03-Jan-2024
2 mins read
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360 ONE Prime Limited announced its plan to initiate a public offering of secure, redeemable, non-convertible debentures (NCDs) valued at Rs 1,000 starting on January 11, 2024.
360 ONE Prime Product Portfolio
Established in 1994, 360 ONE Prime Limited is a Mumbai-based asset management company. Initially known as IIFL Wealth Prime Limited, the firm underwent a rebranding in 2022, adopting the name ‘360 ONE’ to reflect its comprehensive approach and focus on client-centric services. It operates as a subsidiary of 360 ONE WAM.
The company specialises in offering a wide range of financial services, including portfolio and wealth management, treasury services, financial consulting, planning, and investment advisory. With a geographical footprint that spans 15 states and extends internationally across five countries, 360 ONE Prime Limited has established a significant presence in the financial sector.
For the fiscal year 2023, the firm reported a total operational revenue of 673.66 crore. As of September 30, 2023, its loan book stood at Rs 5,310 crore. The company’s AA rating by ICRA signifies its reliability and trustworthiness among major institutional investors. To date, 360 ONE Prime Limited has assisted over 1,000 clients in securing capital for various purposes, including market investments, short-term working capital needs, early-stage debt financing, and funding for large-scale acquisitions.
Financial Performance of 360 ONE Prime Limited (In Rs Crore)
For 360 ONE Prime Limited, there was a reduction of 10.72% in both revenue and profit after tax (PAT) when comparing the financial year ending March 31, 2023, with the previous financial year ending March 31, 2022.
| Period Ended | 30-Sep-23 | 31-Mar-23 | 31-Mar-22 | 31-Mar-21 |
| Assets | 7,052.41 | 7,719.70 | 6,795.83 | 7,056.85 |
| Revenue | 458.31 | 673.66 | 754.58 | 970.81 |
| Profit After Tax | 458.31 | 673.66 | 754.58 | 970.81 |
| Net Worth | 1,452.41 | 1,394.43 | 1,272.30 | 1,693.77 |
Important Dates for 360 ONE Prime NCD
| Issue Open | January 11, 2024 – January 24, 2024 |
| Security Name | 360 ONE Prime Limited |
| Security Type | Secured, Redeemable, Non-Convertible Debentures (Secured NCDs) |
| Issue Size (Base) | Rs 1,000 Crores |
| Issue Size (Shelf) | Rs 1,500 Crores |
| Issue Price | Rs 1000 per NCD |
| Face Value | Rs 1000 each NCD |
| Minimum Lot size | 10 NCD |
| Market Lot | 1 NCD |
| Listing At | BSE |
| Credit Rating | “CRISIL AA/Stable” by CRISIL Ratings Limited and “[ICRA]AA (Stable)” by ICRA Limited |
| Tenor | 18,24 ,36 and 60 months |
| Series | Series I to VIII |
| Payment Frequency | Monthly and Annually |
| Basis of Allotment | First Come First Serve Basis |
| Debenture Trustee/s | Beacon Trusteeship Limited |
Allocation Ratio of 360 ONE Prime NCD
| Category | NCD’s Allocated |
| Institutional | 20% |
| Non-Institutional | 20% |
| HNI | 30% |
| Retail | 30% |
Coupon Rates for 360 ONE Prime Limited NCD
| # | Series 1 | Series 2 | Series 3 | Series 4 | Series 5 | Series 6 | Series 7 | Series 8 |
| Frequency of Interest Payment | Monthly | Annual | Monthly | Annual | Monthly | Annual | Monthly | Annual |
| Nature | Secured | Secured | Secured | Secured | Secured | Secured | Secured | Secured |
| Tenor | 18 Months | 18 Months | 24 Months | 24 Months | 36 Months | 36 Months | 60 Months | 60 Months |
| Coupon (% per Annum) | 8.91% | 9.22% | 9.03% | 9.41% | 9.21% | 9.61% | 9.26% | 9.66% |
| Effective Yield (% per Annum) | 9.26% | 9.27% | 9.40% | 9.40% | 9.60% | 9.60% | 9.65% | 9.65% |
| Amount on Maturity (In Rs) | Rs 1,000 | Rs 1,000 | Rs 1,000 | Rs 1,000 | Rs 1,000 | Rs 1,000 | Rs 1,000 | Rs 1,000 |
NCD Rating of 360 ONE Prime NCD
The Non-Convertible Debentures (NCDs) planned for issuance in this offering have secured a rating of CRISIL AA/Stable from CRISIL Ratings Limited and ICRA AA (Stable) from ICRA Limited, both of which indicate a stable outlook for these ratings.
Company Promoters of 360 ONE Prime NCD
360 ONE WAM Limited is the promoter of the company.
The Objective of the 360 ONE Prime NCD
The company aims to allocate the net proceeds from this issuance primarily for specific financial objectives. This includes using the funds for forward lending and financing or refinancing its current debt obligations. Additionally, the funds will be employed for debt servicing activities, which involve the payment of interest and the repayment or prepayment of the principal and interest on the company’s existing loans. A part of the proceeds will also be directed towards general corporate purposes.
Lead Managers for 360 ONE Prime NCD
The lead manager(s) for 360 ONE Prime Limited NCD are Jm Financial Limited, A.K. Capital Services Limited and Iifl Securities Ltd.
How to Apply for 360 ONE Prime NCD
Wait for the NCD to open for subscription, then click on this link to apply for the 360 ONE Prime NCD with Bigul: https://ncd.bonanzaonline.com/.
How to Check the Allotment Status of 360 ONE Prime NCD
The registrar for 360 ONE Prime Limited NCD is Link Intime India Private Ltd. To check your allotment status, please click on this link: https://linkintime.co.in/mipo/ipoallotment.html
FAQs
- What are the details of the 360 ONE Prime Limited NCD issue?
The NCD issue by 360 ONE Prime Limited is set to open on January 11, 2024, and will close on January 24, 2024. This offering includes secured, redeemable, non-convertible debentures valued at Rs 1,000 each. The base issue size is Rs 1,000 Crores, with a shelf option of Rs 1,500 Crores. The NCDs will be listed on the BSE.
- What is the financial performance of 360 ONE Prime Limited?
For the fiscal year ending September 30, 2023, 360 ONE Prime Limited reported assets worth Rs 7,052.41 Crore, a revenue of Rs 458.31 Crore, and a profit after tax of the same amount. The company’s net worth was reported at Rs 1,452.41 Crore.
- What are the credit ratings for the 360 ONE Prime Limited NCD?
The NCDs offered by 360 ONE Prime Limited have received a CRISIL AA/Stable rating from CRISIL Ratings Limited and an ICRA AA (Stable) rating from ICRA Limited.
- Who are the promoters of 360 ONE Prime Limited?
The company is promoted by 360 ONE WAM Limited.
- What is the purpose of the 360 ONE Prime NCD?
The net proceeds from the NCD issuance are intended for forward lending, financing or refinancing the company’s existing debt obligations, debt servicing activities, and for general corporate purposes.
- How can investors apply for the 360 ONE Prime NCD and check the allotment status?
Investors can apply for the NCD when it opens for subscription through the link https://ncd.bonanzaonline.com/. The allotment status can be checked at Link Intime India Private Ltd’s website https://linkintime.co.in/mipo/ipoallotment.html.