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ICL Fincorp Limited is a non-deposit-taking and base layer non-banking finance company (NBFC) in the business of gold loans, which lends money against the pledge of household gold ornaments (gold loans) in the states of Kerala, Tamil Nadu, Andhra Pradesh, Karnataka, Telangana, Odisha, Gujarat and Maharashtra.
The company also offers loans against real estate, business loans, and personal loans. As of June 30, 2024, the gold loan portfolio stood at Rs. 51,84,077.52 thousand, representing 98.77% of total loans (excluding off-balance sheet assets). This portfolio also accounted for 98.66%, 99.20%, and 97.51% of total loans in the 2024, 2023 and 2022 financial years respectively. As of September 30, 2024, the company had 295 branches, mainly in the southern states of Andhra Pradesh, Karnataka, Kerala, Tamil Nadu, Telangana, Odisha and the western states of Gujarat and Maharashtra.
The company offers several customized loan options:
1. Real estate loans: Available for salaried and self-employed individuals, these loans offer competitive interest rates and range from Rs. 5,00,000 to Rs. 25,00,000 with tenures of 36 to 60 months secured against residential, commercial, or industrial properties.
2. Business Loans: For entrepreneurs, loans range from Rs. 50,000 to Rs. 75,00,000, with tenures ranging from 100 days to 24 months. They require two business guarantors and proofs such as identity cards, proof of address, and bank statements.
3. Vehicle Loans: Two-wheeler loans of up to 75% of the value of the vehicle are available for selected customers, with terms ranging from 12 to 36 months. Loan amounts range from Rs. 25,000 to Rs. 2,00,000, with repayment through EMI.
As of September 30, 2024, the company employed 1,271 people, 59% of whom were women.
| Issue Open | November 11, 2024 - November 25, 2024 |
| Security Name | ICL Fincorp Limited |
| Security Type | Secured, Redeemable, Non-Convertible Debentures (Secured NCDs) |
| Issue Size (Base) | Rs 75.00 Crores |
| Issue Size (Oversubscription) | Rs 25.00 Crores |
| Overall Issue Size | Rs 100.00 Crores |
| Issue Price | Rs 1000 per NCD |
| Face Value | Rs 1000 each NCD |
| Minimum Lot size | 10 NCD |
| Market Lot | 1 NCD |
| Listing At | BSE |
| Credit Rating | CRISIL BBB-/Stable by CRISIL. |
| Tenor | 13, 24, 36, 60 and 68 Months |
| Series | Series I to X |
| Payment Frequency | Monthly, Annual and Cumulative |
| Basis of Allotment | First Come First Serve Basis |
| Debenture Trustee/s | Mitcon Credentia Trusteeship Services Limited |
Category  |
NCD's Allocated |
|---|---|
| Institutional | 5% |
| Non-Institutional | 1% |
| HNI | 30% |
| Retail | 64% |
ICL Fincorp Limited NCD Coupon Rates
| # | Series 1 | Series 2 | Series 3 | Series 4 | Series 5 | Series 6 | Series 7 | Series 8 | Series 9 | Series 10 |
|---|---|---|---|---|---|---|---|---|---|---|
| Frequency of Interest Payment | Monthly | Monthly | Monthly | Monthly | Cumulative | Cumulative | Cumulative | Annual | Annual | Cumulative |
| Nature | Secured | Secured | Secured | Secured | Secured | Secured | Secured | Secured | Secured | Secured |
| Tenor | 13 Months | 24 Months | 36 Months | 60 Months | 13 Months | 24 Months | 36 Months | 24 Months | 36 Months | 68 Months |
| Coupon (% per Annum) | 11% | 11.5% | 12% | 12.5% | NA | NA | NA | 11.75% | 12.25% | NA |
| Effective Yield (% per Annum) | 11.57% | 12.13% | 12.68% | 13.24% | 11.55% | 12.36% | 13.03% | 11.75% | 12.25% | 13.73% |
| Amount on Maturity (In Rs.) | Rs 1,000 | Rs 1,000 | Rs 1,000 | Rs 1,000 | Rs 1,125.16 | Rs 1,254.4 | Rs 1,423.83 | Rs 1,000 | Rs 1,000 | Rs 2,000 |
CRISIL BBB-/Stable (pronounced as CRISIL triple B minus rating with Stable outlook) for an amount of Rs. 40,00,000 thousand by CRISIL vide rating letter dated July 08, 2024, for the NCDs proposed to be issued under this Issue.
ICL Fincorp Limited's revenue increased by 29.35% and profit after tax (PAT) dropped by -97.34% between the financial year ending with March 31, 2024 and March 31, 2023.
| Period Ended | 31 Mar 2024 | 31 Mar 2023 | 31 Mar 2022 |
| Assets | 637.95 | 527.66 | 458.64 |
| Revenue | 145.69 | 112.64 | 89.43 |
| Profit After Tax | 0.08 | 3.04 | 2.71 |
| Net Worth | 83.30 | 78.32 | 68.19 |
| Reserves and Surplus | 30.44 | ||
| Amount in ₹ Crore | |||
The Company proposes to utilise the funds which are being raised through the Issue, after deducting the Issue related expenses to the extent payable by the Company towards funding the following objectives:
The ICL Fincorp Limited NCD November 2024 was subscribed 0.95 times on November 22, 2024 5:00:00 PM. The NCD subscribed 1.22 times in Retail, 0.48 times in HNI, 2.67 times in Non-Institutional, and 0.00 times in the Institutional category.
| Category ? | Subscription (times) |
|---|---|
| Retail | 1.22x |
| HNI | 0.48x |
| Non-Institutional | 2.67x |
| Institutional | 0.00x |
| Total | 0.95x |
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ICL Fincorp Limited
Plot No: C308, Door No: 66/40,
4th Avenue, Ashok Nagar,
Chennai - 600 083
Phone: +91 44 4208 2381
Email: info@iclfincorp.com
Website: https://www.iclfincorp.com/
Cameo Corporate Services Limited
Cameo Corporate Services Ltd.,
Subramanian Building # 1, Club House Road,
Chennai 600 002 - India
Phone: +91-44-28460390
Email: ipo@cameoindia.com
Website: https://ipo.cameoindia.com/
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