{"id":7566,"date":"2024-05-07T05:11:34","date_gmt":"2024-05-07T05:11:34","guid":{"rendered":"https:\/\/goldenpi.com\/blog\/?p=7566"},"modified":"2026-04-09T12:34:36","modified_gmt":"2026-04-09T12:34:36","slug":"muthoot-mercantile-limited-ncd-ipo","status":"publish","type":"post","link":"https:\/\/goldenpi.com\/blog\/investment-guide\/ncd-ipo\/muthoot-mercantile-limited-ncd-ipo\/","title":{"rendered":"MUTHOOT MERCANTILE LIMITED NCD IPO \u2013 May 2024, should you invest?"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_79_2 counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" aria-label=\"Toggle Table of Content\"><span class=\"ez-toc-js-icon-con\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/span><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/goldenpi.com\/blog\/investment-guide\/ncd-ipo\/muthoot-mercantile-limited-ncd-ipo\/#High_Yield_BBBStable_Rated_Minimum_Investment_10k_Only\" >High Yield\u00a0|\u00a0BBB\/Stable Rated\u00a0|\u00a0Minimum Investment: 10k Only<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/goldenpi.com\/blog\/investment-guide\/ncd-ipo\/muthoot-mercantile-limited-ncd-ipo\/#Muthoot_Mercantile_Limited_NCD_IPO_Coupon_rates_and_effective_yield_for_each_of_the_series\" >Muthoot Mercantile Limited NCD IPO: Coupon rates and effective yield for each of the series\u00a0<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/goldenpi.com\/blog\/investment-guide\/ncd-ipo\/muthoot-mercantile-limited-ncd-ipo\/#Allocation_Ratio\" >Allocation Ratio<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/goldenpi.com\/blog\/investment-guide\/ncd-ipo\/muthoot-mercantile-limited-ncd-ipo\/#Investment_Process_for_Muthoot_Mercantile_Limited_NCD_IPO\" >Investment Process for Muthoot Mercantile Limited NCD IPO<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/goldenpi.com\/blog\/investment-guide\/ncd-ipo\/muthoot-mercantile-limited-ncd-ipo\/#Financial_Overview\" >Financial Overview<\/a><ul class='ez-toc-list-level-4' ><li class='ez-toc-heading-level-4'><ul class='ez-toc-list-level-4' ><li class='ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/goldenpi.com\/blog\/investment-guide\/ncd-ipo\/muthoot-mercantile-limited-ncd-ipo\/#Snapshot_stating_the_Revenue_Expenses_and_PAT_In_crores\" >Snapshot stating the Revenue, Expenses, and PAT (In crores)<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-7\" href=\"https:\/\/goldenpi.com\/blog\/investment-guide\/ncd-ipo\/muthoot-mercantile-limited-ncd-ipo\/#Cash_flow_for_last_few_years_In_crores\" >Cash flow for last few years (In crores)<\/a><\/li><\/ul><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-8\" href=\"https:\/\/goldenpi.com\/blog\/investment-guide\/ncd-ipo\/muthoot-mercantile-limited-ncd-ipo\/#Ratio_Analysis\" >Ratio Analysis<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-9\" href=\"https:\/\/goldenpi.com\/blog\/investment-guide\/ncd-ipo\/muthoot-mercantile-limited-ncd-ipo\/#Issue_analysis\" >Issue analysis<\/a><ul class='ez-toc-list-level-4' ><li class='ez-toc-heading-level-4'><ul class='ez-toc-list-level-4' ><li class='ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-10\" href=\"https:\/\/goldenpi.com\/blog\/investment-guide\/ncd-ipo\/muthoot-mercantile-limited-ncd-ipo\/#Pros\" >Pros\u00a0<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-11\" href=\"https:\/\/goldenpi.com\/blog\/investment-guide\/ncd-ipo\/muthoot-mercantile-limited-ncd-ipo\/#Cons\" >Cons\u00a0<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-12\" href=\"https:\/\/goldenpi.com\/blog\/investment-guide\/ncd-ipo\/muthoot-mercantile-limited-ncd-ipo\/#Liquidity\" >Liquidity<\/a><\/li><\/ul><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-13\" href=\"https:\/\/goldenpi.com\/blog\/investment-guide\/ncd-ipo\/muthoot-mercantile-limited-ncd-ipo\/#To_get_better_returns_than_Bank_FDs_invest_in_NCD-IPOs_online\" >To get better returns than Bank FDs, invest in NCD-IPOs online.\u00a0<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-14\" href=\"https:\/\/goldenpi.com\/blog\/investment-guide\/ncd-ipo\/muthoot-mercantile-limited-ncd-ipo\/#About_Muthoot_Mercantile_Limited\" >About Muthoot Mercantile Limited\u00a0<\/a><ul class='ez-toc-list-level-4' ><li class='ez-toc-heading-level-4'><ul class='ez-toc-list-level-4' ><li class='ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-15\" href=\"https:\/\/goldenpi.com\/blog\/investment-guide\/ncd-ipo\/muthoot-mercantile-limited-ncd-ipo\/#Strengths\" >Strengths<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-16\" href=\"https:\/\/goldenpi.com\/blog\/investment-guide\/ncd-ipo\/muthoot-mercantile-limited-ncd-ipo\/#Weakness\" >Weakness<\/a><\/li><\/ul><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-17\" href=\"https:\/\/goldenpi.com\/blog\/investment-guide\/ncd-ipo\/muthoot-mercantile-limited-ncd-ipo\/#Invest_in_Bond_IPO_online_in_just_5_minutes\" >Invest in Bond IPO online in just 5 minutes<\/a><\/li><\/ul><\/nav><\/div>\n<h2 style=\"text-align: center;\"><span class=\"ez-toc-section\" id=\"High_Yield_BBBStable_Rated_Minimum_Investment_10k_Only\"><\/span><b>High Yield\u00a0|\u00a0BBB\/Stable Rated\u00a0|\u00a0Minimum Investment: 10k Only<\/b><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><span style=\"font-weight: 400;\">\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Muthoot Mercantile Limited is issuing the Non-Convertible Debentures. These NCDs are BBB\/Stable rated by India Ratings and Research. The NCDs are being issued in eleven series: coupon ranges from 10.50% to 10.80% p.a. and different tenures of 367 days, 18 months, 24 months, 36 months, 60 months and 75 months. The NCDs are senior <strong><a href=\"https:\/\/goldenpi.com\/blog\/bond-news\/capital-market\/secured-vs-unsecured-bonds-understanding-the-safety-and-risk-factors-before-you-invest\/\">secured<\/a><\/strong> and redeemable in nature.\u00a0<\/span><\/p>\n<p><img decoding=\"async\" class=\"aligncenter wp-image-7573 size-full\" src=\"https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2024\/05\/07050728\/Screenshot-2024-05-07-102613.png\" alt=\"Bond overview of Muthoot Mercantile Limited\" width=\"551\" height=\"578\" srcset=\"https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2024\/05\/07050728\/Screenshot-2024-05-07-102613.png 551w, https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2024\/05\/07050728\/Screenshot-2024-05-07-102613-286x300.png 286w\" sizes=\"(max-width: 551px) 100vw, 551px\" \/><\/p>\n<h2><span class=\"ez-toc-section\" id=\"Muthoot_Mercantile_Limited_NCD_IPO_Coupon_rates_and_effective_yield_for_each_of_the_series\"><\/span><b>Muthoot Mercantile Limited NCD IPO: <\/b><b>Coupon rates and effective yield for each of the series\u00a0<\/b><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<h2><img decoding=\"async\" class=\"aligncenter wp-image-7572 size-large\" src=\"https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2024\/05\/07050704\/Picture1-1024x213.png\" alt=\"Muthoot Mercantile Limited NCD IPO: Coupon rates and effective yield for each of the series \" width=\"1024\" height=\"213\" srcset=\"https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2024\/05\/07050704\/Picture1-1024x213.png 1024w, https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2024\/05\/07050704\/Picture1-300x62.png 300w, https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2024\/05\/07050704\/Picture1-768x159.png 768w, https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2024\/05\/07050704\/Picture1-1536x319.png 1536w, https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2024\/05\/07050704\/Picture1-2048x425.png 2048w, https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2024\/05\/07050704\/Picture1-1170x243.png 1170w, https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2024\/05\/07050704\/Picture1-1920x399.png 1920w, https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2024\/05\/07050704\/Picture1-585x121.png 585w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><\/h2>\n<h2><span class=\"ez-toc-section\" id=\"Allocation_Ratio\"><\/span><b>Allocation Ratio<\/b><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><span style=\"font-weight: 400;\">The allocation ratio is prepared based on norms laid down by SEBI. Before announcing the allocation ratio, the same has to be approved by SEBI.\u00a0 Once the IPO subscription closes, applications will be divided into different categories. The category-wise allocation ratio is always decided and declared during the launch of the particular IPO. Considering the Allocation Ratio, units will be assigned to applicants. Refer to the chart to know the application ratio for Muthoot Mercantile Limited NCD-IPO.\u00a0<\/span><\/p>\n<p><img decoding=\"async\" class=\"aligncenter wp-image-7571 size-large\" src=\"https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2024\/05\/07050636\/Picture2-1024x615.png\" alt=\"Allocation ratio of Muthoot Mercantile Limited\" width=\"1024\" height=\"615\" srcset=\"https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2024\/05\/07050636\/Picture2-1024x615.png 1024w, https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2024\/05\/07050636\/Picture2-300x180.png 300w, https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2024\/05\/07050636\/Picture2-768x461.png 768w, https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2024\/05\/07050636\/Picture2-1536x923.png 1536w, https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2024\/05\/07050636\/Picture2-1170x703.png 1170w, https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2024\/05\/07050636\/Picture2-585x351.png 585w, https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2024\/05\/07050636\/Picture2.png 1653w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><\/p>\n<h2><span class=\"ez-toc-section\" id=\"Investment_Process_for_Muthoot_Mercantile_Limited_NCD_IPO\"><\/span><b>Investment Process for <\/b><b>Muthoot Mercantile Limited<\/b><b> NCD IPO<\/b><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><span style=\"font-weight: 400;\">You can invest in IPOs via GoldenPi in 3 easy steps.<\/span><\/p>\n<p><b>If the investment amount is\u00a0 less than &amp; up to 10 lakhs,<\/b><span style=\"font-weight: 400;\"> retail investors can apply for an IPO online.<\/span><\/p>\n<p><img decoding=\"async\" class=\"aligncenter wp-image-7241 size-full\" src=\"https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2024\/03\/04070653\/12-768x384-1.jpg\" alt=\"Investment amount is less than &amp; up to 10 lakhs\" width=\"768\" height=\"384\" srcset=\"https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2024\/03\/04070653\/12-768x384-1.jpg 768w, https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2024\/03\/04070653\/12-768x384-1-300x150.jpg 300w, https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2024\/03\/04070653\/12-768x384-1-585x293.jpg 585w\" sizes=\"(max-width: 768px) 100vw, 768px\" \/><\/p>\n<p><b>If the investment amount is more than 10 Lakhs.\u00a0<\/b><\/p>\n<p><img decoding=\"async\" class=\"aligncenter wp-image-7242 size-full\" src=\"https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2024\/03\/04070709\/11-768x384-1.jpg\" alt=\"Investment amount is less than &amp; up to 10 lakhs\" width=\"768\" height=\"384\" srcset=\"https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2024\/03\/04070709\/11-768x384-1.jpg 768w, https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2024\/03\/04070709\/11-768x384-1-300x150.jpg 300w, https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2024\/03\/04070709\/11-768x384-1-585x293.jpg 585w\" sizes=\"(max-width: 768px) 100vw, 768px\" \/><\/p>\n<h2><span class=\"ez-toc-section\" id=\"Financial_Overview\"><\/span><b>Financial Overview<\/b><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<h4><span class=\"ez-toc-section\" id=\"Snapshot_stating_the_Revenue_Expenses_and_PAT_In_crores\"><\/span><b>Snapshot stating the Revenue, Expenses, and PAT (In crores)<\/b><span class=\"ez-toc-section-end\"><\/span><\/h4>\n<p><img decoding=\"async\" class=\"aligncenter wp-image-7570 size-large\" src=\"https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2024\/05\/07050505\/Picture6-1024x615.png\" alt=\"Financial Overview of Muthoot Mercantile Limited\" width=\"1024\" height=\"615\" srcset=\"https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2024\/05\/07050505\/Picture6-1024x615.png 1024w, https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2024\/05\/07050505\/Picture6-300x180.png 300w, https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2024\/05\/07050505\/Picture6-768x461.png 768w, https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2024\/05\/07050505\/Picture6-1536x923.png 1536w, https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2024\/05\/07050505\/Picture6-1170x703.png 1170w, https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2024\/05\/07050505\/Picture6-585x351.png 585w, https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2024\/05\/07050505\/Picture6.png 1653w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><\/p>\n<h4><span class=\"ez-toc-section\" id=\"Cash_flow_for_last_few_years_In_crores\"><\/span><b>Cash flow for last few years (In crores)<\/b><span class=\"ez-toc-section-end\"><\/span><\/h4>\n<p><img decoding=\"async\" class=\"aligncenter wp-image-7569 size-large\" src=\"https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2024\/05\/07050444\/Screenshot-2024-05-06-141438-1024x574.png\" alt=\"Cash flow for last 5 years (In crores) for Muthoot Mercantile Limited\" width=\"1024\" height=\"574\" srcset=\"https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2024\/05\/07050444\/Screenshot-2024-05-06-141438-1024x574.png 1024w, https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2024\/05\/07050444\/Screenshot-2024-05-06-141438-300x168.png 300w, https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2024\/05\/07050444\/Screenshot-2024-05-06-141438-768x431.png 768w, https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2024\/05\/07050444\/Screenshot-2024-05-06-141438-585x328.png 585w, https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2024\/05\/07050444\/Screenshot-2024-05-06-141438.png 1170w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><\/p>\n<p><span style=\"font-weight: 400;\">Cash flow refers to the movement of cash in and out of the business at a specific point in time. It represents the net balance of the cash movement.<\/span><\/p>\n<ul>\n<li style=\"list-style-type: none;\">\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">*Cash flow from operating activities reflects the amount a company generates through its product of services.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">**Cash flow from investing activities reflects cash generated and spent relating to investing activities, like purchase of assets, sales of securities etc.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b><span style=\"font-weight: 400;\">***Cash flow from financing activities gives an insight into the financial stability of a company to its investors. It reflects <\/span><span style=\"font-weight: 400;\">the net flows of cash that are used to fund the company.<\/span><\/b><\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<h2><span class=\"ez-toc-section\" id=\"Ratio_Analysis\"><\/span><b>Ratio Analysis<\/b><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><img decoding=\"async\" class=\"aligncenter wp-image-7568 size-full\" src=\"https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2024\/05\/07050411\/Table-Format-2.png\" alt=\"Ratio Analysis for Muthoot Mercantile Limited\" width=\"900\" height=\"427\" srcset=\"https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2024\/05\/07050411\/Table-Format-2.png 900w, https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2024\/05\/07050411\/Table-Format-2-300x142.png 300w, https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2024\/05\/07050411\/Table-Format-2-768x364.png 768w, https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2024\/05\/07050411\/Table-Format-2-585x278.png 585w\" sizes=\"(max-width: 900px) 100vw, 900px\" \/><\/p>\n<h2><span class=\"ez-toc-section\" id=\"Issue_analysis\"><\/span><b>Issue analysis<\/b><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<h4><span class=\"ez-toc-section\" id=\"Pros\"><\/span><b>Pros\u00a0<\/b><span class=\"ez-toc-section-end\"><\/span><\/h4>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">The NCD is BBB rated security with a stable outlook.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">The <strong><a href=\"https:\/\/goldenpi.com\/blog\/fixed-income\/govt-securities\/what-is-a-coupon-rate\/\">coupon rate<\/a><\/strong> is between 10.5% to 10.8% which is much higher than FDs.<\/span><\/li>\n<\/ul>\n<h4><span class=\"ez-toc-section\" id=\"Cons\"><\/span><b>Cons\u00a0<\/b><span class=\"ez-toc-section-end\"><\/span><\/h4>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Significant dilution in tangible net worth due to significant losses<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Tier-1 CAR falling below 15% in the medium term or on a sustained basis<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Deterioration in the asset quality<\/span><\/li>\n<\/ul>\n<h4><span class=\"ez-toc-section\" id=\"Liquidity\"><\/span><b>Liquidity<\/b><span class=\"ez-toc-section-end\"><\/span><\/h4>\n<p><span style=\"font-weight: 400;\">The company&#8217;s asset-liability situation indicates a favorable surplus for up to one year. Additionally, as of the end of March 2024, cash and bank balances amounted to Rs. 32.8 Cr, with unutilized bank lines totaling Rs. 27.9 Cr. This offers an extra layer of security to the liquidity profile, especially considering the debt repayment obligation of Rs. 19.1 Cr scheduled for March-May 2024.<\/span><\/p>\n<h2 style=\"text-align: center;\"><span class=\"ez-toc-section\" id=\"To_get_better_returns_than_Bank_FDs_invest_in_NCD-IPOs_online\"><\/span><a href=\"https:\/\/goldenpi.com\/bond-better-return-fds\"><b>To get better returns than Bank FDs, invest in NCD-IPOs online.\u00a0<\/b><\/a><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><span style=\"font-weight: 400;\">\u00a0<\/span><\/p>\n<h2><span class=\"ez-toc-section\" id=\"About_Muthoot_Mercantile_Limited\"><\/span><b>About <\/b><b>Muthoot Mercantile Limited\u00a0<\/b><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><span style=\"font-weight: 400;\">Muthoot Mercantile Limited (MML) was established as a Public Limited Company in 1997 and obtained registration as a Non-Banking Finance Company from the Reserve Bank of India in 2002. As a prominent NBFC, Muthoot Mercantile Limited serves as the flagship entity of the Muthoot Ninan Group, founded by the late M. Ninan Muthoot in 1939. The company specializes in providing loans secured against gold.<\/span><\/p>\n<p><img decoding=\"async\" class=\"aligncenter wp-image-7567 size-large\" src=\"https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2024\/05\/07050340\/Screenshot-2024-05-07-103223-1024x373.png\" alt=\"About Muthoot Mercantile Limited \" width=\"1024\" height=\"373\" srcset=\"https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2024\/05\/07050340\/Screenshot-2024-05-07-103223-1024x373.png 1024w, https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2024\/05\/07050340\/Screenshot-2024-05-07-103223-300x109.png 300w, https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2024\/05\/07050340\/Screenshot-2024-05-07-103223-768x280.png 768w, https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2024\/05\/07050340\/Screenshot-2024-05-07-103223-585x213.png 585w, https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2024\/05\/07050340\/Screenshot-2024-05-07-103223.png 1120w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><\/p>\n<h4><span class=\"ez-toc-section\" id=\"Strengths\"><\/span><b>Strengths<\/b><span class=\"ez-toc-section-end\"><\/span><\/h4>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Significant growth and expansion of franchise, enhancing geographic diversification: MML achieved notable growth in its gold loan business during FY23-FY24, with a 30% year-on-year increase in the loan book to INR 7 billion in FY24, driven by branch expansions.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Reasonable profitability supporting growth: Despite a slight decrease in net interest margin to 11.94% in FY24 (compared to 12.33% in FY23), MML maintained reasonable profitability, albeit impacted by higher borrowing costs.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Stable asset quality: The gold loan segment exhibited resilience during COVID-19 disruptions, maintaining stable asset quality with a gross NPA of 0.3% in FY24 (up from 0.27% in FY23).<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Adequate capitalization: MML, wholly owned by the chairman and family, possessed a tangible net worth of INR 1,647 million as of March 31, 2024.<\/span><\/li>\n<\/ul>\n<h4><span class=\"ez-toc-section\" id=\"Weakness\"><\/span><b>Weakness<\/b><span class=\"ez-toc-section-end\"><\/span><\/h4>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Business scalability and profitability under monitoring: Increased competitive pressures in south India from various sources, including Nidhi companies, moneylenders, microfinance institutions, and banks offering agriculture <strong><a href=\"https:\/\/goldenpi.com\/blog\/essentials\/gold-bonds-vs-physical-gold-vs-gold-etfs-complete-breakdown\/\">gold<\/a><\/strong> loans, have resulted in slower AUM growth per branch and pricing pressure.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Concentrated funding profile: As of March 2024, MML&#8217;s funding mix comprised NCDs (26%), subordinated debentures (38.6%), and loans from public sector banks (35.4%), indicating concentration. The company&#8217;s leverage stood at 3.5x by end-March 2024.<\/span><\/li>\n<\/ul>\n<h2 style=\"text-align: center;\"><span class=\"ez-toc-section\" id=\"Invest_in_Bond_IPO_online_in_just_5_minutes\"><\/span><a href=\"https:\/\/goldenpi.com\/bond-ipo-online\"><b>Invest in Bond IPO online in just 5 minutes<\/b><\/a><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><strong>Source-<\/strong> Prospectus May 02, 2024<\/p>\n<p><strong>Disclaimer \u2013\u00a0<\/strong>The information is published as on date 05\/07\/2024 based on information available on Prospectus May 02, 2024. The information may be subject to change in case of change in terms of prospectus or any other reason as the case maybe. Contents which are exclusively for educational information\/knowledge sharing on capital market concepts and has no influence the investment\/sale decisions of any investors.<\/p>\n<p>&nbsp;<\/p>\n<div id=\"footable_parent_7882\"\n         class=\" footable_parent ninja_table_wrapper loading_ninja_table wp_table_data_press_parent semantic_ui \">\n                <div class=\"pcrstb-wrap\"><table data-ninja_table_instance=\"ninja_table_instance_0\" data-footable_id=\"7882\" data-filter-delay=\"1000\" aria-label=\"IPO Table - Muthoot Mercentile (1).csv\"            id=\"footable_7882\"\n           data-unique_identifier=\"ninja_table_unique_id_2816616233_7882\"\n           class=\" foo-table ninja_footable foo_table_7882 ninja_table_unique_id_2816616233_7882 ui table  nt_type_legacy_table selectable striped vertical_centered  footable-paging-right ninja_table_pro\">\n                <colgroup>\n                            <col class=\"ninja_column_0 \">\n                            <col class=\"ninja_column_1 \">\n                            <col class=\"ninja_column_2 \">\n                            <col class=\"ninja_column_3 \">\n                            <col class=\"ninja_column_4 \">\n                            <col class=\"ninja_column_5 \">\n                            <col class=\"ninja_column_6 \">\n                    <\/colgroup>\n        <thead>\n<tr class=\"footable-header\">\n                                                                                                                        <th scope=\"col\"  class=\"ninja_column_0 ninja_clmn_nm_details \">Details <\/th><th scope=\"col\"  class=\"ninja_column_1 ninja_clmn_nm_maximumyield \">Maximum yield<\/th><th scope=\"col\"  class=\"ninja_column_2 ninja_clmn_nm_overallissuesize \">Overall Issue Size\t<\/th><th scope=\"col\"  class=\"ninja_column_3 ninja_clmn_nm_creditrating \">Credit Rating<\/th><th scope=\"col\"  class=\"ninja_column_4 ninja_clmn_nm_startdate \">Start Date<\/th><th scope=\"col\"  class=\"ninja_column_5 ninja_clmn_nm_closingdate \">Closing Date<\/th><th scope=\"col\"  class=\"ninja_column_6 ninja_clmn_nm_formoredetails \">For more details<\/th><\/tr>\n<\/thead>\n<tbody>\n\n        <tr data-row_id=\"170\" class=\"ninja_table_row_0 nt_row_id_170\">\n            <td>Muthoot Mercentile NCD IPO May 2024<\/td><td>10.80%<\/td><td>50 cr<\/td><td>IND BBB Stable <\/td><td>May 6, 2024<\/td><td>May 17, 2024<\/td><td><a   class=\"nt_btn \" style=\"\" rel=\"\" href=\"https:\/\/goldenpi.com\/blog\/investment-guide\/ncd-ipo\/muthoot-mercantile-limited-ncd-ipo\/\">More Details <\/a><\/td>        <\/tr>\n    <\/tbody><!--ninja_tobody_rendering_done-->\n    <\/table><\/div>\n    \n    \n    \n<\/div>\n\n","protected":false},"excerpt":{"rendered":"<p>High Yield\u00a0|\u00a0BBB\/Stable Rated\u00a0|\u00a0Minimum Investment: 10k Only \u00a0 Muthoot Mercantile Limited is issuing the Non-Convertible Debentures. These NCDs are BBB\/Stable rated by India&hellip;<\/p>\n","protected":false},"author":4,"featured_media":12139,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_lmt_disableupdate":"no","_lmt_disable":"","footnotes":""},"categories":[113,152],"tags":[],"class_list":["post-7566","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-ncd-ipo","category-muthoot-finance"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v26.6 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>MUTHOOT MERCANTILE LIMITED NCD IPO \u2013 May 2024, should you invest? - GoldenPi | Blogs<\/title>\n<meta name=\"description\" content=\"MUTHOOT MERCANTILE LIMITED NCD IPO \u2013 May 2024, should you invest?\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/goldenpi.com\/blog\/investment-guide\/ncd-ipo\/muthoot-mercantile-limited-ncd-ipo\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"MUTHOOT MERCANTILE LIMITED NCD IPO \u2013 May 2024, should you invest? 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