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Invest in Public Issue

Indel Money Limited


Opening Date

Oct 13, 2025

Closing Date

Oct 24, 2025

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Allotment

First Come
First Serve

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Credit Rating

IVR A-/Stable Infomerics Valuation and Rating Limited

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Base Issue

₹150 Crores

Greenshoe

₹150 Crores

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Highest Yield

12.25%

Min. Investment

₹10,000

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Issue Details

Essentials

Issue price

₹1,000

Face Value

₹1,000/ NCD

Issue Size

₹300 Crores

Minimum Investment

₹10,000 (10 NCDs)

Rating

IVR A-/Stable Infomerics Valuation and Rating Limited

Listing on

BSE

Issue Opening Date

Oct 13, 2025

Issue Closing Date

Oct 24, 2025

Mode of Issue

Public Issue

Registrar

MUFG Intime India Private Limited

Mode of allotment and Trading

Dematerialized

About the Issuer

Indel Money Limited (IML), part of the diversified Indel Group, is a RBI-registered NBFC-Mid Layer specializing in gold loans with a focus on rural and semi-urban markets. Originally founded under a moneylender’s license in Kerala, the company has grown into a regulated financial services provider with a network of 373 branches across 12 states and 3 union territories. Its core business is lending against household gold jewelry, supported by complementary offerings such as loans against property, business loans, and personal loans. The Gold Loan portfolio accounted for 89.87% of its total loans as of June 30, 2025, with AUM rising steadily from ₹72,995.90 lakhs in FY23 to ₹1,78,988.95 lakhs in Q1 FY26, reflecting strong growth momentum. Revenue has scaled from ₹18,729.75 lakhs in FY23 to ₹33,052.97 lakhs in FY25, while PAT increased from ₹2,054.12 lakhs to ₹4,457.64 lakhs during the same period, demonstrating healthy profitability. Interest income from gold loans continues to be the key contributor with 90.96% of the total interest income in Q1 FY26. With quick turnaround times, doorstep services, and a variety of tailor-made gold loan schemes, Indel Money has built a strong customer base spanning farmers, traders, business owners, salaried individuals, and families. Backed by Indel Corporation Private Limited, which holds 100% ownership, the company is well-positioned to leverage its rural-centric model, robust financial performance, and expanding footprint to drive future growth in India’s gold loan sector.

Competitive Strengths

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Stable Capital Position.

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Diversified Funding Sources & proactive liquidity management.

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Strong Operational and Financial Performance.

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Efficient Tech-Driven Framework.

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Experienced Leaders and Workforce.

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Extensive Rural & Semi-Urban Reach.

Objectives for IPO Issue

For the purpose of Working Capital–- 75% of the amount raised and allotted in the Issue

For General Corporate Purposes–- 25% of the amount raised and allotted in the Issue

Source: Invest only after referring to the Prospectus dated September 29, 2025.

Disclaimer: Invest only after referring to the Prospectus dated September 29, 2025.

Available Bonds Options

Series I II III IV V VI VII VIII
Nature
Secured Secured Secured Secured Secured Secured Secured Secured
Frequency of Interest Payment
Monthly Cumulative Monthly Cumulative Monthly Cumulative Monthly Cumulative
Face Value of NCDs (₹ /NCD)
₹ 1000 (1 NCD) ₹ 1000 (1 NCD) ₹ 1000 (1 NCD) ₹ 1000 (1 NCD) ₹ 1000 (1 NCD) ₹ 1000 (1 NCD) ₹ 1000 (1 NCD) ₹ 1000 (1 NCD)
Tenor (in days/ months)
366 Days 366 Days 24 Months 24 Months 36 Months 36 Months 60 Months 72 Months
Coupon (%) (per annum) for all Categories
9.00% NA 9.75% NA 10.25% NA 11.25% NA
Effective Yield (per annum) for all Categories
9.38% 9.00% 10.20% 9.75% 10.74% 10.25% 11.84% 12.25%
Amount (₹ / NCD) on Maturity for NCD Holders for all Categories
₹ 1000 ₹ 1090.25 ₹ 1000 ₹ 1204.51 ₹ 1000 ₹ 1340.28 ₹ 1000 ₹ 2000.83

Allocation Ratios

Particulars Category I Category II Category III Category IV
% of the Issue size 20% 20% 30% 30%
Base Issue Size (in ₹ crore) 30 30 45 45
Green Issue Size (in ₹ crore) 30 30 45 45
Total Issue Size (in ₹ crore) 60 60 90 90

Frequently Asked Questions

What is the Issue Size?

  • ₹ 150 Crores (Base Issue) with a green shoe option of Rs. 150 Crores aggregating up to ₹ 300 Crores.

Credit Rating for the NCDs?

  • The NCDs proposed to be issued under the Issue have been rated IVR A-/Stable (IVR Single A Minus with stable outlook) by Infomerics Valuation and Rating Limited vide its letters dated September 12, 2025 and September 19, 2025 read with rating rationale and press release dated September 19, 2025, for the NCDs proposed to be issued pursuant to this Issue..

Security?

  • The principal amount of the NCDs to be issued in terms of this Prospectus together with all interest due and payable on the NCDs, shall be secured by way of first ranking pari-passu charge on current assets, including book debts, receivables, loans and advances and cash & bank balances (excluding reserves created in accordance with law and exclusive charge created in favour of secured charge holders in terms of their respective loan agreements/ documents), both present and future of the Company such that a security cover of at least 100% of the outstanding principal amounts and interest thereon in respect of the Debentures is maintained at all times until the Maturity Date, created in favor of the Debenture Trustee, as specifically set out in and fully described in the Debenture Trust Deed and this Prospectus.

What is the face value/ Issue Price of the NCDs?

  • Rs. 1,000/- Per NCD

What is the frequency of interest payment?

  • Series I, III , V, VII – Monthly Coupon
  • Series II, IV, VI, VIII – Cumulative Coupon

What is the minimum application amount?

  • Rs. 10,000/- (10 NCDs) and in multiple of Rs. 1,000/- (1 NCD) thereafter (for all the options of NCDs either taken individually or collectively)

Modes of Applying?

  • Application through the ASBA Process (for all applicants). Retail Individual applicant may use the UPI mechanism to block funds for application value up to Rs. 5 Lakhs submitted through the app/web interface of the Stock Exchange or through intermediaries (Syndicate members, Registered Stock Brokers, Registrar and Transfer agent and Depository Participants)

Who is not eligible to invest in the issue?

  • The following categories of persons, and entities, shall not be eligible to participate in the Issue and any Applications from such persons and entities are liable to be rejected:
  • a. Minors without a guardian name* (A guardian may apply on behalf of a minor. However, Applications by minors must be made through Application Forms that contain the names of both the minor Applicant and the guardian; It is further clarified that it is the responsibility of the Applicant to ensure that the guardians are competent to contract under
  • applicable statutory/regulatory requirements);
  • b. Foreign nationals, NRI inter-alia including any NRIs who are (i) based in the USA, and/or, (ii) domiciled in the USA, and/or, (iii) residents/citizens of the USA, and/or, (iv) subject to any taxation laws of the USA;
  • c. Persons resident outside India and other foreign entities;
  • d. Foreign Institutional Investors;
  • e. Foreign Portfolio Investors;
  • f. Non Resident Indians;
  • g. Qualified Foreign Investors;
  • h. Overseas Corporate Bodies**;
  • i. Foreign Venture Capital Funds; and
  • j. Persons ineligible to contract under applicable statutory/ regulatory requirements.
  • * Applicant shall ensure that guardian is competent to contract under Indian Contract Act, 1872
  • **The concept of Overseas Corporate Bodies (meaning any company, partnership firm, society and other corporate body or overseas trust irrevocably owned/held directly or indirectly to the extent of at least 60% by NRIs), which was in existence until 2003, was withdrawn by the Foreign Exchange Management (Withdrawal of General Permission to Overseas Corporate Bodies) Regulations, 2003. Accordingly, OCBs are not permitted to invest in the Issue.

Can the application be made on joint names?

  • Applications may be made in single or joint names (not exceeding three). In the case of joint Applications, all payments will be made out in favour of the first Applicant. All communications will be addressed to the first named Applicant whose name appears in the Application Form and at the address mentioned therein.

Listing?

  • The NCDs are proposed to be listed on BSE.

Tenor?

  • Series I, II – 366 Days
  • Series III, IV – 24 Months
  • Series V,VI – 36 Months
  • Series VII – 60 Months
  • Series VIII – 72 Months

Basis of Allotment

  • Category I (Institutional) - 20 % of the Issue Size
  • Category II (Non-Institutional)- 20 % of the Issue Size
  • Category III (HNI) - 30 % of the Issue Size
  • Category IV (Retail Individual) - 30 % of the Issue Size

Can an applicant trade the NCDs in the market?

  • Yes. The NCDs will be listed on BSE. The trading of the NCDs shall be in dematerialized form only

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