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For a ₹7,000 crore IPO, Bajaj Housing Finance files a DRHP with SEBI

₹7,000 crore IPO, Bajaj Housing Finance Bajaj Housing Finance IPO: In order to raise ₹7,000 crore through its planned public offering, Baj...


Sunday, June 9, 2024

For a ₹7,000 crore IPO, Bajaj Housing Finance files a DRHP with SEBI

₹7,000 crore IPO, Bajaj Housing Finance

For a ₹7,000 crore IPO, Bajaj Housing Finance files a DRHP with SEBI

Bajaj Housing Finance IPO: In order to raise ₹7,000 crore through its planned public offering, Bajaj Housing Finance has submitted its preliminary draft documents to SEBI, the capital markets regulator. Draft red herring prospectus (DRHP) says parent company Bajaj financing will sell shares of its housing financing division through a public offering.

A new issue of equity shares up to ₹4,000 crore and an offer for sale (OFS) of up to ₹3,000 crore by the selling shareholder, Bajaj Finance Limited, with a face value of ₹10 per equity share make up the public offering of up to ₹7,000 crore.

A reserve of equity shares for subscription by qualified employees and a reservation of shares with a face value of ₹10 apiece for subscription by qualified promoter shareholders, such as persons and HUFs that are public equity owners of the promoters, are included in the first public offering.

The mortgage lending company Bajaj Housing Finance plans to use the proceeds of the new issuance to increase the capital base of the business in order to meet future capital requirements and to support business expansion for future lending.

The book running lead managers for the offer 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 Limited.

The sale of shares valued at ₹3,000 crore in Bajaj Housing Finance's first public offering was approved by the board of Bajaj Finance on June 6.

The purpose of the share offering is to fulfill the Reserve Bank of India's (RBI) mandate that by September 2025, upper-layer NBFCs must be listed on stock exchanges. Bajaj Housing Finance was included on the RBI's list of upper-layer NBFCs, or companies with assets under management of ₹50,000 crore, which was published in September 2022.

Details about Bajaj Housing Finance Company

Bajaj Finserve owns 51.34 percent of Bajaj Finance, whereas Bajaj Housing Finance is entirely owned by Bajaj Finance. Since September 2015, the lender has been registered with the National home Bank as a non-deposit-taking home financing firm. It provides financing options for buying and remodeling both residential and commercial buildings.

The RBI in India has designated and classified the Pune-based NBFC as a "upper layer" NBFC. Its extensive mortgage offerings including home loans, loans secured by real estate, lease rental discounting, and developer financing.

The home lender reported a net profit of ₹1,731 crore for the whole fiscal year 2023–24, up 38% from ₹1,258 crore in the previous year. As of March 31, 2024, the company's home loan percentage to total assets under management (AUM) was 57.8%, a decrease from 61.7 percent the previous year.

A comprehensive selection of mortgage products, including house loans, loans secured by property, and lease rental reductions, are provided by Bajaj Housing Finance. Developers can also receive inventory finance and construction finance from the mortgage lender. Aadhar home Finance and India Shelter Finance, two peer-to-peer home finance companies, have recently gone public on stock exchanges.

The company provides high-net-worth people and developers with lease rental discounts in addition to financing for developers building residential and commercial properties. With AAA/Stable ratings for its long-term debt program and A1+ ratings for its short-term debt program, Bajaj Housing Finance holds the highest credit ratings from both CRISIL and India Ratings.

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