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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
Augmentation of capital base
Net proceeds from the fresh issue strengthen the company's Tier-I capital, supporting capital adequacy and future growth of the loan book.
(₹ in Crore)
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Muthoot Microfin Limited is a non banking financial company operating as a microfinance institution, extending small-ticket loans mainly to women customers in rural India for income generating purposes. It ranked among the top five NBFC-MFIs in the country by gross loan portfolio at the time of its IPO, and is the second largest company by assets under management within the Muthoot Pappachan Group. Incorporated in 1992, the company is part of the Muthoot Pappachan Group, a diversified conglomerate with a presence spanning financial services, automotive dealerships, hospitality, real estate and other sectors, with a business history stretching back more than five decades. Around the time of its public listing it served roughly 2.77 million active customers through a network of about 1,172 branches across 18 states and union territories, supported by a workforce of over 10,000 employees, and carried a gross loan portfolio approaching Rs 9,200 crore. The company positions itself on a rural, women-focused lending model, combining a wide branch network with a technology enabled operating framework intended to speed up loan approval and disbursement, including borrower-focused digital health and insurance initiatives. Its loan book, funded substantially through borrowings in the manner typical of an NBFC lender, grew rapidly in the years leading up to listing, and the company draws on brand recall and operational synergies from its association with the wider Muthoot Pappachan Group. It listed on the NSE and BSE on 26 December 2023 following a mainboard IPO combining a fresh issue of shares with an offer for sale by the promoter group and other selling shareholders.
Muthoot Microfin raised about Rs 285 crore from more than 20 anchor investors ahead of the issue opening, at the IPO price of Rs 291 per share. The anchor book included domestic and foreign institutions such as WCM International, JNL Multi-Manager International, Morgan Stanley, Societe Generale, ICICI Prudential Life Insurance and HDFC Life Insurance.
Source: RHP • Analysis provided for informational purposes
Last Updated: 17 July 2026, 5:30 AM
Established microfinance market position
The company ranked among the top five NBFC-MFIs in India by gross loan portfolio at the time of listing, with a long operating history in rural micro-lending.
Muthoot Pappachan Group affiliation
Association with a diversified, decades-old financial services conglomerate lends brand recognition and access to shared operational expertise.
Rapid, well-capitalised growth
Loan assets and profitability expanded sharply in the years before the IPO, supported by a healthy capital adequacy position.
Technology-enabled operating model
A digitally supported loan approval and disbursement process, along with borrower-focused digital health and insurance initiatives, helps the company serve a large, geographically dispersed rural customer base efficiently.
Unsecured lending exposure
Loans are extended largely without traditional collateral to a customer segment with limited financial cushioning, raising credit risk in a downturn.
Geographic concentration
A large share of the loan book is concentrated in a small number of states, so adverse local conditions could disproportionately affect performance.
Elevated cost of borrowing
As a lender funded largely through debt, profitability is sensitive to the company's own funding costs relative to peers.
Muthoot Microfin Limited
13th Floor, Parinee Crescenzo, Bandra Kurla Complex, Bandra East, Mumbai, Maharashtra 400051
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Sensitivity to interest rate and regulatory shifts
Changes in RBI policy or microfinance-sector regulation can affect both the company's funding costs and its lending practices.