CashNews.co
The stock of the second biggest mortgage company in India by assets debuted at Rs 150 on the BSE – a premium of 114% over its IPO price. The stock closed at the day’s high of Rs 165, up 136% over the offer price.
With a market capitalisation of nearly Rs 1.4 lakh crore, Bajaj Housing Fin is the 68th most valued company in India.The newly listed entity is also the most valued housing finance company in India.
In the run-up to its listing, the grey market premium, the indicative mark-up that investors were willing to pay in the unofficial market, was hovering around the Rs 75 level. Looking at the GMP, market players were expecting strong listing gains, sources said.
Bajaj Housing Finance stock was the most traded one on both the exchanges in terms of value on Monday. On the NSE, nearly Rs 10,000-crore worth of stocks were traded, while on the BSE, the corresponding figure was Rs 954 crore. Together, the stock contributed 9.4% of the total trading value on the both exchanges combined.
The three-day bidding for the mortgage company’s IPO had closed on Sept 11 with a subscription figure of 67 times (excluding the anchor part). Compared to its IPO size of Rs 6,560 crore, total demand for its shares was worth Rs 3.2 lakh crore – a record value for any primary offer in India. The IPO also attracted a record number of 89.3 lakh applications from investors.