Moneyview's initial public offering gathered pace on the second day of subscription, with the digital lender's Rs 1,092 crore share sale subscribed 6.01 times by the end of trading on September 25, according to BSE data. Investors placed bids for 139.8 crore shares against 23.25 crore shares on offer, underscoring strong appetite from retail and high-value individual investors even as institutional participation remained muted.
The sharpest demand came from non-institutional investors, or NIIs, who subscribed their allotted quota 15.41 times. Bids from this category totaled 77.41 crore shares against 5.02 crore shares reserved for them. Within the NII bucket, the segment for bids above Rs 2 lakh and up to Rs 10 lakh was subscribed 17.57 times, while the portion for bids exceeding Rs 10 lakh was subscribed 14.33 times. The numbers suggest that affluent individual investors and family-office style participants were among the most aggressive bidders in the issue.
Retail investors also showed solid interest, subscribing their portion 5.18 times by the end of day two. They placed bids for 60.74 crore shares against 11.72 crore shares on offer. The retail response is notable given the broader market's selective approach to new-age financial technology listings, where investors often scrutinize profitability, growth durability and credit quality before committing capital.
By contrast, qualified institutional buyers were still largely on the sidelines at the close of the second day. The QIB portion was subscribed only 0.25 times, with bids for 1.66 crore shares against 6.51 crore shares on offer. Earlier in the day, by 13:15 IST, the issue had been subscribed 3.55 times overall, with NIIs already leading demand and QIB participation still at just 0.09 times. The late-day rise in total subscription reflected a broadening of interest through the afternoon session, though institutional demand remained relatively subdued compared with the retail and NII categories.
The public issue opened with a subscription of 1.44 times on day one, and the second-day numbers indicate a clear pickup in momentum as the bidding window progresses. The IPO will close on September 28, with Moneyview's shares scheduled to list on the stock exchanges on October 1.
Moneyview has fixed the price band at Rs 32 to Rs 34 per share. At the upper end of the band, the company is valued at around Rs 5,985 crore, or about $624 million. The issue includes a fresh issue of shares worth up to Rs 750 crore and an offer for sale of up to 10.05 crore shares, which would amount to around Rs 341.7 crore at the upper end of the price band. The OFS component means existing shareholders, including the company's cofounders and several marquee investors, will pare their holdings as part of the listing.
Ahead of the IPO, Moneyview raised Rs 327.5 crore from anchor investors by allotting 9.63 crore equity shares at Rs 34 apiece. Seven domestic mutual funds subscribed to 6.96 crore shares worth about Rs 236.7 crore. Other anchor investors included Goldman Sachs, Amundi Funds, 360 ONE, HDFC Life Insurance Company and India Acorn Fund, giving the issue an early stamp of institutional credibility even before the public bidding opened.
The selling shareholders in the offer for sale include cofounders and promoters Puneet Agarwal and Sanjay Aggarwal, along with investors such as Accel, Tiger Global Management, Ribbit Capital and DI Investment. For these backers, the IPO offers a partial exit from a company that has grown into one of India's better-known digital lending platforms.
Moneyview plans to use Rs 325 crore from the fresh issue to support loan disbursals under default loss guarantee arrangements, a structure commonly used in digital lending to expand credit access while managing risk. Another Rs 250 crore will be infused into its NBFC subsidiary, Whizdm Finance, to strengthen its capital base. The remaining proceeds will be used for general corporate purposes.
The company, which offers personal loans, payments, investments and insurance through its digital platform, has also reported strong financial growth. Its consolidated net profit jumped 2.6 times to Rs 173.8 crore in the quarter ended June 2026, from Rs 67.2 crore a year earlier. Operating revenue rose 50.2% to Rs 1,041.1 crore from Rs 693 crore in the same period. For FY26, operating revenue increased to Rs 3,351.2 crore from Rs 2,339.1 crore in FY25, indicating that the business has continued to scale rapidly ahead of its market debut.
The subscription trend so far suggests that investors are willing to back Moneyview's growth story, particularly at the retail and NII level. The key question now is whether institutional buyers will step in more decisively before the issue closes, and whether the final subscription tally can sustain the momentum seen in the second-day book.