Aadhar Housing Finance IPO Listing: Aadhar Housing Finance made a quiet debut on the stock exchanges today. Listed stocks are INR315 on NSE, same as issue price. Meanwhile, the stock was listed on the BSE. INR314.30 with 0.22% discount.
of INRAadhar Housing Finance's 300 billion yen initial public offering (IPO) will be open for subscription from May 8, 2024 to May 10, 2024, with price ranges INR300-315. Aadhar Housing Finance IPO raised funds on Tuesday, May 7th. INR$898 million from anchor investors.
In Aadar Housing Finance's IPO, 35 per cent of the issue size was allocated to retail investors, 15 per cent to non-institutional investors (NII) and 50 per cent to qualified institutional investors. Employees of the company were entitled to the following discounts: INR23 pieces per share.
Aadhar Housing recorded strong applications in all categories during the three-day auction. Overall he was subscribed 26.76 times. Investors placed bids for 178.65 million shares of the 6.67 billion shares on offer. The QIB part was the most subscribed with 76.42 times, followed by the NII category with 17.33 times. On the other hand, the employee portion increased by 6.88 times, and the retail portion increased by 2.58 times.
This issuance was combined with a new issuance of 3.17 billion shares. INROffer for sale of 100 billion shares and 6.35 billion total shares INRPromoter BCP Topco VII Pte Ltd, an affiliate of Blackstone Group, invested 200 billion yen. BCP Topco owned his 98.7% of the issued, subscribed and paid-up share capital of the pre-offer.
The Company proposes to use the net proceeds from the IPO to meet future capital requirements for further financing, as well as to use the net proceeds for general corporate operations.
SBI Capital Markets Limited, ICICI Securities Limited, Kotak Mahindra Capital Company Limited, Nomura Financial Advisory and Securities (India) Private Limited, and Citigroup Global Markets India Private Limited. Limited is the lead manager for this book. Kfin Technologies Limited is acting as registrar for this matter.
Aadhar Housing Finance Limited is a housing finance company that targets low-income groups. The Deep Impact branch office caters to customers in tier 4 and 5 cities of India. As of September 30, 2023, the company employed 12,221 Adar Mitras and earned referral fees for originating consumer loans. The organization offers a wide range of mortgage financing options for the purchase and development of residential and commercial properties, as well as home renovations and expansions.
Most experts believed the IPO was fairly priced compared to its peers and advised to subscribe to the stock.
“Considering the book value” INROn a post-issuance basis, the price is $52,492 million, and the company plans to list at a P/B of 2.56 times market capitalization. On the other hand, the P/B of its peers Aptus Value Housing Finance India Limited, Aavas Financiers Limited, Home First Finance Company India Limited, and India Shelter Finance Corporation Limited is 4.65x, 3.36x, 4.05x, and 4.59x. X. We assign a 'Subscribe' rating to this IPO due to its strong resiliency across the business cycle and a seasoned business model with robust processes for underwriting, collection and asset quality monitoring. . Also, the company is available at a reasonable valuation compared to the company's stock. peers,” brokerage firm Marwadi Shares and Finance said.
Other brokerages such as Aditya Birla Ltd, Ashika Research, Canara Bank Securities, Nirmal Bang and SMIFS had also tagged the issue of the book as 'Subscribe'.
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