Blackstone-promoted Aadhar Housing Finance Ltd., which is into affordable housing lending, has announced to open its ₹3,000 crore initial public offering (IPO) of equity shares on Wednesday (May 8). The price band has been fixed at ₹300-₹315 per equity share of a face value of ₹10 each. Bids will close on Friday (May 10). Bids can be made for a minimum of 47 equity shares in multiples of 47 shares thereafter.
The IPO comprises a fresh issue of ₹ 1,000 crore and an offer for sale aggregating up to ₹2,000 crore by BCP Topco VII Pte. Ltd., which is the Promoter Selling Shareholder.
The company proposes to utilise the net proceeds from the fresh issue to meet future capital requirements towards onward lending and general corporate purposes.
Amit Dixit, Head of Private Equity Asia, Blackstone, said, “The listing is a significant milestone for Aadhar and its transformation is a great example of what we do best: Building businesses that build India. We brought our scale, network, and best global practices to grow the business, and empowered the company in digitising its processes, end to end from origination to collection.”
Mukesh Mehta, Senior Managing Director in Blackstone Private Equity, said, “Our priority has been to build through close alignment with the company’s leadership and using Blackstone’s access to capital, resources, and our technology expertise.”
Rishi Anand, Managing Director & Chief Executive Officer, Aadhar Housing Finance Ltd. said, “This is a significant milestone in our journey towards empowering individuals and families with the keys to their own homes.” The company lends mostly to customers in Tier 4 and Tier 5 cities with the average loan ticket size being ₹10 lakh.
