Belstar Microfinance Ipo
Belstar Microfinance IPO Review & Key Points
Review:
IPO Lead Managers aka Merchant Bankers
ICICI Securities Limited
Axis Capital Limited
HDFC Bank Limited
SBI Capital Markets Limited
| Name of the Company | Face Value (₹) | EPS basic (₹) | EPS Diluted (₹) | RONW (%) | P/E Ratio | NAV (₹) |
| Powerica Limited | 5 | 15.26 | 15.26 | 15.37 % | 24.45 | 99.76 |
| Listed Peers | ||||||
| Cummins India Limited | 2 | 72.15 | 72.15 | 26.45% | 64.13 | 272.78 |
| Kirloskar Oil Engines Limited | 2 | 33.71 | 33.60 | 15.85% | 43.24 | 212.60 |
| NTPC Green Energy Limited | 10 | 0.67 | 0.67 | 2.58% | 129.40 | 21.88 |
| Acme Solar Holdings Limited | 2 | 4.55 | 4.53 | 5.59% | 50.74 | 74.54 |
| Adani Green Energy Limited | 10 | 8.37 | 8.37 | 11.90% | 101.53 | 76.62 |
| IPO Open Date: | 2026 |
| IPO Close Date: | 2026 |
| Face Value: | ₹10 Per Equity Share |
| IPO Price Band: | ₹[.] to ₹[.] Per Share |
| Issue Size: | Approx ₹1,300 Crores |
| Fresh Issue: | Approx ₹1,000 Crores |
| Offer for Sale: | Approx [.] Equity Shares |
| Issue Type: | Book Built Issue |
| IPO Listing: | BSE & NSE |
| DRHP Draft Prospectus: | |
| RHP Draft Prospectus: |
| Application | Lot Size | Shares | Amount |
| Retail Minimum | – | – | ₹- |
| Retail Maximum | – | – | ₹- |
| S-HNI Minimum | – | – | ₹- |
| S-HNI Maximum | – | – | ₹- |
| B-HNI Minimum | – | – | ₹- |
| Investor Category | Share Offered | -% Shares |
| Anchor Investor | – Shares | -% |
| QIB (Ex. Anchor) | – Shares | 75% |
| NII Shares Offered | – Shares | 15% |
| Retail Shares Offered | – Shares | 10% |
| Anchor Bidding Date | 2026 |
| Anchor Investors List | |
| Shares Offered | [.] Shares |
| Anchor Size | [.] Cr. |
| lock-in period end date 50% shares (30 Days) | 2026 |
| lock-in period end date 50% shares (90 Days) | 2026 |
| IPO Open Date: | 2026 |
| IPO Close Date: | 2026 |
| Basis of Allotment: | 2026 |
| Refunds: | 2026 |
| Credit to Demat Account: | 2026 |
| IPO Listing Date: | 2026 |
| IPO Bidding Cut-off Time: | 2026 – 5 PM |
| Particular | Shares | % Share |
| Promoter Holding Pre Issue | 5,48,44,055 | 73.30% |
| Promoter Holding Post Issue | – | -% |
| Purpose | Crores |
| To meet future capital requirements towards onward lending. | ₹760 |
| General Corporate Purpose | ₹- |
| Period Ended | Revenue | Expense | PAT | Assets |
| 2021 | ₹552.94 | ₹495.93 | ₹46.65 | ₹3,467.29 |
| 2022 | ₹728.43 | ₹672.29 | ₹45.13 | ₹4,560.29 |
| 2023 | ₹1,037.92 | ₹868.61 | ₹130.33 | ₹6,226.90 |
| December 2023 | ₹1,295.21 | ₹987.88 | ₹235.12 | ₹8,096.88 |
| KPI | Values |
| ROE: | 13.38% |
| ROCE: | [.]% |
| EBITDA Margin: | [.]% |
| PAT Margin: | [.]% |
| Debt to equity ratio: | 4.42 |
| Earning Per Share (EPS): | ₹27.12 (Basic) |
| Price/Earning P/E Ratio: | N/A |
| Return on Net Worth (RoNW): | 11.93% |
| Net Asset Value (NAV): | ₹223.63 |
| Company | EPS | PE Ratio | RoNW % | NAV | Income |
| Muthoot Microfin | 14.19 | 19.48 | 10.08% | 139.16 | 1,446.34 Cr. |
| Equitas Small Finance Bank | 4.71 | 21.10 | 11.12% | 46.44 | 4,831.46 Cr. |
| Ujjivan Small Finance Bank | 5.82 | 9.25 | 26.45% | 21.27 | 4,754.19 Cr. |
| CreditAccess Grameen | 52.04 | 28.61 | 16.17% | 321.38 | 3,550.79 Cr. |
| Spandana Sphoorty Financial | 1.74 | 504.22 | 0.41% | 428.72 | 1,394.45 Cr. |
| Bandhan Bank | 13.62 | 13.50 | 11.21% | 121.58 | 18,373.25 Cr. |
| Suryoday Small Finance Bank | 7.32 | 28.28 | 4.90% | 149.28 | 1,281.11 Cr. |
| Fusion Micro Finance | 43.29 | 11.88 | 16.67% | 230.74 | 1,799.97 Cr. |
| Satin Creditcare Network | 33.79 | 8.03 | 13.81% | 224.55 | 1,761.55 Cr. |
| Utkarsh Small Finance Bank | 4.52 | 12.97 | 20.22% | 22.33 | 2,804.29 Cr. |
| Period Ended | Revenue | Expense | PAT | Assets |
| 2023 | ₹184.81 | ₹154.97 | ₹32.10 | ₹251.58 |
| 2024 | ₹206.45 | ₹175.85 | ₹34.44 | ₹339.25 |
| 2025 | ₹322.58 | ₹261.43 | ₹28.13 | ₹455.49 |
| Dec 2025 | ₹236.50 | ₹186.96 | ₹38.69 | ₹561.34 |