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Aasaan Loans IPO is a book-built issue of Rs 132.00 crores. The issue is entirely a fresh issue of 1.1 crore shares.
The IPO opens for subscription on June 19, 2024, and closes on June 21, 2024. The price band for the IPO is set at ₹114 to ₹120 per share and the minimum lot size for an application is 125 Shares.
Company Summary
They are a non-banking finance company (“NBFC”) incorporated in the year 1996 and registered with the Reserve Bank of India as a Non-systemically important non-deposit-taking company with over two decades of lending experience in rural and semi-urban geographies in India.
They are primarily engaged in rural and semi-urban-centric lending solutions to look after the needs and aspirations of the rural and semi-urban populace. Their portfolio includes Vehicle Finance and Business Finance Products for small business owners.
Their digital lending platform www.aasaanloans.com is currently under development and will be rolled out in a phased manner. This digital lending platform, www.aasaanloans.com, has been currently deployed to a select group of users for User Acceptance Testing (UAT), specifically focusing on Two-wheeler finance as the initial phase.
Concurrently, their IT team is actively engaged in developing the product for loans against property, commercial vehicle financing, and secured business loans, which will be introduced in a phased manner.
They have their footprints in rural and semi-urban geographies in 4 Indian states Rajasthan, Maharashtra, Madhya Pradesh, and Gujarat through a registered office located at Udaipur, Rajasthan.
Their Corporate Office is located in Mumbai, Maharashtra, with 12 branches and over 25 points of presence including digital and physical branches having served over 2,00,000 customers to date.
Company Strengths
They have a long history of serving rural and semi-urban markets with high growth potential and have maintained a track record of financial performance and operational efficiency through consistently high rates of customer acquisition and retention and low-cost expansion into under-penetrated areas.
As of December 31, 2023, they have around 32,771 loans as of Vehicle Finance and Secured Business Loan/MSME outstanding, including small enterprises, and self-employed non-professionals for their stores, retail outlets, handicrafts manufacturers, and other businesses.
Their loans AUM as of the nine months ended December 31, 2023 and as of the financial year ended March 31, 2023, March 31, 2022, and March 31, 2021, were ₹37,946.28, ₹35,416.11, lakhs ₹35,131.79 lakhs and ₹42,100.78 lakhs, respectively.
As of December 31, 2023, March 31, 2023, and March 31, 2022, they had 32771, 32399, 33959 and 45,315 customers, respectively. The company has 125 permanent employees as of December 31, 2023, and prioritizes their overall welfare.
Company Financials
| Period Ended | 31 Dec 2023 | 31 Mar 2023 | 31 Mar 2022 | 31 Mar 2021 |
| Assets | 417.96 | 390.50 | 374.01 | 455.40 |
| Revenue | 53.45 | 69.57 | 67.50 | 86.79 |
| Profit After Tax | 12.25 | 15.80 | 4.12 | 16.31 |
| Net Worth | 217.01 | 204.78 | 136.84 | 130.26 |
| Reserves and Surplus | 185.34 | 173.11 | 115.03 | 108.45 |
| Total Borrowing | 195.19 | 177.76 | 230.06 | 317.82 |
Amount in ₹ Crore | ||||
Objectives of the IPO
The Company proposes to utilize the Net Proceeds from the issue towards augmenting the capital base of the Company to fulfill its future capital requirements, which are anticipated to arise as a result of the expansion of its business and assets. Further, a portion of the proceeds from the issue will be used towards meeting issue-related expenses.
Promoters of the Company
Mr. Nirmal Kumar Jain, Ms. Manju Devi Jain, Mr. Dipesh Jain, and Nirmal Kumar Jain (HUF) are the Promoters of the Company. The Promoters in aggregate, hold 1,45,46,920 Equity Shares in their Company, representing 45.92% of the issued, subscribed, and paid-up Equity Share capital of the Company.
IPO details
| IPO Date | June 19, 2024 to June 21, 2024 |
| Listing Date | Wednesday, June 26, 2024 |
| Face Value | ₹10 per share |
| Price Band | ₹114 to ₹120 per share |
| Lot Size | 125 Shares |
| Total Issue Size | 11,000,000 shares (aggregating up to ₹132.00 Cr) |
| Fresh Issue | 11,000,000 shares (aggregating up to ₹132.00 Cr) |
| Issue Type | Book Built Issue IPO |
| Listing At | BSE, NSE |
Lot Allocation details
Application | Lots | Shares | Amount |
Retail (Min) | 1 | 125 | ₹15,000 |
Retail (Max) | 13 | 1625 | ₹195,000 |
S-HNI (Min) | 14 | 1,750 | ₹210,000 |
S-HNI (Max) | 66 | 8,250 | ₹990,000 |
B-HNI (Min) | 67 | 8,375 | ₹1,005,000 |
Allotment Schedule
| Basis of Allotment | Monday, June 24, 2024 |
| Initiation of Refunds | Tuesday, June 25, 2024 |
| The credit of Shares to Demat | Tuesday, June 25, 2024 |
| Listing Date | Wednesday, June 26, 2024 |
| Cut-off time for UPI mandate confirmation | 5 PM on June 21, 2024 |
IPO Reservation
| Investor Category | Shares Offered |
| QIB Shares Offered | Not more than 50% of the Net Issue |
| Retail Shares Offered | Not less than 35% of the Net Issue |
| NII (HNI) Shares Offered | Not less than 15% of the Net Issue |
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