Whalesbook
Okay, toh Kissht ka IPO finally launch ho gaya hai, price ₹162-171 ke beech rakha gaya hai. Total ₹926 crore ka IPO hai, jisme ₹850 crore fresh issue hai aur baaki existing shareholders bech rahe hain. Anchor investors ne toh already ₹277.7 crore laga diye hain, isse thoda confidence aata hai.
Ab sabse main baat ye hai ki ye IPO ka paisa kahan jayega? Ye log paisa primarily apni subsidiary, Si Creva Capital Services, mein daal rahe hain. Ye Si Creva ek NBFC hai aur Kissht ka pura lending business, loan disbursement, KYC, collection sab yehi sambhalti hai. Matlab, Kissht ka model 'asset-light' hai, jahan ye fees kamate hain aur risk Si Creva par rehta hai. IPO se lagbhag ₹637.50 crore Si Creva ki capital ko boost karne mein lagenge.
Par yahan hai asli tension! Kissht India ke 'aspirational mass market' ko target kar raha hai. Ye ek bada market hai, par yahan credit risk bahut high hai. Sabse badi chinta hai ki inke loans ka 94.23% se 98.15% tak unsecured hai. Matlab, bina kisi guarantee ke diye gaye loans. Aur RBI bhi keh rahi hai ki unsecured retail loans mein NPA badh sakte hain. Kissht ka khud ka Gross NPA 2.9% aur Net NPA 0.4% hai, jo is segment mein volatile ho sakta hai.
Aur bhai, digital lending mein naye RBI rules bhi aa gaye hain. Jaise ki, fund ka flow seedha borrowers se Regulated Entities (REs) ke paas hona chahiye, aur April 2026 se two-factor authentication compulsory hoga. Ye sab compliance aur operational cost badha denge.
Valuation ki baat karein toh IPO Price to Adjusted Book Value (P/ABV) 1.6x hai. Pehle fintech IPOs mein isse zyada multiple dekhe gaye hain, par ab market profit aur solid performance dekhna chahta hai. Aur yahan ek aur chinta hai ki FY25 mein company ka operating revenue 20% gira hai aur profit 19% gira hai FY24 ke comparison mein. Operating cash flow bhi negative raha hai. Toh ye sab factors IPO ke valuation aur future prospects ko thoda doubtful bana rahe hain.
Overall, Kissht ek bade market ko target kar raha hai, par unsecured loans ka risk, subsidiary par heavy reliance, aur naye regulations iske liye ek challenge ban sakte hain.