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ICICI Direct's IPO Report
Five Star Business Finance Ltd. is a systemically important non-deposit taking non-banking finance company providing secured business loans to micro-entrepreneurs and self-employed individuals, each of them largely excluded by traditional financing institutions.
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The company is headquartered in Chennai, Tamil Nadu, with a strong presence in south India. All loans are secured by their borrowers' property, predominantly being self-occupied residential property.
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Over 95% of its loan portfolio comprises loans from between Rs 1 lakh and Rs 10 lakh in principal amount, with an average ticket size of Rs 2.9 lakh, Rs 2.7 lakh, Rs 2.8 lakh, Rs 2.6 lakh and Rs 3.1 lakh in Q1 FY23, Q1 FY22, FY22, FY21 and FY20, respectively.
During Q1 FY23, Q1 FY22, FY22, FY21 and FY20, the company provided loans to more than 205,000 customers.
In FY22, the proportion of new to credit customers in small business loans segment is estimated to be ~27% for NBFCs.
We believe Five Star Business Finance is a player with healthy fundamental performance and robust growth in fast growing small business finance market.
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