MUMBAI: Blackstone-backed Aadar Housing Finance Ltd. has resubmitted draft documents with the Securities and Exchange Board of India (Sebi) to raise the highest amount of funding. INRRaised $500 billion through an initial public offering (IPO). This comes after the company's initial filing for 2021 expired due to regulatory timelines.
An IPO consists of a new issue of a substantial amount of shares INROffer for sale (OFS) of shares worth 100 billion yen by Blackstone Group company BCP Topco VII Pte. INR400 billion.
This is a re-filing of the IPO documents filed in January 2021 and received Sebi approval in May 2022. As it expired after a year, Aadhar Housing had to reapply for a new attempt.
The net proceeds from the IPO will be used to satisfy future capital requirements for future financing and general corporate purposes.
Currently, Blackstone owns 98.72% (389.68 million shares) of Aadar Housing, while ICICI Bank holds the remaining 1.18%. In June 2019, the original promoters of Dewan Housing Finance Corporation (DHFL) transferred all their shares to BCP Topco.
ICICI Securities, Citigroup Global Markets India, Kotak Mahindra Capital, Nomura Financial Advisory & Securities and SBI Capital are the lead bookrunning managers for the issue.
Aadhar Housing focuses on low income housing segment (loans below) INR1.5 million people in India). According to CRISIL, as of September 30, 2023, the company has the highest assets under management (AUM) and net worth among its peers.
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The company has a network of 471 branches and provides mortgage-related loans for residential real estate purchases, construction, home renovations, and commercial real estate.
The number of IPO applications is rapidly increasing in the Indian market. The outcome of an initial public offering is highly influenced by the overall mood of the financial markets. When market sentiment is positive and investor confidence is high, newly launched IPOs generally do better.
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