Bajaj Housing Finance IPO: Price Band Revealed; Know Everything About It
Bajaj Finance intends to create the proposed Rs 6,560-crore initial public offering (IPO) by combining a fresh issue of shares valued at Rs 3,560 crore with an offer for sale (OFS) component of equity shares worth up to Rs 3,000 crore.
Mr. Atul Mehra, Managing Director & CEO - Axis Capital Limited, Mr. Atul Jain - Managing Director, Bajaj Housing Finance Limited, Mr. Sanjivnayan Bajaj, Chairman, Bajaj Housing Finance Limited, Mr. Gaurav Kalani - Chief Financial Officer, Bajaj Housing Finance Limited, Mr. Vipin Arora - Executive Vice President - CRE & LAP, Bajaj Housing Finance Limited, Mr. Amit Sinha - Executive Vice President - Home Loans, Bajaj Housing Finance Limited, Mr. Vijay Solanki - Treasurer, Bajaj Housing Finance Limited |
The price range for the Bajaj Housing Finance IPO is Rs 66 to Rs 70 per share. Opening for bidding on September 9 and closing on September 11, subscriptions for the Rs 6,560-crore IPO will be accepted.
Issue size
According to the red herring prospectus (RHP), parent company Bajaj Finance intends to create the proposed Rs 6,560-crore initial public offering (IPO) by combining a fresh issue of shares valued at Rs 3,560 crore with an offer for sale (OFS) component of equity shares worth up to Rs 3,000 crore.
The anchor investor bidding will start on September 6.
Lot size
The lot size for the IPO is 214 shares per lot, which amounts to a minimum bid of Rs 14,980 per lot and in multiples of 214 shares thereof.
OFS and fresh issue componants
In June, Bajaj Housing Finance filed preliminary documents for an IPO worth Rs 7,000 crore with SEBI, the market regulator.
The IPO comprised 4,000 crore new shares and Rs 3,000 crore in OFS shares from the parent company. The first public offering of the company was approved by the market regulator earlier this month.
Portion reserved in IPO
Qualified institutional buyers will receive half of the offer size, retail investors will receive 35 per cent, and non-institutional investors (NIIs) will receive the remaining 15 per cent.
Additionally, the company has set aside Rs 200 crore worth of shares for workers at Bajaj Housing Finance.
Book-running lead managers
BofA Securities India Ltd., Kotak Mahindra Capital Company Ltd., Goldman Sachs (India) Securities Private Ltd., SBI Capital Markets Ltd., and JM Financial Ltd. are the book-running lead managers for the company's IPO.
About company
The National Housing Bank has registered Bajaj Housing Finance, a non-deposit-taking housing finance company, since September 2015. It provides funding for the purchase and renovation of residential and commercial real estate.
The RBI has identified it as a "upper layer" NBFC and classified it accordingly. Home loans, developer financing, lease rental discounting, and loans secured by real estate are all part of its broad range of mortgage products.
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