New Delhi [India], September 11 : The initial public offering (IPO) of Bajaj Housing Finance Limited (BHFL) was subscribed to as many as 67 times at the end of the Day 3 window. The portion reserved for the retail investors was subscribed by over 7 times, publicly available data showed.
Qualified institutions subscribed about 222 times of the shares reserved for them while Non-institutional buyers booked nearly 44 times, respectively, data showed.
An initial public offering (IPO) refers to the process of offering shares of a private corporation to the public for the first time.
Bajaj Housing Finance Limited aims to raise Rs6,560 crore. The public issue had set a price band between Rs 66-70.
Headquartered in Pune, Bajaj Housing Finance Limited (BHFL) offers finance to individuals as well as corporate entities for the purchase and renovation of homes, or commercial spaces.
The company also provides loans against property for business or personal needs as well as working capital for business expansion purposes. BHFL also offers finance to developers engaged in the construction of residential and commercial properties as well as lease rental discounting to developers and high-net-worth individuals.
The IPO consists of a fresh issue of 50.86 crore shares, aggregating to Rs 3,560 crore, and an offer for sale of 42.86 crore shares, totaling Rs 3,000 crore.
The proceeds from the fresh issue will reportedly be used to strengthen the company's capital base to support future lending operations.
Investors had bid for a minimum of 214 equity shares and in similar multiples thereafter. The minimum amount a retail investor required to bid for the IPO was Rs 14,980.
As per reports, the allotment for the IPO is expected to be finalized on Thursday, with a tentative listing on the exchanges on Monday.
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