Svatantra Microfin IPO
Svatantra Microfin Limited 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 ₹1,500 crore and an offer for sale of up to ₹1,500 crore by Violicina Limited and three Multiples private equity funds. In FY26 the company made a profit of ₹649.40 crore on revenue of ₹4,120.91 crore. The price band, lot size and IPO dates are not announced yet.
- Status
- Under SEBI reviewSEBI report, 30 Oct 2026
- SEBI received draft
- 17 Aug 2026
- Type of issue
- Fresh issue and offer for sale
- Lead manager
- Axis Capital Limited
- Last SEBI contact
- 27 Oct 2026
- Price band and dates
- Not announced
Where it stands
Svatantra Microfin IPO: where it stands
SEBI processing status, 30 Oct 2026- Draft filed with SEBI17 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 17 August 2026, 81 days ago, and its last communication on the draft was on 27 October 2026 (day count is our calculation).
DRHP at a glance
Svatantra Microfin DRHP at a glance
Draft red herring prospectus, 13 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, Our Business (p. 235 to 237)Svatantra Microfin is a non-banking financial company that gives microfinance loans, mostly to women in rural and semi-urban areas, through the joint liability group model. Women were 99.61% of its active microfinance borrowers on 31 March 2026. Its subsidiary Svatantra Micro Housing Finance Corporation gives affordable housing loans and loans against property. It is promoted by Ananyashree Birla and was incorporated in 2012.
On 31 March 2026 its assets under management were ₹23,817.78 crore, with 2,253 branches in 23 states and union territories, 446 districts and 43,11,956 active borrowers. Microfinance was 88.56% of AUM and secured loans 11.44%. It bought Chaitanya India Fin Credit in November 2023 and merged it into the company from 21 March 2026. The registered office is in Mumbai and the corporate office in Bengaluru.
The offer
DRHP cover page and The Offer (p. 75 to 76); Capital Structure (p. 107)| Fresh issue | Up to ₹1,500 croreMoney goes to the company |
| Offer for sale | Up to ₹1,500 croreBy Violicina Limited (₹1,064.80 crore), Multiples Private Equity Fund III (₹230 crore), Multiples Private Equity GIFT Fund IV (₹106 crore) and Multiples Private Equity Fund IV (₹99.20 crore) |
| Shares before the IPO | 80,30,76,694 |
| Pre-IPO placement | Up to ₹300 croreOptional; would reduce the fresh issue |
| Listing | BSE and NSEMainboard, under Regulation 6(1) |
| Lead managers | Axis Capital Limited, Avendus Capital Private Limited, IIFL Capital Services Limited, Kotak Mahindra Capital Company Limited and SBI Capital Markets Limited |
| Registrar | MUFG Intime India Private Limited |
| Promoters | Ananyashree Birla and Antimatter Media Private LimitedPromoters hold 59.97% before the IPO (p. 107) |
What the company plans to do with the money
DRHP, Objects of the Offer (p. 120 to 121)| 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. The offer for sale money goes to the selling shareholders, not the company.
Financials
DRHP, Summary Financial Information (p. 78 to 81) and Basis for Offer Price, KPIs (p. 128 to 129), ₹ crore| ₹ crore | FY24 | FY25 | FY26 |
|---|---|---|---|
| Revenue from operations | 2,429.23 | 3,441.02 | 4,120.91 |
| Net interest income | 1,242.73 | 1,920.32 | 2,496.48 |
| Profit after tax | 345.14 | 445.38 | 649.40 |
| Diluted EPS (₹) | 7.17 | 8.15 | 9.13 |
| Net worth | 2,369.81 | 3,569.72 | 4,738.01 |
| Cash from operations | -1,149.25 | -427.80 | -5,392.61 |
| Assets under management | 16,471.61 | 17,174.46 | 23,817.78 |
| Return on average equity | 18.12% | 15.00% | 15.63% |
| Debt to equity | 5.45 | 3.36 | 3.93 |
| Gross stage 3 ratio | 2.00% | 2.34% | 1.37% |
| Net stage 3 ratio | 0.42% | 0.67% | 0.48% |
| Total capital adequacy (company) | 19.25% | 26.33% | 23.12% |
Restated consolidated figures. FY24 and FY25 are restated for the merger, and FY24 includes Chaitanya India Fin Credit from 23 November 2023. Net worth is total equity as defined in the DRHP. Cash from operations includes the increase in loans given out (₹6,695.70 crore in FY26). Revenue grew about 30.2% a year from FY24 to FY26 (our calculation).
Listed peers named in the draft
DRHP, Basis for Offer Price (p. 126 to 128). Peer prices as of 12 Aug 2026 on NSE.The DRHP compares the company with listed NBFC-MFIs with AUM above ₹10,000 crore. Its P/E is not given until the price band is set.
| Company | Diluted EPS (₹) | P/E | RoNW |
|---|---|---|---|
| Svatantra Microfin (FY26) | 9.13 | Set with the price band | 15.63% |
| CreditAccess Grameen | 48.44 | 31.90x | 10.58% |
| Muthoot Microfin | 10.15 | 20.99x | 6.21% |
| Satin Creditcare Network | 30.20 | 7.40x | 12.29% |
Risks the draft lists first
DRHP, Risk Factors (p. 29 to 38)- Borrower profileMicrofinance borrowers carry risks not seen in other lending, which can raise write-offs and lower collections. (Risk factor 1, p. 29)
- Bad loansA rise in non-performing assets or provisions would hurt results; the gross stage 3 ratio was 1.37% in FY26. (Risk factor 2, p. 30)
- Interest ratesInterest income was 90.82% of FY26 revenue, so rate changes affect net interest income. (Risk factor 3, p. 31)
- FundingAny disruption in its sources of borrowing could hurt the business. (Risk factor 4, p. 32)
- MergerIt may not realise the aims of buying and merging Chaitanya India Fin Credit. (Risk factor 5, p. 33)
- Negative cash flowIt has had negative cash flows from operating activities and may have them again. (Risk factor 11, p. 38)
Documents
Svatantra Microfin 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
Svatantra Microfin IPO FAQs
When will the Svatantra Microfin 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 81 days ago (our calculation).
Has SEBI approved the Svatantra Microfin 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 Svatantra Microfin 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 Svatantra Microfin 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 Svatantra Microfin IPO?
Axis Capital Limited 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 Svatantra Microfin 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). The offer for sale money goes to the selling shareholders, not the company.
What does Svatantra Microfin do?
Svatantra Microfin is a non-banking financial company that gives microfinance loans, mostly to women in rural and semi-urban areas, through the joint liability group model. Women were 99.61% of its active microfinance borrowers on 31 March 2026. Its subsidiary Svatantra Micro Housing Finance Corporation gives affordable housing loans and loans against property. It is promoted by Ananyashree Birla and was incorporated in 2012.
Where can I read the Svatantra Microfin DRHP?
On SEBI's website, where the draft red herring prospectus was published on 17 August 2026. The draft is dated 13 August 2026 and runs to 585 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 13 August 2026. Day counts and the last date to open are our calculations. This page is information only, not a recommendation.