI received the draft on 29 July 2026, 100 days ago, and its last communication on the draft was on 21 October 2026 (day count is our calculation).
DRHP at a glance
IFL Finance DRHP at a glance
Draft red herring prospectus, 22 Jul 2026What the company's draft offer document says. Figures can change in the red herring prospectus, and nothing here is a review or a recommendation.
The business
DRHP, Our Business (p. 188 to 189) and Risk Factors (p. 26 to 29)IFL Finance is a non-banking finance company. Gold loans were 84.77% of its loans at the end of FY26, up from 41.45% two years earlier; the rest are home loans and loans against property.
It had 88 branches (our sum) in Delhi, Rajasthan, Madhya Pradesh, Uttar Pradesh and Haryana and over 33,000 active borrowers. It was incorporated in 2015 and is based in New Delhi.
The offer
DRHP cover page and The Offer (p. 66)| Fresh issue | Up to 3,55,00,000 shares₹ amount set with the price; money goes to the company |
| Offer for sale | Up to 30,00,000 sharesSunita Bansal 5,89,952 (average cost ₹12.04); Gopal Bansal HUF 20,07,734 (₹10.94); Arvind Kumar Bansal HUF 2,09,990 (₹10.00); Kriti Suri 1,92,324 (₹10.06) |
| Shares before the IPO | 8,47,58,164The fresh issue equals about 41.9% and the offer for sale about 3.5% of them (ours) |
| Listing | BSE and NSEMainboard, under Regulation 6(1) |
| Lead manager | Aryaman Financial Services Limited |
| Registrar | Skyline Financial Services Private Limited |
| Promoters | Gopal Bansal, Sunita Bansal and India Finsec Limited |
What the company plans to do with the money
DRHP, Objects of the Offer (p. 102 to 103)| Object | ₹ crore |
|---|---|
| Adding to its capital base for future needs | 150.00 |
| General corporate purposes (set later, up to 25% of the gross proceeds) |
Amounts are what the net proceeds will fund. The fresh issue size in ₹ is set with the price, so each object's share is not shown yet. The offer for sale money goes to the selling shareholders, not the company.
Financials
DRHP, Summary of Financial Information (p. 69 to 71) and Basis for the Offer Price, KPIs (p. 109 to 114), ₹ crore| ₹ crore | FY24 | FY25 | FY26 |
|---|---|---|---|
| Revenue from operations | 63.34 | 71.11 | 84.61 |
| Net interest income | 37.37 | 42.76 | 46.98 |
| Profit after tax | 12.15 | 18.13 | 21.63 |
| Diluted EPS (₹) | 1.84 | 2.65 | 2.55 |
| Net worth | 107.04 | 159.74 | 181.38 |
| Cash from operations | -13 | -30.59 | -152.61 |
| Gross AUM | 279.10 | 332.11 | 520.49 |
| Gross NPA | 1.13% | 0.67% | 0.79% |
| Net NPA | 0.78% | 0.46% | 0.58% |
| Return on equity | 12.03% | 13.59% | 12.68% |
| Capital adequacy (CRAR) | 66.32% | 69.15% | 33.97% |
Restated figures. Net worth is equity share capital plus other equity (our sum). Cash from operations is negative as loans given out grew.
Listed peers named in the draft
DRHP, Basis for the Offer Price (p. 110 to 111). Peer prices as of 6 Jul 2026 on BSE.The P/E for IFL Finance is not given until the price band is set.
| Company | Diluted EPS (₹) | P/E | RoNW |
|---|---|---|---|
| IFL Finance (FY26) | 2.55 | Set with the price band | 11.93% |
| Capri Global Capital | 10.12 | 24.60x | 13.18% |
| Muthoot Finance | 263.79 | 11.90x | 27.11% |
| Finkurve Financial Services | 1.86 | 37.10x | 75.48% |
| SBFC Finance | 4.10 | 22.76x | 12.10% |
Risks the draft lists first
DRHP, Risk Factors (p. 26 to 29)- Bad loansGross stage 3 loans were 0.79% of loans at the end of FY26, and defaults would hurt results. (Risk factor 1, p. 26)
- ProvisionsIts provision coverage ratio was 27.62% at the end of FY26. (Risk factor 2, p. 27)
- Loan mixChanges in its loan mix could hurt its financial metrics and asset quality. (Risk factor 3, p. 27)
- Shift to gold loansGold loans rose from 41.45% to 84.77% of loans in two years, a big change in its business. (Risk factor 4, p. 28)
- Property loansHome loans and loans against property were 15.23% of loans and are exposed to real estate. (Risk factor 5, p. 29)
- Interest rates98.06% of its loans are at fixed rates, so rising rates could squeeze margins. (Risk factor 6, p. 29)
Documents
IFL Finance DRHP and documents
SEBI filingsThe DRHP has the issue size, use of the money, financials, promoters and risk factors. It can change before the final red herring prospectus.
Questions
IFL Finance IPO FAQs
When will the IFL Finance IPO open?
The date is not announced. The company first needs SEBI's observations on its draft, then files a red herring prospectus with the dates. SEBI received the draft 100 days ago (our calculation).
Has SEBI approved the IFL Finance IPO?
SEBI is examining the draft offer document. This is SEBI's own list of drafts under process. Source: SEBI processing status as on 30 October 2026.
What is the IFL Finance IPO price band and lot size?
Not announced. The price band is published at least two working days before the IPO opens, and the lot size is set with it. We add both here the day they are filed.
What is the IFL Finance IPO GMP?
We do not publish a GMP. Grey market premium is unofficial: it is not regulated by SEBI and not published by any exchange. Before the price band is announced there is no issue price to compare it with.
Who is the lead manager of the IFL Finance IPO?
Aryaman Financial Services Ltd. is the coordinating book running lead manager named in SEBI's processing status report. The DRHP lists all the lead managers and the registrar.
What will IFL Finance do with the IPO money?
According to the DRHP, the fresh issue money goes to adding to its capital base for future needs (₹150.00 crore), and the rest to general corporate purposes. The offer for sale money goes to the selling shareholders, not the company.
What does IFL Finance do?
IFL Finance is a non-banking finance company. Gold loans were 84.77% of its loans at the end of FY26, up from 41.45% two years earlier; the rest are home loans and loans against property.
Where can I read the IFL Finance DRHP?
On SEBI's website, where the draft red herring prospectus was published on 29 July 2026. The draft is dated 22 July 2026 and runs to 490 pages. It has the issue size, use of the money, financials and risk factors.
Sources: SEBI processing status of draft offer documents as on 30 October 2026, SEBI's yearly processing status archive and SEBI's list of draft offer documents, and the company's DRHP dated 22 July 2026. Day counts and the last date to open are our calculations. This page is information only, not a recommendation.