Aadhar Housing Finance raises ₹898 Crore via anchor book

8 May 2024 , 06:11 AM

Aadhar Housing Finance successfully secured ₹897.9 crore from anchor investors on May 7, a day preceding the opening of the affordable housing finance company’s IPO.

The company’s ₹3,000-Crore initial share sale is scheduled to debut on Dalal Street on May 8, with the closing date set for May 10.

Several esteemed institutional investors, including 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, participated in the anchor book, along with others.

Aadhar Housing, backed by The Blackstone Group, disclosed that it has allotted 2,85,04,761 equity shares to anchor investors at ₹315 per share, the upper end of the price band.

Asset management firms 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 also invested in Aadhar Housing.

Aadhar Housing stated, “Out of the total allocation of 2.85 crore equity shares, 1.01 crore equity shares were assigned to 11 domestic mutual funds, which applied through a total of 28 schemes.”

Moreover, insurance companies such as 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 actively participated in the book.

The public issue’s price band has been fixed at ₹300-315 per share.

Proceeds from the net fresh issue will be utilized by Aadhar Housing Finance for its future capital requirements towards onward lending and general corporate purposes, while the offer-for-sale funds will be directed to BCP Topco.