Latest News | Home First Finance Company IPO Subscribes 2.22 Times on Day 2
Get latest articles and stories on Latest News at LatestLY. The Rs 1,154-crore initial public offering of mortgage financier Home First Finance Company was subscribed 2.22 times on Friday, the second day of the bidding process.
New Delhi, Jan 22 (PTI) The Rs 1,154-crore initial public offering of mortgage financier Home First Finance Company was subscribed 2.22 times on Friday, the second day of the bidding process.
The IPO has received bids for 3.46 crore equity shares against an offer size of 1.56 crore equity stocks, translating into a subscription of 2.22 times, data available on the exchanges till 5 pm showed.
The portion reserved for Qualified Institutional Buyers (QIBs) was subscribed 1.36 times, while that retail investor category received 3.22 times subscription and non-institutional investor category was subscribed 61 per cent.
The housing finance had raised Rs 346 crore from anchor investors on Wednesday.
The initial public offer (IPO) comprises a fresh issue of up to Rs 265 crore and an offer for sale aggregating up to Rs 888.71 crore by the promoters and existing shareholders.
The company's promoters -- True North Fund V LLP and Aether (Mauritius) Ltd--investor Bessemer India Capital Holdings II Ltd and two individual shareholders -- P.S. Jayakumar and Manoj Viswanathan--are offering shares through the OFS.
The company reduced the fresh issue size following the allotment of shares worth Rs 75 crore and Rs 4.84 crore to Orange Clove Investments B.V., an affiliate of Warburg Pincus, and its certain employees respectively by way of preferential issue.
The price band has been fixed at Rs 517-518 a share for the initial share-sale, which got fully subscribed on the first day itself on January 21. The IPO will conclude on January 25.
The company intends to utilise the net proceeds towards augmenting its capital base to meet its future capital requirements.
Axis Capital, Credit Suisse Securities (India) Pvt Ltd, ICICI Securities and Kotak Mahindra Capital Company will manage the share sale.
Shares of the company are proposed to be listed on the National Stock Exchange (NSE) and the BSE.
(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)