Anand Rathi Backs Moneyview IPO for the Long Term
Digital financial services platform Moneyview Limited has received a “Subscribe – Long Term” recommendation from brokerage and research firm Anand Rathi ahead of its initial public offering, which opens for subscription on September 24, 2026.
In its research report dated September 23, Anand Rathi highlighted Moneyview’s expanding user base, deeper product penetration, improving operating efficiency and capital-light business model as factors supporting its long-term outlook.
The brokerage said:
“The combination of user growth, increasing product penetration, improving operating efficiency and a capital-light business model provides visibility for continued growth.”
On that basis, Anand Rathi assigned the IPO a “Subscribe – Long Term” rating. This is the brokerage’s assessment rather than a guarantee of listing gains or future investment returns.
Moneyview IPO: Price Band, Issue Size and Key Dates
Moneyview's IPO is a ₹1,091.68 crore book-built issue with a price band of ₹32–₹34 per equity share.
The public issue opens on September 24 and closes on September 28, 2026. The basis of allotment is scheduled for September 29, while shares are expected to be credited on September 30. The proposed listing date is October 1, 2026.
The minimum bid lot is 441 shares. At the upper end of the ₹34 price band, this translates into a minimum retail application of ₹14,994.
₹750 Crore Fresh Issue, ₹341.68 Crore OFS
The IPO consists of two components.
Moneyview plans to raise ₹750 crore through a fresh issue, accounting for about 69% of the overall issue. The remaining approximately ₹341.68 crore is an Offer for Sale (OFS), taking the total issue size to ₹1,091.68 crore.
Under the OFS, existing shareholders are offering up to 100,494,200 equity shares. Selling shareholders named in the offer documents include founders and investors such as Accel entities, Internet Fund III, Ribbit Capital and others.
Because the OFS proceeds go to the selling shareholders, only the net proceeds from the fresh issue are available to Moneyview for its stated corporate purposes.
Where Will Moneyview Use the Fresh Capital?
Moneyview plans to deploy ₹325 crore from the net fresh-issue proceeds to support growth in loan disbursements under Default Loss Guarantee, or DLG, arrangements.
Another ₹250 crore is earmarked for investment in its material subsidiary Whizdm Finance (WFPL) to strengthen the subsidiary's capital base. The remaining amount will be used for general corporate purposes.
This allocation is significant because lending capacity and access to capital remain important components of Moneyview's growth strategy even though its broader platform distributes financial products through multiple partners.
What Does Moneyview Do?
Moneyview describes itself as a consumer-focused, digital-only and credit-led financial services platform aimed at “Middle India” customers.
The company provides financial products through a network of financial partners, including its NBFC subsidiary. Its offerings have expanded beyond personal loans to areas including insurance, credit cards, digital gold, payments and earned-wage access.
As of June 30, 2026, Moneyview had 140.28 million registered users and 11.90 million monetised users, according to Anand Rathi's report. Its platform covered 99.04% of PIN codes across India.
Registered users increased from 83.27 million as of March 31, 2024, to 134.14 million as of March 31, 2026, demonstrating the scale at which the platform expanded its reach before the IPO.
As of June 2026, Moneyview also had 48 financial partners integrated into its network.
Moneyview's Revenue Rises, FY26 Profit Growth Remains Modest
Moneyview's financial performance presents investors with two different trends: strong revenue expansion alongside comparatively modest full-year profit growth.
For FY26, revenue increased about 43% to ₹3,404.27 crore, while net profit rose around 1% to ₹242.71 crore.
The June 2026 quarter showed considerably stronger earnings momentum. Revenue stood at ₹1,065.09 crore, up 51.5% year-on-year, while net profit climbed 158.8% to ₹173.80 crore, compared with ₹67.15 crore in the corresponding quarter a year earlier.
Moneyview had borrowings of ₹5,484.76 crore as of June 2026, according to the reported financial data.
These numbers provide useful context to Anand Rathi's positive long-term assessment: the brokerage's recommendation reflects its outlook on future growth and operating efficiency, while prospective investors still need to assess the company's lending exposure, profitability trajectory and valuation independently.
IPO Valuation Is Below Moneyview's Earlier Private-Market Valuation
At the upper end of the price band, Moneyview is targeting a valuation of approximately ₹5,985 crore, or roughly $624 million at the exchange rate used by Reuters.
That represents a notable reset from the company's previous private-market valuation. Moneyview's targeted IPO valuation is around 20% below its 2022 funding-round valuation, according to recent reporting.
The lower valuation provides an important backdrop to the IPO. It illustrates how some venture-backed Indian technology companies are approaching public markets at valuations that differ from those established during earlier private funding cycles.
Accel and Tiger Global Among Major Shareholders
Moneyview counts several prominent global investors among its shareholders.
Ahead of the IPO, Accel held 21.89%, making it the largest shareholder. Tiger Global, through Internet Fund III, held 13.79%, while promoter Sanjay Aggarwal held 10.33%, Ribbit Capital had 10.2%, and Puneet Agarwal held 8.66%.
The IPO is being managed by Axis Capital, BofA Securities India, IIFL Capital Services and Kotak Mahindra Capital Company.
What Anand Rathi's ‘Subscribe – Long Term’ Call Means
Anand Rathi's recommendation is specifically framed around the long-term investment case, rather than a prediction about the stock's listing-day performance.
The brokerage sees Moneyview's large user base, increasing penetration of financial products, operating-efficiency improvements and capital-light model as providing visibility for continued growth.
Investors evaluating the issue, however, have additional factors to consider. Moneyview is entering the public market at a lower valuation than its earlier private funding round, its FY26 revenue grew substantially faster than profit, and a meaningful portion of the IPO is an OFS rather than fresh capital raised by the company.
The IPO therefore puts two questions at the centre of the investment case: whether Moneyview can convert its large digital distribution network into sustained earnings growth, and whether its ₹32–₹34 price band appropriately reflects that opportunity and the associated risks.
Investors can review Moneyview's RHP, price-band advertisement and other official offer documents on the company's investor-relations page before making an investment decision.
