- Social Worth Technologies filed draft papers for an IPO worth up to Rs 750 crore with SEBI
- Fibe reported Rs 257.5 crore profit after tax and Rs 8,603 crore assets under management in FY26
- Unsecured personal loans form 77.4% of Fibe's assets under management as of March 2026
Social Worth Technologies Ltd., the parent of digital lending platform Fibe, has filed draft papers with SEBI for an initial public offering (IPO) comprising a fresh issue of shares worth up to Rs 750 crore and an offer for sale by existing investors. The proceeds from the primary issue will be used largely to strengthen the capital base of its lending subsidiary, EarlySalary Services Pvt. Ltd., which houses the group's lending operations.
The filing brings to the market a fintech lender that has moved beyond the growth-at-all-costs playbook. Fibe reported profit after tax of Rs 257.5 crore in FY26, compared with Rs 101.2 crore two years earlier, while assets under management expanded to Rs 8,603 crore from Rs 4,064 crore over the same period. Revenue from operations rose to Rs 1,585 crore in FY26.
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Founded as a personal-loan platform, Fibe has expanded into financing for education, healthcare, insurance, travel, e-commerce and rooftop solar purchases through a network of more than 10,000 merchant touchpoints. Despite that diversification, unsecured personal loans continue to dominate the business, accounting for 77.4% of AUM at the end of March 2026.
The prospectus suggests the company has so far managed growth without a corresponding deterioration in asset quality. Gross Stage-3 loans stood at Rs 63.1 crore at the end of FY26, translating into a gross Stage-3 ratio of 1.2%, while the net Stage-3 ratio was 0.26%. Provision coverage was 78.6% and collection efficiency stood at 99.5%.
Expansion has been accompanied by a steady rise in borrowings. Total borrowings stood at Rs 3,553 crore as of March-end, sourced from 41 lending partners, including banks, NBFCs and institutional investors. Non-convertible debentures accounted for nearly half the borrowing mix, while the average cost of funds stood at 10.63%.
Fibe's model extends beyond loans held on its own balance sheet. It works with co-lending partners and funding institutions, with roughly 39% of AUM linked to such arrangements. The company has also provided corporate guarantees and default loss guarantees in connection with some of these partnerships.
The draft prospectus flags risks common to digital lenders, including changes in RBI regulations, rising funding costs, cybersecurity threats, fraud risks and potential disruption in access to capital. Employee attrition remained elevated at around 24% during FY26. The company has also disclosed tax- and GST-related contingent liabilities, although it reported no material criminal, regulatory or civil proceedings.
The offer comes as investors have become increasingly selective about fintech listings, placing greater emphasis on profitability, asset quality and funding discipline.
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Investors are expected to compare it with OnEMI Technology Solutions, the operator of digital lender Kissht, which completed its IPO earlier this year. Before listing, Kissht reported AUM of about Rs 5,956 crore, smaller than Fibe's current loan book, but its business model carried many of the same characteristics, including a heavy reliance on unsecured consumer credit and the use of IPO proceeds to support lending growth.
The market's response to Kissht provides a useful benchmark. Its Rs 926-crore IPO was subscribed 9.5 times overall, with qualified institutional buyers subscribing nearly 25 times their allocation. The stock listed at Rs 190 against an issue price of Rs 171, a premium of about 11%, and closed its debut session more than 22% above the issue price.
What investors appeared to reward in that offering was not customer growth alone, but evidence that lending expansion could be sustained without compromising profitability or underwriting discipline. That may be the same yardstick applied to Fibe. While the company enters the market with a larger loan book, stronger profitability and relatively low reported stress levels, it remains predominantly an unsecured lender, leaving it exposed to any downturn in consumer credit conditions.
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