Moneyview IPO Day 2: Subscribed 6.01x; QIB demand surges 400% to 0.25x
- Moneyview IPO subscribed 6.01x by end of Day 2
- QIB demand surged 400% to 0.25x
- NII led with 17.55x subscription; Retail at 5.18x
- Issue size ranges from ₹14,994 crore to ₹50,000 crore
- Price band set at ₹32.00 - ₹34.00
*this image is generated using AI for illustrative purposes only.
Moneyview's IPO witnessed a dramatic surge in institutional interest on its final bidding day, September 28, 2026, with the overall subscription hitting 72.96x. The Qualified Institutional Buyer (QIB) category emerged as the standout performer, jumping to 163.36x from minimal levels earlier in the day.
Subscription Status
The fintech platform's issue saw explosive growth in demand during the final hours of bidding. While the total subscription stood at 6.01x at the close of Day 2, it raced ahead to 72.96x by the latest snapshot on Day 3. The most striking development was in the QIB segment, which transformed from a negligible 0.25x on Day 2 to a robust 163.36x, indicating strong conviction among large financial institutions.
| Day | Date | QIB | NII (bHNI) | NII (sHNI) | Retail | Total |
|---|---|---|---|---|---|---|
| Day 1 | 24-09-2026 | 0.05x | 3.22x | 2.03x | 1.79x | 1.44x |
| Day 2 | 25-09-2026 | 0.25x | 17.55x | 14.33x | 5.18x | 6.01x |
| Day 3 | 28-09-2026 | 163.36x | 63.15x | 108.48x | 14.01x | 72.96x |
Category-wise Breakdown
Non-Institutional Investors (NII) also showed strong participation, with Big HNIs (bHNI) subscribing 63.15x and Small HNIs (sHNI) reaching 108.48x. The sHNI category remained highly oversubscribed, reflecting significant retail-institutional crossover interest. Retail investors contributed to the momentum with a subscription rate of 14.01x, up from 5.18x on Day 2.
Intra-day Timeline
The subscription pace accelerated throughout the day, with the total subscription jumping from 2.31x at 11:15 IST to 6.01x at 17:15 IST. A notable spike occurred between 16:15 and 17:15, where the total subscription rose from 4.22x to 6.01x.
| Time (IST) | QIB | NII (bHNI) | Retail | Total |
|---|---|---|---|---|
| 11:15 | 0.05x | 5.97x | 2.61x | 2.31x |
| 12:15 | 0.06x | 7.71x | 3.09x | 2.84x |
| 13:15 | 0.09x | 9.63x | 2.62x | 2.94x |
| 14:15 | 0.10x | 11.91x | 4.02x | 4.17x |
| 15:15 | 0.10x | 14.30x | 4.51x | 4.90x |
| 16:15 | 0.16x | 12.16x | 3.59x | 4.22x |
| 17:15 | 0.25x | 17.55x | 5.18x | 6.01x |
Offer Details
The Moneyview IPO had a price band of ₹32.00 - ₹34.00 per share. The issue size ranged between ₹14,994 crore and ₹5,00,000 crore. The minimum bid quantity was set at 441 shares. The bidding window opened on September 24, 2026, and closed on September 28, 2026.
About the Company
Moneyview is a digital-only, credit-led financial services platform targeting 'Middle India' households with annual incomes between ₹300,000 and ₹1,100,000. Founded in 2014 by Puneet Agarwal and Sanjay Aggarwal, the company operates as a two-sided network connecting 140.28 million registered users with 48 financial partners. It offers products across Borrow, Transact, Invest, and Protect categories, including personal loans, credit cards, home loans, insurance, and UPI services. The platform utilizes in-house AI/ML models analyzing over 100,000 variables to facilitate these services.
Financial Highlights
The company has demonstrated consistent growth in revenue and profitability over the last three fiscal years. Total income grew significantly in Fiscal 2026, supported by an increase in loan disbursals.
| Metric (₹ Crore) | FY 2024 | FY 2025 | FY 2026 |
|---|---|---|---|
| Revenue from Operations | 1,342.37 | 2,339.15 | 3,351.16 |
| Other Income | 46.87 | 39.38 | 53.12 |
| Total Revenue | 1,389.24 | 2,378.53 | 3,404.27 |
| Total Expenses | 1,190.94 | 2,059.32 | 2,870.27 |
| Profit Before Tax | 198.30 | 319.21 | 327.35 |
| Profit After Tax | 171.15 | 240.28 | 242.71 |
Objects of the Issue
The net proceeds from the IPO are intended for:
- Investment to Drive Growth in Loan Disbursals under Default Loss Guarantee (DLG) Arrangements: ₹325 crore to increase aggregate DLGs outstanding.
- Investment in Whizdm Finance Private Limited (WFPL): ₹250 crore to augment the capital base of the wholly-owned subsidiary.
- General Corporate Purposes: Remaining balance for administrative expenses, advertising, promotion, and service costs.
What's Next
Allotment is scheduled for September 29, 2026, with listing expected on October 1, 2026.
How might the continued surge in QIB demand on Day 3 influence the final allotment basis and grey market premium for Moneyview shares?
Given the rising impairment expense of 5.16%, how will the deployment of IPO proceeds into Default Loss Guarantees impact Moneyview's future credit risk profile?
Will the heavy reliance on Non-Institutional Investors lead to increased volatility in the stock price during the initial listing phase compared to IPOs with stronger institutional backing?
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