Bajaj Housing Fin fixes ₹66-70 range for IPO

Bajaj Housing Finance on Tuesday said it has fixed a price band of ₹66-70 per share for its ₹6,560-crore initial share sale.

The initial public offering (IPO) will open for public subscription on September 9 and conclude on September 11 and the bidding for anchor investors will open for a day on September 6, the company said.

The proposed IPO comprises a fresh issue of equity shares of up to ₹3,560 crore and an offer for sale (OFS) of equity shares to the tune of ₹3,000 crore by parent Bajaj Finance.

The share sale is being conducted to comply with the Reserve Bank of India's (RBI) regulations, which require upper-layer non-banking finance companies to be listed on stock exchanges by September 2025.

Proceeds from the fresh issue will be used to augment the company's capital base to meet future capital require- ments.

Investors can make a bid for a minimum of 214 equity shares and in multiples of 214 equity shares thereafter.

Bajaj Housing Finance is a non-deposit-taking housing finance company registered with the National Housing Bank since September 2015. It offers financial solutions for purchasing and renovating residential and commercial properties.

It has been identified and categorised as an "upper layer" NBFC by the RBI in India and its comprehensive mortgage products include home loans, loans against property, lease rental dis- counting and developer fi- nancing.

For 2023-24, the housing lender posted a net profit of ₹1,731 crore, marking a growth of 38 per cent from ₹1,258 crore in FY23.

Aadhar Housing Finance and India Shelter Finance are two housing finance compa- nies that have been listed on the stock exchanges in recent months.

In June, Bajaj Housing Finance filed preliminary papers with Sebi for a ₹7,000 crore IPO, comprising fresh shares worth ₹4,000 crore and an OFS component of ₹3,000 crore by its parent. The market regulator gave its clearance to the company's maiden public issue earlier this month.

Source : PTI, The Telegraph