The issue was subscribed 63.6 times at closing, driven by strong interest from non-institutional investors, whose category was subscribed more than 200 times.
Bajaj Housing Finance’s subscription levels are even more significant given that there are three other IPOs in the primary market, including those of Kross, Tolins and PN Gadgil.
The previous record was held by Tata Technologieswhose Rs 3,000 crore IPO received bids worth over Rs 1.5 lakh crore.
In line with the strong demand for the IPO, Bajaj Housing Finance shares are trading at a premium of Rs 67-69 in the grey market. The current sale price translates to a 96% premium over the issue price.
Prior to the opening of the issue, the company has raised Rs 1,758 crore from marquee anchor investors including JP Morgan, Morgan Stanley, Nomura and HDFC Mutual Fund. The net proceeds from the public offer will be used to augment the capital base of the company to meet future business requirements for future borrowings. Bajaj Housing Finance is a non-deposit taking HFC registered with the National Housing Bank since September 2015, offering customized financial solutions for purchasing and renovating residential and commercial properties.
It has also been identified and categorized as a top-tier NBFC by the RBI of India and its comprehensive mortgage products include home loans, loans against properties, rental discounts and developer financing.
The company focuses primarily on individual retail home loans, backed by a broad range of commercial and developer loans, serving clients ranging from homebuyers to large developers.
For the fiscal year 2023-24, the housing lender posted a net profit of Rs 1,731 crore, marking a growth of 38% from Rs 1,258 crore in FY23. Net income during the same period rose 34% year-on-year to Rs 7,618 crore.
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