Blackstone-backed Aadhar HF gets Sebi nod for Rs 5,000-cr IPO post re-filing of draft papers

The affordable home financier had refiled its draft initial share sale documents with Sebi on February 2

Aadhar Housing Finance, backed by private equity major Blackstone, has received the approval from market regulator Sebi for its proposed initial public offering to raise upto Rs 5,000 crore, three sources in the know told Moneycontrol on the condition of anonymity.

" The approval has come in and the plan is to launch the issue this fiscal," said one of the persons above.

Two other persons confirmed the above.

Blackstone was unavailable for an immediate comment.

The affordable home financier had refiled its draft initial share sale documents with Sebi on February 2. Moneycontrol was the first to report the re-filing plans of the firm on January 30.

The proposed IPO will combine a fresh issue of shares of up to Rs 1,000 crore and an offer-for-sale component of as much as Rs 4,000 crore. Blackstone will dilute its stake as part of the share sale.

The objects of the fresh issue are to meet future capital requirements towards onward lending and for general corporate purposes.

ICICI Securities, Kotak Mahindra Capital, Nomura, Citi and SBI Capital are advising the lender on the listing plan.

Aadhar Housing Finance had previously filed papers for an IPO in January 2021 and had received a nod from the regulator in May 2022. After a year, the validity of the approval lapses and issuers keen on a fresh attempt need to file documents afresh.

" We are still in the early stages and hope to expand into infrastructure, growth equity and private credit (in India)," Jonathan D Gray, Blackstone’s President and Chief Operating Officer and one of the titans of the world of private equity, told Moneycontrol in an exclusive interview on April 3 during his India visit.

Another big IPO is brewing in the housing finance segment as Bajaj Finance arm Bajaj Housing Finance has kickstarted prep for an IPO targeting a valuation between $9 billion to $10 billion to comply with RBI norms. Moneycontrol was the first to report the listing plans on March 27.

Earlier in December, private equity firm Westbridge-backed housing finance firm India Shelter Finance launched a Rs 1,200 crore IPO and made its public market debut.