Yatin Shah, Co-founder, 360 ONE and Joint CEO, 360 ONE Wealth & Himanshu Jain, CEO and Whole-time Director, 360 ONE Prime, striking the gong at BSE for the listing of 360 ONE Prime’s maiden public NCDs in Mumbai – photo by Sumant Gajinkar GNI
360 ONE Prime Limited’s Public Non-Convertible Debentures oversubscribed within a day; lists on BSE
- Public Issue of secured, rated, listed, redeemable, non-convertible debentures (NCDs) of face value of ₹ 1,000 each
- The Tranche I Issue of NCDs was for a Base Issue Size of ₹ 200 crores with a green shoe option of up to ₹ 800 crores aggregating up to ₹ 1,000 crores, (“Tranche I Issue”) which is within the shelf limit of ₹ 1,500 crores (“Shelf Limit”)
- NCDs rated as CRISIL AA/Stable by CRISIL Ratings Limited and [ICRA]AA (Stable) by ICRA Limited
- Coupon Rate up to 9.66% p.a.*
- NCDs listed on BSE Limited
- Allotment by First Come First Served Basis**
* On Series VIII having tenor of 60 months with Annual Interest Payment option. For further details please refer to chapter titled ‘Issue Structure’ on page 126 of the Tranche I Prospectus dated December 28, 2023 (“Tranche I Prospectus”).
** Basis of Allotment: As per the SEBI Master Circular, in consultation with BSE Limited, the Designated Stock Exchange, the allotment in this Tranche I Issue is required to be made on date priority basis, i.e., first come first served basis, based on the date of upload of each application into the electronic book of the Stock Exchange, in each portion subject to the Allocation Ratio indicated in the Tranche I Prospectus. However, from the date of oversubscription and thereafter, the allotments will be made to the applicants on proportionate basis. The date of oversubscription for each category will be determined as per the bucket size based on the allocation ratio stated in Tranche I Prospectus not taking into account any spill overs due to undersubscription in other categories. Please refer “Basis of Allotment” on Page 186 of Tranche I Prospectus for more information.
Mumbai, January 23rd, 2024 (GNI): 360 ONE Prime Limited (formerly known as IIFL Wealth Prime Limited), a wholly-owned subsidiary of 360 ONE WAM Limited (formerly known as IIFL Wealth Management Limited), operating as a lending vehicle of the 360 ONE Group, listed its maiden public issue of Secured, Rated, Listed, Redeemable, Non-Convertible Debentures (NCDs) on the Bombay Stock Exchange (BSE) on Tuesday (Jan 23, 2024). The listing ceremony took place at the BSE Convention Hall.
The company received more than ₹1660 crs of bids on Day 1 leading to oversubscription of over 8 times on base issue and 1.66 times on total issue size. All 4 categories namely Institutional, Corporate, Individual (HNI), and Retail got oversubscribed on day 1 itself with over 6550 applications.
Total bids received at the close of the issue stood at ₹1,716.53 crs (1.72 times on total issue and 8.58 times on Base Issue). The total number of valid applications that were allotted securities stood at 7,872. The NCDs, with a face value of ₹1,000 each, aggregating up to ₹1,000 crore, was made available in tenors of 18, 24, 36, and 60 months, offering both monthly and annual interest payment options across eight series.
The NCDs comprised a Base Issue Size of ₹200 crores with a green shoe option of up to ₹800 crores, aggregating to a total of ₹1,000 crores. The interest coupon rate, providing an attractive investment opportunity to investors of up to 9.66% p.a., is also a part of the company’s plan for onward lending, financing/refinancing existing indebtedness, and general corporate purposes.
Addressing to the media persons about the successful closure of its maiden public NCD, Karan Bhagat, Founder, MD & CEO, 360 ONE, said, “The oversubscription of 360 ONE Prime’s maiden public NCDs on Day 1 is a testament to the trust investors have placed in the 360 ONE brand. As we continue to diversify our avenues of capital, the trust and confidence reflected in our maiden public NCD issue of 360 ONE Prime, adds further impetus to our businesses.”
Himanshu Jain, CEO and Whole-time Director, 360 ONE Prime Limited, said, “The listing of our NCD on the Bombay Stock Exchange marks a significant milestone for 360 ONE Prime. The oversubscription on Day 1 reaffirms the market’s confidence in our risk underwriting abilities and our commitment to maintaining healthy asset quality over the years. Our stringent processes are designed to minimize lapses and ensure maximum loan recoveries, delivering a robust and efficient business operational framework.”
The lead managers for the issue are JM Financial Limited, A. K. Capital Services Limited, and IIFL Securities Limited#.
# IIFL Securities Limited is deemed to be an associate of the Issuer as per the Securities and Exchange Board of India (Merchant Bankers) Regulations, 1992, as amended (Merchant Bankers Regulations). Further, in compliance with the provisions of Regulation 21A and explanation to Regulation 21A of the Merchant Bankers Regulations, IIFL Securities Limited would be involved only in marketing of the Issue and as per Regulation 25 (3) of SEBI NCS Regulations shall not issue a due diligence certificate.
The NCDs are rated CRISIL AA/Stable by CRISIL Ratings Limited and [ICRA]AA (Stable) by ICRA Limited, affirming a high degree of safety and low credit risk. For further details, please refer to the Tranche I Prospectus dated December 28, 2023, and the Shelf Prospectus dated December 28, 2023, available on the company’s website.
About 360 ONE Prime Limited (ONE should be in upper case): 360 ONE Prime Limited (formerly known as IIFL Wealth Prime Limited) is a wholly owned subsidiary of 360 ONE WAM Limited (formerly known as IIFL Wealth Management Limited) operating as a lending vehicle of the 360 ONE group. It is registered as a non-deposit taking non-banking financial company with the Reserve Bank of India under Section 45-IA of the Reserve Bank of India Act (“NBFC”) and classified as a middle layer NBFC. Its product suite primarily includes Loans against Securities (LAS), Loan-against-Property (LAP) and unsecured lending products. It provides customized lending solutions including financing against a combination of liquid and illiquid financial assets to meet all funding requirements of its clients in form of term loans and advances.
AUM of the Company has grown to ₹ 4,926.79 crore as of March 31, 2023, from ₹ 3,703.25 crore as of March 31, 2021. For fiscal 2023, the company reported profit after tax of ₹ 234.52 crore on a total revenue from Operations of ₹673.66 crore. The total revenue and profit for the half year ended September 30, 2023 (unaudited) was ₹ 458.31 crore and ₹ 172.92 crore, respectively.
The Prospectus is available on the website of the Company at www.iiflwealthprime.com , on the website of BSE at www.bseindia.com, on the website of the lead managers at www.jmfl.com, www.akgroup.co.in and www.iiflcap.com and on the website of SEBI at www.sebi.gov.in. ends GNI
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