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Aadhar Housing Finance garnered Rs 897.9 crore from anchor investors on May 7, a day ahead of its IPO launch. The affordable housing finance firm’s Rs 3,000-crore initial share sale debuts on Dalal Street on May 8, with closure slated for May 10.
Institutional heavyweights such as Morgan Stanley, Stichting Depository APG, WF Asian Reconnaissance Fund, Clarus Capital, Neuberger Berman Emerging Markets Equity Fund, Theleme India Master Fund, CLSA Global, East Bridge Capital, Nepean Long Term Opportunities Fund, and Amundi Funds bet big on the company through anchor book participation. The allocation of 2,85,04,761 equity shares to anchor investors occurred at Rs 315 per share, the upper end of the price band, with Blackstone Group-backed Aadhar Housing making the announcement.
Domestic mutual funds, represented by 11 players across 28 schemes, secured 1.01 crore equity shares of the total allocation. Asset management majors such as HDFC Mutual Fund, ICICI Prudential Mutual Fund, Axis Mutual Fund, Invesco India, Whiteoak Capital, Quant Mutual Fund, Bandhan Mutual Fund, JM Financial Mutual Fund, Mahindra Manulife, and LIC Mutual Fund all joined in the investment frenzy.
Notably, insurance giants like SBI Life Insurance Company, ICICI Prudential Life Insurance, HDFC Life Insurance Company, Kotak Mahindra Life Insurance, SBI General Life Insurance, and Bajaj Allianz Life Insurance also dipped their toes in the offering.
Aadhar Housing Finance, headquartered in Bengaluru and catering to the lower income bracket, aims to raise Rs 3,000 crore through its IPO, comprising a fresh issue of Rs 1,000 crore and an offer-for-sale of Rs 2,000 crore by promoter BCP Topco VII Pte, an affiliate of Blackstone Group.
The IPO price band is set at Rs 300-315 per share. The company plans to utilize the net proceeds from the fresh issue for future lending endeavors and general corporate needs. Meanwhile, the offer-for-sale proceeds will enrich BCP Topco.
