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Total Issue Size
Fresh Issue + Offer For Sale
Fresh Issue (FI)
Proceeds go to the company
Offer For Sale (OFS)
Proceeds go to the existing investors
Augmenting the capital base for onward lending
The bulk of the fresh issue proceeds are earmarked to strengthen the company's capital base to support future on-lending to housing finance customers.
General corporate purposes
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(₹ in Crore)
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India Shelter Finance Corporation Limited is a retail focused affordable housing finance company registered as a Housing Finance Company with the National Housing Bank. It was earlier known as Satyaprakash Housing Finance India Limited before its present name was adopted. The company extends secured loans for the construction, extension, renovation and purchase of homes, along with home equity loans and loans against property, mainly to self employed borrowers and first time home buyers in Tier II and Tier III towns. The company is promoted by Anil Mehta together with the private equity investors WestBridge Crossover Fund LLC and Aravali Investment Holdings, making it a professionally run, PE backed lender rather than a traditional promoter driven business. As of September 2023 it operated through roughly 200 branches spread across fifteen states, with a concentrated presence in Rajasthan, Maharashtra, Madhya Pradesh, Karnataka and Gujarat, and it had cumulatively disbursed more than Rs 5,500 crore in home loans by November 2023. Between FY2021 and FY2023 the company grew its assets under management at a two year CAGR of roughly 41 percent, supported by a large share of women borrowers and first time home loan customers. Revenue and profit both scaled steadily over this period, reflecting the underlying growth in its loan book and its position as a niche lender to the underserved affordable housing segment.
The company raised about Rs 360 crore from anchor investors at the IPO cap price of Rs 493 per share, with 38 anchor investors participating including Goldman Sachs and several large domestic mutual funds such as ICICI Prudential, Nippon Life India, Kotak, Axis, UTI, Mirae Asset, Franklin India and Tata Mutual Fund.
Source: RHP • Analysis provided for informational purposes
Last Updated: 17 July 2026, 5:30 AM
Fast growing affordable housing lender
The company scaled its loan book quickly over FY2021 to FY2023, driven by a large addressable market of first time and self employed home buyers in smaller cities.
Wide, technology enabled distribution
A dense branch network across multiple states, backed by a scalable in-house technology and analytics setup, supports underwriting and collections for a geographically dispersed borrower base.
Established, professionally managed ownership
Backing from experienced private equity investors alongside an operator promoter has supported governance and capital discipline as the company has grown.
Concentration in a few states
A large share of the loan book is concentrated in a handful of states, so any regional economic or regulatory stress could disproportionately affect asset quality.
Asset quality risk in an underserved segment
Lending mainly to self employed and first time borrowers with limited formal income documentation carries inherently higher credit risk than lending to salaried, well documented borrowers.
Interest rate and funding cost sensitivity
As a housing finance company reliant on wholesale borrowings, profitability is sensitive to changes in funding costs and the company's ability to pass these through to customers.
India Shelter Finance Corporation Limited
Company contact details are not available.
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