MS Dhoni-Backed Finbud IPO GMP, Subscription Expectations & Listing Forecast: All You Need to Know

MS Dhoni-backed Finbud Financial Services will open its Rs 71.68 crore IPO on November 6, with a price band of Rs 140–Rs 142 per share. The fintech firm, known for its “phygital” lending model, plans to list on NSE Emerge on November 13.

The IPO market continues to stay hot, and this time all eyes are on Finbud Financial Services, a fintech company backed by MS Dhoni. The Bengaluru-based “phygital” lending enabler is gearing up to launch its Rs 71.68 crore initial public offering (IPO) on November 6, with strong buzz already building in the grey market.

Finbud IPO opens November 6

Finbud has fixed a price band of Rs 140–Rs 142 per share for the issue, which will remain open for subscription between November 6 and November 10. Bidding for anchor investors opens a day earlier, on November 4.

The IPO is entirely a fresh issue of 50.48 lakh equity shares, aggregating to Rs 71.68 crore at the upper end of the price band. The company’s shares will list on the NSE Emerge platform, with a tentative listing date of November 13.

Use of proceeds

According to the company, funds raised from the issue will be utilised for:

• Meeting working capital requirements,
• Investment in subsidiary LTCV Credit Pvt Ltd,
• Business development and marketing,
• Debt repayment, and
• Other general corporate purposes.

Dhoni-backed fintech attracting attention

The IPO has gained extra visibility due to its association with MS Dhoni’s Family Office, which is one of Finbud’s key investors, along with market veteran Ashish Kacholia and Shankar V, founder of CAMS.

Finbud, the parent company of the lending platform Finance Buddha, was founded in 2012 by Vivek Bhatia, Parth Pande, and Parag Agarwal. The firm has positioned itself as a “phygital” lending enabler, combining digital efficiency with on-ground presence through its agent network.

“As we enter the public markets, our focus remains on scaling responsibly, strengthening governance, and creating long-term value for our customers, partners, and investors,” said Parag Agarwal, Co-founder of Finance Buddha.

Co-founder Vivek Bhatia added, “The focus is on deepening our impact, expanding across emerging markets, strengthening our agent network, and delivering credit solutions built on speed, simplicity, and trust.”

Financial performance

In FY25, Finbud reported a total income of Rs 223 crore and a profit after tax (PAT) of Rs 8.5 crore, highlighting a stable financial base as it eyes expansion through the public route.

Grey Market Premium (GMP) and listing outlook

Though official GMP data is yet to stabilize, early market reports indicate strong investor interest, with analysts expecting healthy subscription levels in the retail segment. The “Dhoni factor” and Finbud’s fintech focus could further boost sentiment and potential listing gains.

Market experts believe Finbud’s mix of technology, trusted brand backing, and hybrid lending approach positions it well among SME investors looking for medium-term growth stories.

SKI Capital Services is acting as the sole book-running lead manager, while Skyline Financial Services is the registrar of the issue.