Mumbai: Aadhar Housing Finance, a subsidiary of the Blackstone Group, is set to debut on Dalal Street with its initial public offering (IPO) worth Rs 3,000 crore on May 8, media reports said.
This will be the third public issue opening next week, following Indegene and TBO Tek.
The price range for the IPO will be disclosed by the company on May 2.
The IPO, closing on May 10, comprises a mix of fresh shares worth Rs 1,000 crore and an offer-for-sale (OFS) of shares worth Rs 2,000 crore by promoter BCP Topco, reported Moneycontrol.
BCP Topco VII Pte, an affiliate of Blackstone Group Inc, currently holds a 98.72 percent stake in Aadhar Housing Finance and has been its promoter since June 2019. The remaining shares are held by public shareholders, including ICICI Bank with a 1.18 percent stake, according to the report.
The company has reduced its total issue size from Rs 5,000 crore (as stated in the DRHP filing) to Rs 3,000 crore. Initially, the IPO consisted of a fresh issue of Rs 1,000 crore and an OFS of Rs 4,000 crore by BCP Topco.
Aadhar Housing has allocated 50 percent of the net public issue size for qualified institutional buyers (QIBs), 15 percent for non-institutional investors, and the remaining 35 percent for retail investors, said the report.
The anchor book of the Aadhar Housing Finance IPO, part of the QIB segment, will open for a day on May 7. Additionally, the offer includes a reservation of shares worth Rs 7 crore for the companys employees, with the remaining portion constituting the net public issue.
Focused on the low-income housing segment with small-ticket mortgage loans, Aadhar Housing Finance plans to utilize Rs 750 crore from the net fresh issue proceeds for future capital requirements towards onward lending, with the remaining funds allocated for general corporate purposes, the report added.
