Bajaj Housing Finance IPO Opens Tomorrow: Grey Market Premium Points to 73% Gain, Backed by Bajaj Finance & Bajaj Finserv
Bajaj Housing Finance is ready to launch its initial public offering (IPO) on Monday, 9th September. According to the grey market, the premium for the company’s shares is around ₹51-52, showing a possible 73% increase above the issue price.
The price range for the IPO has been set between ₹66 and ₹70 per share.
The company, promoted by Bajaj Finance and Bajaj Finserv, plans to raise ₹6,560 crore through the IPO. This includes ₹3,560 crore from the sale of new shares and ₹3,000 crore through an offer for sale (OFS).
Before the IPO, Bajaj Housing Finance has already raised ₹1,758 crore from top anchor investors by selling shares at ₹70 each, which is the highest end of the price range. These investors include well-known names like the Government of Singapore, ADIA, Fidelity, Invesco, HSBC, Morgan Stanley, Nomura, and JP Morgan.
The funds raised from the IPO will help the company expand its business, particularly in lending. Bajaj Housing Finance, a non-deposit-taking Housing Finance Company (HFC), has been registered with the National Housing Bank since September 2015. It offers custom financial solutions for buying and renovating homes and commercial properties. The company provides a wide range of mortgage products, such as home loans, loans against property, lease rental discounting, and developer financing.
For the fiscal year 2023-24, Bajaj Housing Finance reported a net profit of ₹1,731 crore, showing a growth of 38% compared to ₹1,258 crore in the previous year.
The lead managers for the IPO include Kotak Mahindra Capital, BofA Securities, Axis Capital, Goldman Sachs (India) Securities, SBI Capital Markets, JM Financial, and IIFL Securities.
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