IPO Details

Bidding Dates

To be announced

Minimum Investment

To be announced

Price Range

To be announced

Maximum Investment

To be announced

Retail Discount

To be announced

Issue Size

Up to [ ● ] equity shares aggregating up to ₹ 13,000 Million

Investor category and sub category

Retail Individual Investors (RII)  |   Non-institutional Investors (NII)  |   Qualified Institutional Buyers (QIB)  |   Eligible employees  |  

About Belstar Microfinance Limited

Belstar Microfinance Limited proudly ranks as the ninth-largest Non-Banking Finance Company - Micro Finance Institution (NBFC-MFI) in India based on its asset under management (AUM) as of December 31, 2023, as per the CRISIL Report.

Since its establishment in 1988 and acquisition by Dr. Kalpanaa Sankar, Managing Director, Belstar has championed social responsibility by promoting entrepreneurship and economic empowerment of women in rural and semi-urban areas through various loan offerings.

With a strong focus on the "self-help group" (SHG) lending model, which constitutes a significant portion of its gross loan portfolio, Belstar operates across 279 districts in 19 states and union territories, boasting 1,009 branches and a dedicated team of 10,169 employees. By December 31, 2023, the company served approximately 2.67 million active customers.

Backed by a solid financial standing, including a "AA" credit rating from CRISIL, and supported by Muthoot Finance Limited and renowned private equity investors, Belstar continues to expand its operations strategically. Leveraging technology, such as the Samrithi Customer Application, the company enhances digital interactions and transactions, ensuring seamless access to financial services for its customers.

Industry Outlook:

  1. Systemic credit in India is expected to grow at a compound annual growth rate (CAGR) of 13%-14% between FY24 and FY25, led by robust demand in the retail credit market.
  2. The retail credit segment, which grew at a CAGR of 15% from FY19 to FY24, is projected to grow by 14%-16% in FY25. Non-Banking Financial Companies (NBFCs) are anticipated to experience credit growth of 16%-18% in FY25, driven particularly by sectors such as microfinancing and vehicle financing.

Belstar Microfinance Limited IPO Details

Belstar Microfinance Limited IPO Dates

The exact dates are yet to be announced.

Belstar Microfinance Limited IPO Price Band

The exact price range per share has yet to be announced.

Belstar Microfinance Limited IPO Lot Size

The exact lot size is yet to be announced.

Belstar Microfinance Limited IPO Objectives

The company plans to allocate the net proceeds from the issuance to the following purposes:

  1. Allocate funds to raise capital to meet future capital requirements for onward lending. This is essential for the company to maintain a strong capital adequacy ratio as per RBI guidelines, supporting the growth of their loan portfolio and asset base.
  2. The remaining Net Proceeds will be used for general corporate purposes such as routine business expenses, IT infrastructure advancements, business expansion, and other strategic initiatives.

Peer Details

The following are the listed peers of Belstar Microfinance Limited:

  1. Equitas Small Finance Bank Limited
  2. Ujjivan Small Finance Bank Limited
  3. CreditAccess Grameen Limited
  4. Spandana Sphoorty Financial Limited
  5. Bandhan Bank Limited
  6. Suryoday Small Finance Bank Limited
  7. Fusion Microfinance Limited
  8. Satin Creditcare Network Limited
  9. Utkarsh Small Finance Bank Limited

How to Check the Allotment Status of the Belstar Microfinance Limited IPO?

Steps to check IPO allotment status on Angel One’s app:

  1. Log in to the Angel One app
  2. Go to the IPO Section and then to IPO Orders.
  3. Select the individual IPO that you had applied for and check the allotment status.
  4. Angel One will notify you of your IPO allotment status via push notification and email.

Contact Details of Belstar Microfinance Limited IPO

  • Registered office: New No. 33, Old No. 14, 48th Street, 9 th Avenue, Ashok Nagar, Chennai, Tamil Nadu, 600083, India
  • Phone: 044-43414503
  • E-mail:cs@belstar.in

IPO Financials

Particulars As at December 31, 2023 Fiscal 2023 Fiscal 2022 Fiscal 2021
Revenue from Operations (in ₹ million) 12,831.40 10,312.61 7,272.29 5,514.04
Profit After Tax (PAT) (in ₹ million) 2,351.19 1,303.25 451.29 466.51
Cash and Cash Equivalents (in ₹ million) 5,885.01 12,812.45 7,218.36 4,521.23
Return on Net Worth (%) 17.76 11.93 5.27 8.61
Total Borrowing 64,241.81 48,264.86 35,570.36 27,956.36
Return on Equity (%) 19.46% 13.38% 6.46% 8.98%
Return on Net Worth (RoNW) (%) 17.76 11.93 5.27 8.61
EBITDA (in ₹ million) 7,247.75 5,465.90 3,560.06 3,005.04

Know before investing


  1. The company's consistent growth trajectory is supported by a robust risk management framework, evidenced by healthy portfolio quality indicators and a well-diversified loan portfolio. Belstar's emphasis on risk governance and customer-centric lending practices positions it for sustained growth.

  2. As part of the Muthoot Finance Group, Belstar leverages brand recall and operational synergies to expand its customer base and geographical reach. The association with a trusted financial conglomerate enhances credibility and provides access to diverse financial products.

  3. Belstar Microfinance Limited demonstrates strength in its operational efficiency, risk management practices, and strategic partnerships. With a focus on digital penetration and innovative IT systems, the company is well positioned for continued growth and success in the microfinance sector.


  1. Belstar Microfinance Limited primarily offers unsecured loans to microfinance borrowers, with 99.93% of its gross loan portfolio being unsecured as of December 31, 2023. Since many borrowers lack access to other forms of organised lending, there's an elevated risk of non-performing assets (NPAs), currently at 1.88%.

  2. Factors such as macroeconomic changes, customer behaviors, and regulatory requirements can influence NPAs beyond the company's control. Inaccurate estimation of risks may result in insufficient provisions for NPAs, further deteriorating the company's financial condition. Expansion plans across different geographies may exacerbate these challenges, potentially straining capital and human resources.

  3. With 48.46% of its gross loan portfolio originating from Tamil Nadu as of December 31, 2023, the company faces significant exposure to adverse developments in this region. Natural calamities like floods, cyclones, and earthquakes, prevalent in India, could disrupt operations and lead to increased write-offs.

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  • How to Check IPO Allotment Status

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Belstar Microfinance IPO FAQs

What is the Belstar Microfinance Limited IPO?

Belstar Microfinance Limited is a book-built IPO. The exact dates and price range are yet to be announced. 

When will Belstar Microfinance Limited IPO be allotted?

The exact allotment date is yet to be announced.

When will Belstar Microfinance Limited IPO open for subscription?

The IPO subscription window is not announced yet.

What minimum lot size can retail investors subscribe to?

The minimum lot size for retail investors is yet to be announced.

When will Belstar Microfinance Limited list on exchanges?

The exact date is not announced yet.

What would be the listing gains on the Belstar Microfinance Limited IPO?

Listing gains cannot be ascertained before the listing of the IPO on the stock exchange.

I have finished the application process for the Belstar Microfinance Limited IPO, but the funds still need to be debited. What is the reason?

Initially, the bank will only block the amount in your account. The money will not be debited until the stocks are allotted to you.

How do I approve the UPI mandate request for Belstar Microfinance Limited?

You must complete the payment process by logging in to your UPI handle and approving the payment mandate.

Can I submit more than one application for the public issue of Belstar Microfinance Limited using one PAN?

You can submit only one application using your PAN card.