New Delhi, May 9 (PTI) The initial public offering (IPO) of Aadhar Housing Finance, which is backed by private equity major Blackstone, received 1.48 times subscription on Thursday, the second day of bidding.

The Rs 3,000 crore IPO got bids for 10,35,89,316 shares against 7,00,89,373 shares on offer, according to NSE data.

Also Read | Gopal Krishna Gokhale Jayanti 2024: Know Date and Significance of the Day That Marks the Birth Anniversary of the Great Leader and Social Reformer.

Among investors' category, Qualified Institutional Buyers (QIBs) portion received 2.05 times subscription while the quota for non-institutional investors got subscribed 1.94 times. The Retail Individual Investors (RIIs) part received 94 per cent subscription.

The IPO of Aadhar Housing Finance is a combination of fresh issue of equity shares worth Rs 1,000 crore and an OFS (Offer for Sale) of Rs 2,000 crore by promoter BCP Topco VII Pte Ltd, an affiliate of Blackstone Group Inc.

Also Read | What Is West Nile Fever? As Cases Reported in Kerala, Know All About Symptoms, Causes and Treatment for West Nile Virus Infection.

Currently, BCP Topco holds a 98.72 per cent stake in Aadhar Housing Finance.

The three-day IPO has a price range of Rs 300-315 a share.

Aadhar Housing Finance Ltd on Tuesday said it has mobilised Rs 898 crore from anchor investors.

The company plans to utilise Rs 750 crore of the fresh issue proceeds to meet future capital requirements towards onward lending, while a portion will be used for general corporate purposes.

Aadhar Housing Finance offers a range of mortgage-related loan products, including loans for residential property purchase and construction; home improvement and extension loans; and loans for commercial property construction and acquisition.

The housing finance company is focused on the low-income housing segment, serving economically weaker and low-to-middle-income customers, who require small-ticket mortgage loans. It has a network of 471 branches, including 91 sales offices, as of September 30, 2023.

The company benefits from the resources, relationships and expertise of Blackstone, one of the world's leading investment firms.

ICICI Securities, Citigroup Global Markets India, Kotak Mahindra Capital Company, Nomura Financial Advisory and Securities (India), and SBI Capital Markets are the managers to the offer.

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)