Abans Holdings IPO plans to to raise up to Rs 345.60 crore through the public issue. It operates a diversified global financial services business, headquartered in India, providing NBFC services, global institutional trading in equities, commodities and foreign exchange, private client stock broking, depositary services, asset management services, investment advisory services and wealth management services to corporates, institutional and high net worth clients.

  • IPO Date: 12 – 15 December 2022
  • Price band: Rs 256 – Rs 270
  • Issue Size: Rs 345.60 crore (Fresh Issue of Rs 102.60 crore plus Offer for Sale)
  • Issue Breakup: QIB 10%, Retail – 60%, NII 30%
  • Bid lot: 55 shares
  • Abans Holdings Limited was incorporated in 2009, and is engaged in multiple business activities including Financial Services, Jewellery, Gold Refining, Commodities Trading, Software Development, Agricultural Trading, Warehousing, and Real Estate.
  • Company is promoted by Mr. Abhishek Bansal.
  • Abans Holdings Limited is Holding company and all the business operations are conducted through 3 Subsidiaries & 14 Step subsidiaries. The total revenue and profit of its top 10 subsidiaries is given below:
  • Pre – Offer Shareholding of our Promoter, Promoter Group is ~98%.
  • Contribution of various segments and Capital Business to its Total Operating Income from Key Business Verticals is depicted below:


  • Banking and NBFC sector has been attracting good interest from investors.
  • Abans Holdings is is RBI-registered NBFC (Non-deposit taking), It is also member of the BSE, NSE, MSEI, NCDEX, ICEX, MCX and IIEL in India, It has membership in various global commodity and forex exchanges including London Metal, Exchange (LME), Dubai Gold & Commodities Exchange (DGCX), Dalian Commodity Exchange and Shanghai International Energy Exchange.
  • It reported revenue of Rs 2765.21 crore, Rs 1325.51 crore, and Rs 638.63 crore for FY20, FY21, and FY22, respectively. The revenue have fallen considerably over the years but profitability has been maintained due to rise in margins.
  • EBITDA for FY20, FY21, and FY22, was Rs 96.60 crore, Rs 81.53 crore, and Rs 92.49 crore, respectively.
  • Abans Holdings Limited being in the finance sector is heavily dependent on its ability to raise funds from the debt markets and other financial institutions.
  • This makes it highly sensitive to changes in credit ratings. The debt instruments issued by company are currently rated BBB+.
  • It earns a significant portion of itsrevenue from treasury operations.
  • Abans Holdings Limited has made substantial political contributions including contributions to electoral bonds in the last five years.
  • Abans Holdings Limited has expertise in Broking Services, Non Banking Financial Dealings, Financial Services, Agri-Commodity Services, Warehousing, Realty & Infrastructure, Gold Dore Refinery, Trading in Metal Products.
  • Abans Holdings Limited international exposure helps customers diversify their portfolio, and allows them to deploy treasury funds in viable transactions.
  • The company has a low debt-to-equity ratio of 0.12 in FY22.
  • Abans Holdings IPO is priced at a post-issue PE of 29xo f its FY23 annualized EPS on Post issue Equity. Peers given by the company like Edelweiss, Geojit Financial and Choice International are priced at same level or lower.
  • 60% issue for Retail raises some questions.
  • Iam likely to avoid Abans Holdings IPO.

Standard disclaimer: I am not a SEBI registered analyst and above analysis is for educational purpose only. Iam a postgraduate in engineering & Management . Also Certified in some exams like NISM-Series-V-A: Mutual Fund Distributors Certification, NISM-Series-X-A: Investment Adviser (Level 1) Certification and NISM-Series-X-B: Investment Adviser (Level 2) Examination. This post is my view on the subject matter and is only academic and exploratory in nature. It is not meant to influence investment decisions of investors. I may have bias/vested interest in covered Stock/Mutual Funds/NCD etc. due to my own investment or leaning. Further my understanding of the areas on which I write may be imperfect or incomplete and data could be wrong due to limited time and resources at my disposal. Please do your own due diligence as stock market/MF investments have high degree of inherent risk.

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