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Bajaj Housing Finance has announced the price band for its much-awaited IPO, scheduled to be available for subscription from Monday. The maiden listing has been priced in the range of Rs 66 to Rs 70 per share of the face value of Rs 10.
The company’s public listing will comprise a fresh issue of equity shares worth Rs 3,560 crore and an offer-for-sale (OFS) of shares worth Rs 3,000 crore. Parent company, Bajaj Finance, is diluting its stake in the entity via the OFS.
The initial public offering (IPO) will be available for subscription for the public from September 9-11, 2024. Anchor investors will get the opportunity to bid for the issue this week on Friday.
The IPO will be available for investors in a minimum lot size of 214 equity share and in multiples of 214 shares thereafter.
The issue’s book-running lead managers include BofA Securities Pvt Ltd, Axis Capital Ltd, Kotak Mahindra Capital Company Ltd, JM Financial Ltd, IIFL Securities Ltd, and Goldman Sachs (India) Securities Private Ltd.
The final allotment for the issue will be done on September 12, and investors will receive their refunds if they don’t secure shares in the offer on September 13. The allottees will be credited the shares in their demat account the day following the refund. Bajaj Housing Finance is expected to make its debut in the stock market on September 16, 2024.
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The company is listing its shares publicly to comply with the RBI’s norms. The Reserve Bank of India (RBI) makes it mandatory for upper-layer non-banking finance companies (NBFCs) to list their company on the stock exchanges by September 2025. The proceeds raised from the issue would be utilised towards enhancing the capital base of the firm and catering to its financial needs going forward. Further, the company has been registered with the National Housing Bank since September 2015.