Bajaj Housing Finance IPO: Issue Subscribed 7.50 Times on Day 2
9/11/2024 1:14:00 PM
Bajaj Housing Finance IPO GMP soars: The
unlisted shares of Bajaj Housing Finance
continue to maintain a robust grey market
premium on the final day of its IPO bidding,
underscoring strong investor appetite. The
shares are trading at a premium of Rs 70, a
100 per cent premium over the IPO's upper
price band of Rs 70, as per sources tracking
grey
market activities. Moreover, today's grey
market premium has risen by Rs 7, from Rs 64
on Monday, September 9, 2024, when the IPO
subscription opened, indicating sustained
momentum.
The Bajaj Housing Finance IPO, which ends
today, has so far received an overwhelming
response from investors, with the public issue
being subscribed 7.50 times by the second day
of subscription. According to NSE data, the
public issue of Bajaj Housing Finance received
bids for 5,45,85,77,822 shares against
72,75,75,756 shares offered.
Non-Institutional Investors (NIIs) bid the
highest at 16.45 times for the Bajaj Housing
Finance IPO, followed by Qualified Institutional
Buyers (QIBs) at 7.46 times and Retail
Individual
Investors (RIIs) at 3.83 times. Meanwhile, the
quota reserved for shareholders received 9.54
times subscription by Tuesday, September 10,
2024.
The public issue of Bajaj Housing Finance arm
has received positive reviews from several
noted brokerages, including Deven Chokshi
Research, InCred Equities, Motilal Oswal, and
Swastika Investmart.
At the upper end, Bajaj Housing Finance seeks
to raise Rs 6,560 crore from the issue, offering
a fresh issue of 937,142,858 shares worth
around Rs 6,560 crore, as well as an offer for
sale of up to 508,571,429 shares of the
company with a face value of Rs 10 apiece.
The Bajaj Housing Finance IPO is available at a
price band of Rs 66-70 with a lot size of 214
shares. Accordingly, investors can bid for a
minimum of 214 shares and in multiples
thereof.
KFin Technologies is the registrar for the Bajaj
Housing Finance IPO, while Kotak Mahindra
Capital, BofA Securities, Axis Capital, Goldman
Sachs (India) Securities, SBI Capital
Markets, JM Financial, and IIFL Securities are
the book-running lead managers of the public
issue.
Following the closure of the subscription
window, the allotment of Bajaj Housing
Finance IPO shares is likely to be finalised on
Thursday, September 12, 2024, and the
company's
shares will be credited to demat accounts on
Friday, September 13, 2024.
Bajaj Housing Finance
Bajaj Housing Finance Ltd (BHFL), formerly
known as Bajaj Financial Solutions Ltd, was
incorporated as a subsidiary of Bajaj Finserv
Ltd (BFS) on June 13, 2008. The company was
acquired by Bajaj Finance Ltd (BFL) as a
wholly-owned subsidiary from Bajaj Finserv on
November 1, 2014, with the intent to conduct
housing finance business through a dedicated
subsidiary. The company's name was changed
to Bajaj Housing Finance on November 14,
2014.
Source : Business Standard
INDIA