Bajaj Housing Finance targets nearly $7 bn valuation through $782 mn IPO

India's Bajaj Housing Finance is targeting a valuation of Rs 58,297 crore ($6.94 billion) through its $782 million initial public offering, a term sheet showed on Tuesday.
 

The home loan financing unit of Bajaj Finance has set a price band of Rs 66-70 per share for the IPO, which will run from Sept. 9 to Sept. 11, the term sheet showed.
 

As of Aug. 28, about 200 companies have raised $7.11 billion through IPOs this year, more than double in the same period last year, according to LSEG data.
 

Bajaj Housing's offer would make it among the biggest Indian IPOs this year, following Ola Electric Mobility and Bharti Hexacom.

 

The company is issuing new shares worth up to Rs 3,560 crore, and aims to use the proceeds to boost its capital base.
 

Additionally, Bajaj Finance is selling shares worth up to Rs 3,000 crore.
 

In September 2022, the Reserve Bank of India had released a list of non-bank lenders with Rs 50,000 crore of assets under management and set norms that require Bajaj Housing Finance to be listed on stock exchanges by September 2025.
 

The company reported a profit after tax of Rs 1,731 crore for the year ended March 31, 2024 up about 38 per cent year-on-year, while total revenue from operations rose 34 per cent to Rs 7,617 crore.
 

Kotak Investment Banking, BoFa Securities India, Goldman Sachs and Axis Capital are among the bookrunning lead managers of the IPO.

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