Nisus Finance IPO Overview
Nisus Finance Services Co Limited has launched its IPO with a total issue size of ₹114.23 crores, comprising a fresh issue of 56.45 lakh shares worth ₹101.62 crore and an offer for sale (OFS) of 7 lakh shares worth ₹12.61 crore. The IPO subscription period runs from December 4, 2024, to December 6, 2024. Shares will be listed on the BSE SME platform, with a tentative listing date set for December 11, 2024.

The company operates primarily in the Transaction Advisory business and through its subsidiaries is involved in Real Estate and Urban Infrastructure Fund and Asset Management.

IPO Price Band and Lot Size
The price band for the IPO is set at ₹170 to ₹180 per equity share, valuing the company at a market capitalization of ₹429.80 crores at the upper end of the price band. The lot size is 800 shares, requiring a minimum investment of ₹1,44,000 for retail investors. For High Net-Worth Individuals (HNIs), the minimum investment is two lots (1,600 shares) amounting to ₹2,88,000.

Lead Managers and Key Parties
The IPO's Book Running Lead Manager (BRLM) is Beeline Capital Advisors Pvt. Ltd., and the registrar for the issue is Skyline Financial Services Pvt. Ltd. Spread X Securities Pvt. Ltd. will act as the market maker for the IPO.

Grey Market Premium (GMP) and Anchor Investors
The Grey Market Premium (GMP) for Nisus Finance IPO is trending at ₹40, indicating a potential listing price of ₹220 based on the upper price band. This implies a possible 22.41% listing gain for investors. The GMP reflects market demand but is subject to fluctuation and should be considered indicative.

Anchor investors have already subscribed to ₹32.21 crore worth of shares at ₹180 per share, with 17,89,600 equity shares allocated to them.

Subscription Status
On its first day, the IPO was subscribed 2.92 times, with strong demand observed across investor categories. Investors can track the live subscription status on the BSE website.

Key Financial Metrics
Nisus Finance has demonstrated robust financial growth:

• Revenue for FY2024 (till June): ₹1,500.53 lakhs
• Profit after tax (PAT) for FY2024 (till June): ₹835.72 lakhs
• FY2023 revenue: ₹4,224.92 lakhs, PAT: ₹2,305.29 lakhs

With a pre-issue EPS of ₹12.25 and a post-issue EPS of ₹9.58, the IPO is priced at a P/E ratio of 18.79x post-issue, making it attractive for listing gains.

Utilization of IPO Proceeds
Funds raised through the IPO will be allocated as follows:

1. ₹1,246.45 lakh for infrastructure and facilities in IFSC (India), DIFC (UAE), and Mauritius.
2. ₹3,590.58 lakh for distribution and placement fees in India and international markets.
3. ₹2,500.00 lakh for investment in subsidiary Nisus Fincorp Pvt. Ltd. to augment its capital base.
4. Remaining funds will be used for general corporate purposes.

Allotment and Listing Dates
The allotment date for the IPO is expected to be December 9, 2024, and investors can check their allotment status on the registrar’s website by using their application number, PAN, or DP client ID. Shares will begin trading on the BSE SME platform on December 11, 2024.

Conclusion
Nisus Finance Services Co IPO offers an attractive opportunity for listing gains, supported by its strong financials, reasonable valuation, and robust demand in the grey market. Investors are advised to consider applying for the IPO for both short-term gains and potential long-term value, given the company’s growth trajectory in the real estate and fund management sector.