India Shelter Finance IPO DetailsBidding DatesMin. InvestmentLot SizePrice Range
13 Dec ‘23 - 15 Dec ‘23₹14,07030₹469 - ₹493
Issue SizeIPO Doc
1200.00CrRHP PDF
Subscription rate
Qualified Institutional Buyers89.70x
Non-Institutional Investor28.47x
Retail Individual Investor9.79x
Employees0.00x
Total36.62x
About India Shelter Finance
India Shelter Finance is a retail-focused company focusing on giving affordable housing loans.  The company targets self-employed individuals, particularly first-time home loan applicants in low and middle-income groups in Tier II and Tier III cities in India. 
India Shelter Finance's strategy involves leveraging technology and analytics throughout the customer life cycle. India Shelter Finance follows an end-to-end in-house approach for key lending operations, including customer acquisition, underwriting, collateral valuation, legal assessment, and collections. This approach ensures direct control over processes, minimizing turnaround times, increasing customer retention, and mitigating the risk of fraudulent activities.;Founded in
1998
Managing director
Mr. Rupinder Singh
Parent organisation
India Shelter Finance Corporation Limited
Strengths & Financials of India Shelter FinanceStrengths
Risks
India Shelter Finance primarily focuses on financing the purchase and self-construction of residential properties for first-time home loan takers. As of September 30, 2023, a significant 70.7% of their customers fall into this category.
The company's asset under management (AUM) composition reflects a strategic balance, with home loans accounting for 57.6% and loans against property representing 42.4%.
India Shelter Finance achieved an AUM growth of 40.8% between 2021 and 2023.
Distinguishing itself by catering to low and middle-income individuals, both salaried and self-employed, the company maintains a customer-centric approach. As of September 30, 2023, most of their customers have a monthly income of up to Rs. 50,000. A substantial portion of their loan portfolio comprises loans with principal amounts below Rs. 2.5 million.
India Shelter Finance’s loan-to-value ratios stand at 55.1% for home loans and 45.3% for loans against property as of September 30, 2023. 
With a phygital distribution network spanning 203 branches across 15 states, India Shelter Finance positions itself in high-growth areas with substantial demand for affordable housing finance. Their presence is in states that cover 94% of the affordable housing finance market.
India Shelter Finance has reduced gross non-performing assets (GNPA) to 1.13% as of March 31, 2023. 
For the six months ending September 30, 2023, and 2023, most of India Shelter Finance's assets under management, specifically 62.7% and 63.4%, respectively, originated from 3 states. Any negative developments in these states could harm the company's business, financial condition, and operational results.
The company's ability to recover collateral or outstanding amounts from defaulted loans promptly, or at all, may impact its business, financial condition, and operational results negatively.
Regular inspections by the National Housing Bank and the Reserve Bank of India are part of the company's regulatory landscape. Failure to comply with inspection observations may lead to penalties and fines, adversely affecting the company's reputation, business, financial condition, operational results, and cash flows.
Historically experiencing negative cash flows, the company may continue to face such situations in the future.
A corporate promoter, WestBridge Crossover Fund, LLC, has invested in Aptus Value Housing Finance Limited, a company in a similar line of business as India Shelter Finance.
With a focus on first-time home loan takers in India's Tier II and Tier III cities, the company acknowledges a potentially higher risk of non-payment or default among such customers. As of September 30, 2023, 70.7% of its customers fall into this category.
While maintaining a Capital to Risk-Weighted Assets Ratio (CRAR) exceeding RBI requirements, sustaining this level may limit the company's ability to deploy capital for profit-generating opportunities, portfolio expansion, or strategic investments.
Legal and other proceedings involving the company and its directors pose potential risks, and any unfavorable outcomes could adversely impact its business, financial condition, and operational results.
The company faces risks from customer decisions to transfer loan balances to other institutions, pre-close fixed-rate loans, or encounter difficulties refinancing existing housing loans from other institutions to India Shelter Finance.
Unprovided contingent liabilities and commitments in financial statements may adversely affect the company's operational results, financial condition, and cash flows if they materialize.
India Shelter Finance Financials
*All values are in Rs. Cr
No Graph Data To Display
Application Details of India Shelter Finance IPOApply asPrice bandApply upto
Regular₹469 - 493₹2 Lakh
High Networth Individual₹469 - 493₹2 - 5 Lakh
For India Shelter Finance IPO, eligible investors can apply as Regular.

Bidding Dates	Min. Investment	Lot Size	Price Range
13 Dec ‘23 - 15 Dec ‘23	₹14,070	30	₹469 - ₹493

Issue Size	IPO Doc
1200.00Cr	RHP PDF

Apply as	Price band	Apply upto
Regular	₹469 - 493	₹2 Lakh
High Networth Individual	₹469 - 493	₹2 - 5 Lakh

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Qualified Institutional Buyers	89.70x
Non-Institutional Investor	28.47x
Retail Individual Investor	9.79x
Employees	0.00x
Total	36.62x