Fintech IPOs are sold on users and AUM. The number that decides whether you get paid is credit cost. Moneyview's own filings put both side by side, and the second one is winning.
The issue
Moneyview opens on Wednesday, 24 September 2026 and closes on Monday, 28 September, at a price band of ₹32 to ₹34, lot size 441 shares. The issue is ₹1,092 crore: ₹750 crore fresh and ₹342 crore offer for sale. At the top of the band the company is valued at ₹5,985 crore. Listing is expected on 1 October. Allocation is 50% QIB, 15% NII, 35% retail, which is the standard split for a profitable company and means retail gets a larger share of this book than of last week's infrastructure issues.
The offer was cut before launch. The draft filing planned a ₹1,500 crore fresh issue and an OFS of 13.6 crore shares; the final version halves the fresh issue to ₹750 crore and trims the OFS to 10 crore shares. No reason was given.
What the company does
Moneyview is a Bengaluru-based digital lending platform. Through its app it offers unsecured personal loans, credit-score tracking and money-management tools to 14 crore registered users, and it had ₹21,380 crore of loans under management at 31 March 2026. Most of those loans sit on partner banks' and NBFCs' balance sheets; Moneyview originates, services and, increasingly, guarantees them. It is backed by Accel, Tiger Global and Ribbit Capital.
The numbers
| ₹ crore | FY24 | FY25 | FY26 |
|---|---|---|---|
| Total income | 1,389 | 2,379 | 3,404 |
| PAT | 171 | 240 | 243 |
| Loan AUM | 12,885 | 16,715 | 21,380 |
| Net worth | 1,607 | 1,919 | 2,225 |
| Borrowings | 1,709 | 3,204 | 4,885 |
Income grew 43% in FY26. Profit grew 1%. AUM grew 28%. Borrowings nearly tripled in two years. When a lender's income compounds at 43% and its profit stands still, the money is going into provisions and write-offs on the loans already made. That is what the filings show, and it is the single most important line in the document.
Where the money goes
Of the ₹750 crore fresh issue, ₹325 crore is earmarked for "investment to drive growth in loan disbursals under Default Loss Guarantee arrangements" and ₹250 crore goes into the lending subsidiary, Whizdm Finance, as capital. A default loss guarantee is a promise to a partner lender: if the loans Moneyview originates go bad, Moneyview covers the first slice of the loss, up to the 5% cap the RBI allows. So nearly half the fresh money is being raised to absorb defaults on loans the company does not own. Growth in disbursals under DLG is growth in that liability.
On the selling side, both promoters, Puneet Agarwal and Sanjay Aggarwal, sell up to 1.36 crore shares each, and Accel, Tiger Global and Ribbit all sell part of their stakes. Nobody is exiting fully; everybody who built the company is taking some money off the table.
Valuation
At ₹34 the company trades at roughly 25 times FY26 earnings and about 2.7 times book. The RHP does not offer a listed peer table, which is itself a signal: there is no listed Indian company that does exactly this. The nearest comparables are Bajaj Finance, an owner of its own book at around five times book value, and Northern Arc, a wholesale lender at around one times. Moneyview asks to be priced between the two while carrying the first loss on a book it does not consolidate.
The risks in one line each
Unsecured personal loans to app users are the first asset class to deteriorate when incomes tighten, and they did in FY25 and FY26. The RBI raised risk weights on unsecured retail lending in November 2023 and has tightened DLG and digital-lending rules since; more of that is possible. Funding depends on partner banks staying willing to lend through the platform. And the IPO itself was halved weeks before launch without explanation.
Verdict
Unsecured lending funded by partner banks, where Moneyview holds the first loss. Until credit cost stops swallowing growth, a 25x multiple pays for the vanity of AUM, not earnings power.
Educational purposes only, not investment advice. DYOR.
Sources: Moneyview Limited RHP and price band announcement, September 2026; Business Standard, 21 September 2026 (valuation and offer size reduction); Business Today and Novelty Wealth IPO coverage, 21 to 23 September 2026; RBI guidelines on default loss guarantee in digital lending, June 2023.
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