The Aadhar Housing Finance IPO received significant interest from investors, with the public issue being oversubscribed by 26.76 times overall. The IPO saw strong subscription across categories, with the retail category subscribed 2.58 times, the Qualified Institutional Buyer (QIB) category subscribed 76.42 times, and the Non-Institutional Investor (NII) category subscribed 17.33 times.
Offering 6,67,50,839 shares for subscription, the IPO received bids for 1,78,64,46,641 shares. The price band for the IPO was set at Rs 300-315 per share. The basis of allotment is expected to be finalized by May 13, with the company's stock exchange debut scheduled for May 15.
As of May 10, 2024, the IPO's grey market premium (GMP) stands at Rs 63. Based on the upper price band of Rs 920 per share, the estimated listing price is projected to be Rs 378, indicating a potential gain of 20% per share.
ICICI Securities Limited, Citigroup Global Markets India Private Limited, Kotak Mahindra Capital Company Limited, Nomura Financial Advisory And Securities (India) Pvt Ltd, and SBI Capital Markets Limited are the book-running lead managers for the Aadhar Housing Finance IPO, with Kfin Technologies Limited serving as the registrar for the issue.
The net proceeds from the IPO will be utilized to meet future capital requirements for lending activities and for general corporate purposes. Established in 2010, Aadhar Housing Finance Limited focuses on providing housing finance solutions to the lower-income segments, and it has shown promising growth financially, with revenue increasing by 18.22% and profit after tax (PAT) rising by 22.22% between the financial years ending March 31, 2023, and March 31, 2022.
