India Shelter Finance Scores Rs 360 Crore from Anchor Investors Ahead of IPO

13 Dec 2023 , 01:42 AM

Retail-focused affordable housing finance company India Shelter Finance Corporation (ISFC) successfully secured Rs 360 crore from prominent investors through the anchor book on December 12th, one day before the public issue opening. The company’s upcoming IPO, scheduled to open on December 13th and close on December 15th.

Key Highlights:

• Total Anchor Book Investment: Rs 360 crore
• Participating Investors: 38 investors, including marquee names like Goldman Sachs, MIT, NHIT, and Steinberg India
• Mutual Funds: Significant participation from ICICI Prudential MF, Nippon Life India, Kotak Mahindra Trustee, Axis MF, UTI MF, Mirae Asset, Whiteoak Capital, LGT Select Funds, Tata MF, Franklin India, Motilal Oswal MF, Edelweiss Trusteeship, Bandhan Financial Services, Quant MF, and Axis Growth Avenues AIF 1
• Insurance Companies: SBI Life Insurance, ICICI Prudential Life Insurance, and Max Life Insurance
• Allocation: 73,02,229 equity shares allocated at Rs 493 per share
• Domestic Mutual Funds: 57.10% of the allocation went to 14 domestic mutual funds through 25 schemes
• IPO Target: Rs 1,200 crore
• Price Band: Rs 469-493 per share
• Issue Composition: Fresh issue of Rs 800 crore and offer-for-sale (OFS) of Rs 400 crore

The net fresh issue proceeds will be utilized for future capital requirements for lending (Rs 640 crore), with the remaining funds allocated for general corporate purposes.

ISFC’s focus on addressing the underserved housing needs of first-time buyers in smaller cities, coupled with its strong financial performance and experienced management team, positions the company for continued growth and success.