Aadhar Housing Finance, a company affiliated with the Blackstone Group, has announced the pricing details of its upcoming IPO, valued at Rs 3,000 crore. The IPO will open for subscription on May 8 and close on May 10, with the anchor book opening on May 7. The basis of allotment will be finalized on May 13, and refunds will be initiated on May 14. The company is expected to be listed on stock exchanges on May 15.
The IPO has been scaled down from the originally planned Rs 5,000 crore to ensure a strong market debut and successful listing. It comprises a fresh issue of shares worth Rs 1,000 crore and an offer-for-sale (OFS) of Rs 2,000 crore by promoter BCP Topco. At the upper end of the price band, the valuation exceeds Rs 13,000 crore.
BCP Topco VII Pte, an affiliate of Blackstone Group Inc, currently holds a 98.72 percent stake in Aadhar Housing Finance. The net proceeds from the fresh issue, amounting to Rs 750 crore, will be utilized for future capital requirements and general corporate purposes.
Aadhar Housing Finance focuses on the low-income housing segment, offering small-ticket mortgage loans. As of December 2023, its gross assets under management stood at Rs 19,865.2 crore, reflecting a 20 percent increase over the previous year. The company has demonstrated robust financial performance, with net profit growing by 22.5 percent year-on-year to Rs 544.8 crore for FY23. Net interest income also saw significant growth, increasing by 28.6 percent to Rs 1,244.3 crore, with a net interest margin (NIM) expansion of 110 basis points to 8 percent during the same period.
In 9MFY24, net profit surged by 35.6 percent to Rs 547.9 crore compared to the same period the previous fiscal year, while net interest income rose nearly 30 percent to Rs 1,170.4 crore, with NIM expanding 100 basis points to 9 percent.
Disbursements during 9MFY24 totaled Rs 4,904 crore, marking a 24.3 percent increase over the same period in the previous fiscal year. In FY23, disbursements grew by 48 percent to Rs 5,902.6 crore compared to FY22.
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