Truhome Finance IPO

About Truhome Finance IPO

The public issue of the Truhome Finance IPO, a Mainboard IPO, opens on TBA and closes on TBA. The allotment of shares will take place on TBA. The credit of shares to the demat account will take place on TBA. The initiation of refunds will take place on TBA. The listing of shares will take place on TBA.

The offer consists of a fresh issue and offer for sale component. The fresh issue will include [TBA] shares aggregating up to ₹1,500 crores. The offer for sale will include [TBA] shares of ₹10 aggregating up to ₹1,500 crores. The total number of shares is yet to be finalised and the aggregate amount is ₹3,000 crores.

Truhome Finance IPO’s price band is set at TBA to TBA per share. The lot size for an application is TBA. The minimum amount of investment required by a retail investor is ₹TBA (TBA shares) (based on upper price). The minimum lot size investment for HNI is TBA.

Founded in 2010, Truhome Finance is a retail-focused affordable housing finance company offering a comprehensive suite of secured lending products including housing loans, loans against property and others, with an average ticket size of ₹0.213 crores as of December 31, 2025.

Objectives of Truhome Finance IPO

• The company proposes to utilize the net proceeds from the fresh issue towards augmenting the capital base of the company to meet future capital requirements including onward lending, arising out of the growth of their business.
• Further, a portion of the proceeds from the fresh issue will be used towards meeting offer expenses.
• The company expects to receive the benefits of listing of the equity shares on the stock exchanges, including enhancement of the company’s brand name and creation of a public market for the equity shares in India.

Industry Outlook

The Indian retail credit market, encompassing various asset classes such as housing, vehicle financing, and personal loans. The market grew 14% in fiscal 2025, driven by steady demand in housing, auto, and education loans, as well as consumption-led growth in personal loans. The housing finance sector in India is a critical component of the country’s financial system, facilitating access to home ownership and supporting the development of the residential real estate market. Housing credit enables long-term capital formation while contributing to economic growth through strong backward and forward linkages with construction, infrastructure, employment, and allied sectors. The institutional framework for housing finance in India comprises scheduled commercial banks (SCBs), housing finance companies (HFCs), and certain non-banking financial companies (NBFCs). Banks account for a significant share of outstanding housing loans, benefiting from access to low-cost deposits and a broad customer base. HFCs, however, play a differentiated role by serving specific borrower segments, geographies, and loan ticket sizes, particularly among self-employed, informal salaried borrowers, who are evaluated using surrogates and alternate data. This niche capability of HFCs have contributed to broader credit access and product customization across income categories.

About Truhome Finance

Truhome Finance is a retail-focused affordable housing finance company offering a comprehensive suite of secured lending products including housing loans, loans against property and others.

Their principal products comprise housing loans and loans against property. Under their housing loan offerings, they provide financing for the purchase of newly constructed and resale residential units, the construction of new homes on plots, and home improvements or extensions. Under their loans against property offerings, they provide financing against the mortgage of properties for a range of customer requirements, including business expansion and other personal or commercial purposes. Their customers are primarily based in Metropolitan and Tier I and Tier II cities and their surrounding peri-urban regions.

Strengths of Truhome Finance

• Led by an experienced and stable management team, backed by a reputed board of directors and a marquee global private equity firm.
• The fastest growing affordable housing finance company in terms of AUM CAGR and the second most cost-efficient in terms of operating expenses to disbursements among Peers Identified by CRISIL.
• Established underwriting capabilities for self‑employed customers, which provides them with a significant advantage in tapping into a large, underserved market segment.
• Well-diversified pan-India distribution and sourcing network.
• Robust and comprehensive systems for credit assessment, monitoring and collections, translating into strong asset quality.
• Well-invested technology platform driving operating efficiency across the customer lifecycle.
• Well-funded and diversified liability profile with demonstrated ability to lower borrowing costs.

Risks of Truhome Finance

• Their business is substantially dependent on housing loans and loans against property.
• A major portion of their AUM comprised loans to self-employed customers, which exposes them to higher credit and collection risks.
• They cannot assure that their growth strategies will continue to be successful or that they will be able to continue to grow at their historical rates, or at all.
• The risk of non-payment or default by customers may adversely affect their business, results of operations, cash flows and financial condition.
• Their business is affected by volatility in interest rates for both their lending and their treasury operations.
• They require substantial financing for their business and operations, and any disruption in the cost and availability of capital, or their sources of financing, could have an adverse effect on their business.
• Their dependence on direct selling agents and connectors for sourcing customers, including reliance on certain significant DSAs, exposes them to operational, compliance and reputational risks.
• Non-compliance with the NHB's observations made during any inspections could subject them to penalties and restrictions which may be imposed by the NHB and/ or the RBI and could adversely affect their reputation.

Notes: (1) All the financial information for listed industry peers is on a consolidated basis and is sourced from the financial information of such listed industry peer as at and for the Financial Year ended March 31, 2025 available on the website of the stock exchanges or the Company

(2) Closing share price on BSE as on March 4, 2026

(3) Market Capitalization = Total number of shares disclosed on BSE as at December 31, 2025 multiplied by the closing share price on BSE as on March 4, 2026

(4) P/E Ratio has been computed based on the closing market price of equity shares on BSE on March 4, 2026 divided by the diluted earnings per share as at and for the Financial Year ended March 31, 2025

(5) P/B Ratio has been computed based on the closing market price of equity shares on BSE on March 4, 2026 divided by the NAV per share as at and for the Financial Year ended March 31, 2025.

In case of Home First Finance Company Limited P/B ratio is computed considering the QIP in April 2025

(6) RoNW is calculated as the profit for Fiscal 2025 as a percentage of Net Worth. Net worth means the aggregate value of the paid-up share capital and all reserves created out of the profits and securities premium account and debit or credit balance of profit and loss account, after deducting the aggregate value of the accumulated losses, deferred expenditure and miscellaneous expenditure not written off, but does not include reserves created out of revaluation of assets, write-back of depreciation and amalgamation in accordance with Regulation 2(1)(hh) of the SEBI ICDR Regulations. Accordingly, they have calculated Net Worth as aggregate of Equity share capital, the Instruments entirely equity in nature and other equity.

(7) NAV per share is calculated as Net Worth as at the end of Fiscal 2025 divided by the total number of shares disclosed on BSE as at March 31, 2025. Net worth means the aggregate value of the paid-up share capital and all reserves created out of the profits and securities premium account and debit or credit balance of profit and loss account, after deducting the aggregate value of the accumulated losses, deferred expenditure and miscellaneous expenditure not written off, but does not include reserves created out of revaluation of assets, write-back of depreciation and amalgamation in accordance with Regulation 2(1)(hh) of the SEBI ICDR Regulations. Accordingly, they have calculated Net Worth as an aggregate of Equity share capital, the Instruments entirely equity in nature and other equity.

Anchor Investor Bidding Date: TBA

Registrar Details
KFin Technologies Limited
Email: truhome.ipo@kfintech.com
Tel.: +91 40 67162222/ 18003094001

Book Running Lead Managers

• JM Financial Limited
  
• IIFL Capital Services Limited (formerly known as IIFL Securities Limited)
  
• Jefferies India Private Limited
  
• Kotak Mahindra Capital Company Limited
  

Truhome Finance Contact Details
Srinivasa Towers, 1st Floor, Door No. 5, Old No.11, 2nd Lane, Cenotaph Road, Alwarpet, Teynampet, Chennai, Tamil Nadu, 600018
Email: sect@truhomefinance.in
Phone: +91 22 4241 0400

Truhome Finance Business Model

The company earns its revenue as a retail-focused affordable housing finance company offering a comprehensive suite of secured lending products including housing loans, loans against property and others.

Truhome Finance Growth Trajectory

Truhome Finance’s Total Income for FY25 was ₹1905.481 crores, whereas in FY24 and FY23 it was ₹1425.349 crores and ₹780.496 crores, respectively.

The Profit After Tax for FY25 was ₹286.241 crores, whereas in FY24 and FY23 it was ₹217.435 crores and ₹137.754 crores, respectively.

Their EBITDA for FY25 was ₹1352.365 crores, whereas in FY24 and FY23 it was ₹1037.296 crores and ₹575.825 crores, respectively.

Truhome Finance Market Position

As at December 31, 2025, the company served 110,257 active loan accounts. A significant proportion of their loans include women as applicants or co-applicants, accounting for 94.70% as at December 31, 2025. They operate a pan-India distribution and sourcing network spanning 19 states and union territories through 216 branches as at December 31, 2025.

As of 31 March 2025, the company’s Total Income, Profit After Tax, and EBITDA were ₹1905.481 crores, ₹286.241 crores, and ₹1352.365 crores, respectively.

How to apply for Truhome Finance IPO?

• Step 1: Log in to your Kotak Neo Demat account - Log in to your Demat account to access IPO investments. Next, select the current IPO section.
• Step 2: Specify IPO details - Enter the number of lots and the price you wish to apply for.
• Step 3: Enter UPI ID - After entering your UPI ID, click submit. This will place your bid with the exchange.
• Step 4: Mandate Notification - Your UPI app will receive a mandate notification to block funds.
• Step 5: Approve Request - Your funds will be blocked once you approve the mandate request on your UPI.