Muthoot Fincorp IPO
Muthoot Fincorp Limited has filed a draft red herring prospectus (DRHP) with SEBI for a mainboard IPO, a fresh issue only. As of SEBI's report dated 30 October 2026, the draft is under SEBI review. The draft proposes a fresh issue only of up to ₹3,000 crore, with no offer for sale. In FY26 the group made a profit of ₹1,847.62 crore on revenue of ₹11,203.81 crore. The price band, lot size and IPO dates are not announced yet.
- Status
- Under SEBI reviewSEBI report, 30 Oct 2026
- SEBI received draft
- 13 Aug 2026
- Type of issue
- Fresh issue only
- Lead manager
- Kotak Mahindra Capital Company
- Last SEBI contact
- 9 Oct 2026
- Price band and dates
- Not announced
Where it stands
Muthoot Fincorp IPO: where it stands
SEBI processing status, 30 Oct 2026- Draft filed with SEBI13 Aug 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 13 August 2026, 85 days ago, and its last communication on the draft was on 9 October 2026 (day count is our calculation).
DRHP at a glance
Muthoot Fincorp DRHP at a glance
Draft red herring prospectus, 12 Aug 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, Basis for the Issue Price (p. 131) and Risk Factors (p. 26 to 32)Muthoot Fincorp is a non-banking finance company focused on gold loans, which were 67.17% of its AUM of ₹73,444.72 crore on 31 March 2026. Its subsidiaries Muthoot Microfin and Muthoot Housing give microfinance and housing loans.
On 31 March 2026 the group had 5,610 branches and 326 processing centres, including 3,781 gold loan branches in 25 states and union territories. It was incorporated in 1997 and is based in Thiruvananthapuram, Kerala.
The offer
DRHP cover page and The Issue (p. 65)| Fresh issue | Up to ₹3,000 croreMoney goes to the company |
| Shares before the IPO | 1,05,42,85,730Face value ₹2. After preference shares convert (97,79,91,255 before) |
| Pre-IPO placement | Up to ₹600 croreOptional; would reduce the fresh issue |
| Listing | BSE and NSEMainboard, under Regulation 6(1) |
| Lead managers | Kotak Mahindra Capital Company Limited, Morgan Stanley India Company Private Limited, JM Financial Limited and SBI Capital Markets Limited |
| Registrar | KFin Technologies Limited |
| Promoters | Thomas John Muthoot, Thomas George Muthoot, Thomas Muthoot, Preethi John Muthoot and six family trusts |
What the company plans to do with the money
DRHP, Objects of the Issue (p. 124)| Object | ₹ crore |
|---|---|
| Adding to Tier I capital for future needs, including onward lending (amount is the net proceeds, set later) |
There is one object. Offer expenses are deducted first and the rest goes to Tier I capital.
Financials
DRHP, Summary of Financial Information (p. 68 to 71) and Basis for the Issue Price, KPIs (p. 131 to 137), ₹ crore| ₹ crore | FY24 | FY25 | FY26 |
|---|---|---|---|
| Revenue from operations | 6,543.14 | 8,497.65 | 11,203.81 |
| Profit after tax | 1,047.98 | 607.99 | 1,847.62 |
| Diluted EPS (₹) | 8.86 | 7.14 | 16.83 |
| Total equity | 5,811.03 | 6,362.75 | 8,218.32 |
| Cash from operations | -5,999.01 | -3,241.65 | -19,599.64 |
| AUM | 36,186.59 | 46,969.11 | 73,444.72 |
| Return on net worth | 19.62% | 13.16% | 24.55% |
| Gross NPA (KPI table) | 1.62% | 1.98% | 1.03% |
| Net NPA (KPI table) | 0.65% | 1.29% | 0.57% |
| Capital adequacy (CRAR) | 20.01% | 19.50% | 18.00% |
Restated consolidated figures for profit, EPS, total equity and cash flow; AUM and ratios are from the KPI table. Cash from operations is negative as loans given out grew.
Listed peers named in the draft
DRHP, Basis for the Issue Price (p. 131 to 132). Peer prices as of 7 Aug 2026 on BSE.The DRHP shows price to book rather than RoNW for peers. The P/E for Muthoot Fincorp is not given until the price band is set.
| Company | Diluted EPS (₹) | P/E | Price to book |
|---|---|---|---|
| Muthoot Fincorp (FY26) | 16.83 | Set with the price band | Set with the price band |
| Muthoot Finance | 263.79 | 10.94x | 2.91x |
| Manappuram Finance | 11.71 | 31.20x | 2.14x |
| IIFL Finance | 38.75 | 15.86x | 1.67x |
Risks the draft lists first
DRHP, Risk Factors (p. 26 to 32)- Bad loansGross NPA was 1.61% and net NPA 0.74% on 31 March 2026, and defaults would hurt results. (Risk factor 1, p. 26)
- Gold pricesGold loans were 67.17% of AUM, so gold price swings matter. (Risk factor 2, p. 27)
- RBI and NHBIt and its subsidiaries are regulated and inspected by the RBI and NHB. (Risk factor 3, p. 28)
- Interest ratesInterest rate swings could hurt its margins. (Risk factor 4, p. 30)
- FundingIt depends on borrowings to fund its lending. (Risk factor 5, p. 31)
- Branch risksHandling large amounts of gold across many branches brings risks such as fraud and theft. (Risk factor 6, p. 32)
Documents
Muthoot Fincorp DRHP and documents
SEBI filingsWe have not found this draft in SEBI's public filings list yet. See SEBI's list of draft offer documents.
The DRHP has the issue size, use of the money, financials, promoters and risk factors. It can change before the final red herring prospectus.
Questions
Muthoot Fincorp IPO FAQs
When will the Muthoot Fincorp 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 85 days ago (our calculation).
Has SEBI approved the Muthoot Fincorp 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 Muthoot Fincorp 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 Muthoot Fincorp 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 Muthoot Fincorp IPO?
Kotak Mahindra Capital Company 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 Muthoot Fincorp do with the IPO money?
According to the DRHP, the fresh issue money goes to adding to Tier I capital for future needs, including onward lending (amount is the net proceeds, set later).
What does Muthoot Fincorp do?
Muthoot Fincorp is a non-banking finance company focused on gold loans, which were 67.17% of its AUM of ₹73,444.72 crore on 31 March 2026. Its subsidiaries Muthoot Microfin and Muthoot Housing give microfinance and housing loans.
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 12 August 2026. Day counts and the last date to open are our calculations. This page is information only, not a recommendation.