The IPO consists a fresh issue of Rs 400 crore and an offer for sale of Rs 1,100 crore by promoters and investors.
Home First Finance Company (HFFC), the affordable housing finance company, on March 3 received approval from capital market regulator Securities and Exchange Board of India (SEBI) for its initial public offering.
The company is expected to raise Rs 1,500 crore through its public offer. It had filed DRHP with SEBI on November 28, 2019.
The IPO consists a fresh issue of Rs 400 crore and an offer for sale of Rs 1,100 crore by promoters and investors - True North Fund V LLP, Aether (Mauritius), Bessemer India Capital Holdings II, P S Jayakumar, Manoj Vishwanathan and Bhaskar Chaudhry.
As per the DRHP, the company may consider a pre-IPO placement of up to Rs 160 crore in consultation with the book running lead managers (BRLMs). If the pre-IPO placement is undertaken as per schedule, the issue size will be reduced to that extent.
The company intends to utilise the net fresh issue proceeds to augment its capital base to meet its future capital requirements.
HFFC was founded in 2010 by PS Jayakumar, MD and CEO of Bank of Baroda and erstwhile Mphasis chairman Jerry Rao.
True North Capital, a homegrown private equity firm, owns a majority stake in HFFC at 80 percent, while another 10 percent stake is held by VC fund Bessemer Venture Partners (BVP). The remaining shares of HFFC are with the management.
The equity shares will be listed on the National Stock Exchange and the BSE.Axis Capital, Credit Suisse Securities (India), ICICI Securities and Kotak Mahindra Capital Company are the book running lead managers (BRLMs) for the share sale.
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