Aadhar Housing Finance IPO had a modest debut on the stock exchanges today, with the stock listing at ₹315 on NSE, the same as its issue price, and at ₹314.30 on BSE, representing a marginal discount of 0.22 percent.
The IPO, which was open for subscription from May 8 to May 10, 2024, with a price band of ₹300-315, garnered significant attention from investors. Anchor investors contributed ₹898 crore to the IPO on May 7.
Allocating 35 percent of the issue size to retail investors, 15 percent to non-institutional investors (NIIs), and 50 percent to eligible institutional purchasers, the Aadhar Housing Finance IPO received robust subscriptions across all categories during the three-day bidding period. Overall, it was oversubscribed 26.76 times, with investors bidding for 178.65 crore shares against 6.67 crore shares on offer. The QIB portion witnessed the highest subscription rate at 76.42 times, followed by the NII category at 17.33 times. Additionally, the employee portion was subscribed 6.88 times, and the retail portion 2.58 times.
The IPO consisted of a fresh issue of 3.17 crore shares aggregating to ₹1,000 crore and an offer for sale of 6.35 crore shares aggregating to ₹2,000 crore by promoter BCP Topco VII Pte Ltd, a Blackstone Group affiliate.
Utilizing the net proceeds from the IPO for future lending requirements and general corporate purposes is the firm’s proposed plan. Aadhar Housing Finance Limited targets the lower-income segment, with sales offices in tier 4 and tier 5 towns. As of September 30, 2023, the company had enlisted 12,221 Aadhar Mitras, who facilitated loans for consumers.
SBI Capital Markets Limited, ICICI Securities Limited, Kotak Mahindra Capital Company Limited, Nomura Financial Advisory and Securities (India) Pvt Ltd, and Citigroup Global Markets India Private Limited are the lead managers, while Kfin Technologies Limited is the registrar for the issue.
