Aadhar Housing Finance shares made a tepid debut on Dalal Street, listing at Rs 314 per share on May 15, down 0.3 percent against the issue price of Rs 315 per share. The Rs 3,000-crore initial public offer (IPO) of Aadhar Housing was subscribed 26.76 times (x), with 76.4x in qualified institutional buyers (QIBs) category, 17.3x in non-institutional investor (NII), and 2.5x in retail.
Aadhar Housing IPO was completed on May 10 and the price band was fixed in the range of Rs 300-315 per share. The company intends to utilize the net proceeds from the IPO to meet future capital requirements for lending activities and for general corporate purposes.
Aadhar Housing Finance’s Rs 3,000 crore IPO consisted of an offer-for-sale (OFS) by promoter BCP Topco VII Pte, a Blackstone Group affiliate, for Rs 2,000 crore and a fresh issue of equity shares valued at Rs 1,000 crore.
The company garnered Rs 898 crore from 61 funds through an anchor book opened for a single day on May 7.
The company, established in 2010, focuses on providing housing finance solutions to the lower-income segments. It offers a wide range of mortgage financing options for residential and commercial property purchases and development, as well as home remodeling and expansion.
SBI Capital Markets, ICICI Securities, Kotak Mahindra Capital, Nomura Financial Advisory, and Citigroup Global Markets India were the lead book-running managers.
The article originally appeared on MoneyControl.