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JM Financial Products Ltd

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AA

JM Financial Products Ltd

Opening Date
September 23, 2021
Closing Date
October 01, 2021
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IPO Details

Issue Size
Rs 100 crore (Base issue size) with an option to retain oversubscription upto Rs 400 crore aggregating upto Rs 500 crore
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Information Memorandum
Face Value
Rs 1000
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Product Note
Minimum no of Bonds
10
Lot Size (Multiplier)
1
Nature of Instrument
Secured ,Rated , Redeemable , Listed Non-Convertible Debenture
Listing
To be listed on BSE and NSE
Exchange Bid Timing( 24 hour format)
10:00 to 18:00

IPO Details

Issue Size
Rs 100 crore (Base issue size) with an option to retain oversubscription upto Rs 400 crore aggregating upto Rs 500 crore
Face Value
Rs 1000
Minimum no of Bonds
10
Lot Size (Multiplier)
1
Nature of Instrument
Secured ,Rated , Redeemable , Listed Non-Convertible Debenture
Listing
To be listed on BSE and NSE
Exchange Bid timing(24 hour format)
10:00 to 18:00

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Company Details

About the Issuer
  • JM Financial Products Limited is a Systematically Important Non-Deposit Taking NBFC (NBFC-ND-SI) registered with the Reserve Bank of India.
  • They are focused on offering a broad suite of loan products which are customised to suit the needs of the corporates, SMEs and individuals.
  • Business Verticals : Capital Market Financing , Retail Mortgage Financing , Structured Financing , Financial Institution Financing , Real Estate Financing.
  • The Group is headquartered in Mumbai and has a presence across 518 locations spread across 166 cities in India
Company Financials
finacial performance

Key Strengths
  • Healthy capitalisation

    The overall wholesale segment is facing challenges on account of funding constraint and lack of demand which makes the segment vulnerable to slippages in asset quality. Since the company maintains healthy capitalisation, it inherently provides cushion against the asset-side risk. Capitalisation is supported in the form of fresh equity as well as healthy accruals to net worth.

  • Established market position across its businesses

    The group has developed a strong franchise in key operating segments such as investment banking, wealth management, and securities-based lending. This is aided by the track record and reputation of its experienced management and healthy client relationship. Furthermore, management has been conservative in its risk philosophy. The group has strong network of borrowers with whom they have long relationship and has never faced any asset quality issues. Over the years the company has strengthened its risk department

  • Diversified business model and comfortable earnings profile

    The group's earnings remain comfortable, with total revenue of Rs 2,386 crore and a profit of Rs 413 crore for first nine months of fiscal 2021. The group benefits from greater diversification of the business profile over the past few years and this has given stability to its earnings profile. The group has grown its investment banking, wealth management and securities business and mortgage lending business and it constituted around 48% and 37% of total revenue, respectively, for the quarter ended December 31, 2020.

Credit Risks
  • Asset quality in the wholesale lending business remains inherently vulnerable; albeit risk management processes are comfortable

    At a sectoral level, what has supported the asset quality metrics of wholesale non-banks in the past has been the ability of the entity to get timely repayments/exits via refinancing or event-linked fund inflows. However, the current challenging funding environment has significantly increased refinancing risks especially for real estate players.

  • Potential funding challenges for wholesale-oriented non-banks

    JM Financial group has managed to raise long term funds aggregating over Rs 3,700 crores in FY20 and over Rs 1762 Crores from April till December 2020 for FY21. The funds raised has been through diversified sources including Commercial papers, Non-Convertible Debentures, Inter Corporate Deposit and Bank loan with improving cost of borrowings. During this period the company has also managed to diversify its investor base by raising money through retail investors, insurance companies and mutual funds.

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