September 9 is the day of the Bajaj Housing Finance IPO on D-Street.
On September 9, Bajaj Housing Finance’s initial public offering (IPO) will launch on the main market and accept subscriptions through September 11.
Bajaj Housing Finance IPO: On September 9, subscriptions for the non-banking financial company’s (NBFC) first public offering (IPO) will be accepted. Investors can still participate in the three-day bidding window through September 11, 2024. On Tuesday, September 3, the price range for the mainboard IPO will be revealed, and on Friday, September 6, the issue’s anchor book will open.
Founded in 2008, Bajaj Housing Finance is a wholly owned subsidiary of Bajaj Finance. 51.34 percent of Bajaj Finance is owned by Bajaj Finserv. Since 2015, Bajaj Housing Finance has been registered with the National Housing Bank (NHB) as a non-deposit-taking housing finance firm that provides mortgage loans.
Details of Bajaj Housing Finance’s IPO:
Through the IPO, which consists of a new issuance of ₹3,560 crore and an offer for sale (OFS) of ₹3,000 crore, the housing financing company hopes to raise a total of ₹6,560 crore. The ceiling price must be less than or equal to 120% of the floor price, but it must be at least 105% of the floor price.
The book running lead managers of the Bajaj Housing Finance IPO are Kotak Mahindra Capital Company Limited, Bofa Securities India Limited, Axis Capital Limited, Goldman Sachs (India) Securities Private Limited, SBI Capital Markets Limited, Jm Financial Limited, and IIFL Securities Ltd. The registrar of the issue is Kfin Technologies Limited.
The NBFC intends to pay offer-related costs with the proceeds of the new shares in addition to using them to bolster its capital base for upcoming lending activities. Benefits from the listing will also include increased brand awareness and the creation of an Indian public market for the company’s shares.
“Individuals and HUFs who are public equity shareholders of our promoters, excluding such other persons not eligible to invest in the offer under applicable laws, rules, regulations and guidelines and any depository receipt holder of our promoters,” the NBFC stated in its draft papers regarding the eligible shareholders who can apply for the Bajaj Housing Finance IPO under the shareholder’s category.
As a result, shareholders who own one or both of the parent company’s equities at the time of the NBFC’s RHP filing, which is on Saturday, August 31, will be qualified to apply for the Bajaj Housing Finance IPO.
The non-deposit taking housing financier filed the draft prospectus for the ₹7,000 crore initial public offering (IPO) with the regulator in June 2024 in order to comply with Reserve Bank of India (RBI) regulations requiring the listing of upper-layer non-banking finance companies (NBFC-UL) on the stock exchanges by September 2025.
Details about Bajaj Housing Finance Company
As a member of the Bajaj Group, the NBFC offers both people and businesses specialised finance solutions for the acquisition and refurbishment of residential and commercial properties. The organization offers a wide range of mortgage products, such as developer finance, home loans, loans secured by real estate, and rent reductions.
Thirty-eight,693 customers were active as of March 31, 2024, with 81.7% of those being house loan customers. Under the direction of six centralized retail loan review centers and seven centralized loan processing centers, the NBFC operates a network of 215 branches in 174 locations throughout 20 states and three union territories.
The home lender announced a net profit of ₹1,731 crore for the fiscal year 2023–2024, up 38% from ₹1,258 crore the year before. Home loans as a percentage of the company’s total assets under management (AUM) dropped from 61.7% to 57.8% as of March 31, 2024.
PNB Housing Finance (P/E of12.4), Can Fin Homes (P/E of12.9), Aadhar Housing Finance (P/E of18.7), Aavas Financiers (P/E of3.3), Aptus Value Housing Finance (P/E of24.6), and Home First Finance (P/E of24.3) are the company’s listed rivals, according to the DRHP. The P/E ratio for LIC Housing Finance is 7.3.
A list of upper-layer NBFCs, or businesses with assets under control of ₹50,000 crores, was released by the RBI in September 2022. Bajaj Housing Finance, which was on the list, was supposed to go public on the bourses in September 2025, based on RBI criteria.
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