IPO Announced for Aadhar Housing Finance
On May 8, Aadhar Housing Finance, supported by the massive private equity firm Blackstone, is scheduled to begin its ₹3,000-crore initial public offering (IPO). In line with the company's red herring prospectus, the IPO is scheduled to close on May 10.
In addition to an offer for sale (OFS) of ₹2,000 crore made by BCP Topco VII Pte Ltd, an affiliate of the promoter Blackstone Group Inc., the IPO consists of a new issue of equity shares priced at ₹1,000 crore.
At the moment, ICICI Bank owns 1.8% of Aadhar Housing Finance, while BCP Topco owns the bulk at 98.72 percent.
From the proceeds of the new issue, the business plans to set aside ₹750 crore for lending needs in the future, with a share set aside for general corporate purposes.
The Securities and Exchange Board of India, the market regulator, gave Aadhar Housing Finance permission to begin its initial public offering (IPO) earlier this month.
Aadhar Housing Finance is a mortgage-related loan product specialist that offers a range of loans, including as commercial property purchase and construction loans, home improvement and extension loans, and loans for buying and building residential properties.
With an emphasis on the low-income housing market, the company functions as a housing finance company (HFC). The majority of its clientele are low-to-middle-class, economically disadvantaged people who require small-ticket mortgage loans.
By September 30, 2023, the corporation will have 471 branches in its network, 91 of which are sales offices. The company benefits greatly from utilizing the assets, connections, and experience of Blackstone, one of the world's leading investment firms.
The book-running lead managers are SBI Capital Markets, ICICI Securities, Citigroup Global Markets India Pvt Ltd, Kotak Mahindra Capital Company Ltd, and Nomura Financial Advisory and Securities (India) Pvt Ltd.
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