Bajaj Housing Finance IPO to open between September 9-11; to raise Rs 6,560 crore

Bajaj Housing Finance

The highly anticipated initial public offer of Bajaj Housing Finance, the first from the Bajaj group in several years will open between September 9 and September 11, according to the firm's red herring prospectus (RHP).

The total issue size is Rs 6,560 crore (primary portion of Rs 3,560 crore and secondary portion of Rs 3,000 crore). The price band will be issued on September 3 while the anchor portion will be on September 6, according to the RHP filing.

On August 16, Moneycontrol was the first to report that Bajaj Housing Finance was targeting an IPO valuation of Rs 56k cr-Rs 59k, may trim it's issue size (Rs 7,000 crore as per the draft papers) and launch in the first half of September.

In June, Bajaj Housing Finance filed draft papers with SEBI for a Rs 7,000 crore IPO, including new shares worth Rs 4,000 crore and a Rs 3,000 crore offer for sale by its parent. The market regulator gave its nod to the IPO earlier this month.

Kotak Mahindra Capital, BofA Securities, Axis Capital, JM Financial Ltd, IIFL Securities, Goldman Sachs and SBI Capital Markets are the book-running lead managers. Cyril Amarchand Mangaldas is the legal advisor to the housing financier.

The move by Bajaj Housing Finance is in line with RBI's mandatory requirement for "upper layer" NBFCs to list within three years of being notified i.e September 2025.

Bajaj Housing Finance is a diversified NBFC catering to more than 76.5 million customers across the country, according to its website. Based in Pune, it offers finance to individuals as well as corporate entities for the purchase and renovation of homes or commercial spaces.