Moneyview IPO

Moneyview IPO - I went through the RHP. Here’s my simple view.Moneyview is not just a loan app. It is a digital lending platform, with personal loans as its main business.Growth looks strong• Revenue: ₹2,339 Cr → ₹3,351 Cr
• Loan disbursals: ₹17,621 Cr → ₹23,099 Cr
• FY26 reported profit: ₹243 Cr One important point — ₹160 Cr CEO incentiveFY26 profit was impacted by a one-time ₹160 Cr incentive paid to CEO Puneet Agarwal.This was a performance/long-term value-linked incentive and was recognised as an expense in FY26.So, on a simplified basis:₹243 Cr reported profit + ₹160 Cr one-time expense = ~₹403 Cr adjusted profitThis makes the valuation look different.But the important question is: Will such a large payout recur in the future, and was it justified by the value created? Valuation at ₹34• Market Cap: ~₹5,985 Cr
• Reported P/E: ~21.7x
• P/B: ~2.3x
• Adjusted P/E: ~15xThe valuation doesn't look extremely expensive on the adjusted numbers, but credit risk remains an important factor.Where will IPO money go?1. ₹325 Cr → DLG arrangements
To support and grow loan disbursals.2. ₹250 Cr → WFPL (NBFC subsidiary)
To increase its capital base and support future lending/business growth.3. Balance → General Corporate Purposes
For regular business needs such as technology, salaries, administration, marketing, etc. Key things I would watch• Unsecured lending risk
• DLG exposure
• Previous ~₹48 Cr cyber incident
• Large one-time CEO incentive
• Sustainability of loan-book growthThe business is growing fast.But the bigger question is: Can Moneyview continue growing its loan book without taking too much credit risk?That is something I would closely monitor after the IPO.Not investment advice. This is my understanding of the RHP for educational purposes.