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Bajaj Housing Finance’s stellar stock market debut: Shares listed at 114% premium over IPO price
NEW DELHI: Bajaj Housing Finance shares debuted at over double the offer price in pre-open trade on Monday as investors bet on strong growth in a booming home loan market.
The housing finance company commenced trading on the stock exchanges with an impressive 114% premium. The company’s shares opened at Rs 150 on both the Bombay Stock Exchange (BSE) and the National Stock Exchange (NSE), significantly higher than the issue price of Rs 70.In the lead-up to the listing, the shares had been trading at a Grey Market Premium (GMP) of 120% above the issue price.
Later, the stock price skyrocketed with an increase of 129.88 per cent on BSE, reaching Rs 160.92. On NSE, the company’s shares mirrored this performance, soaring by 130 per cent and reaching Rs 161. Following this surge in share prices, the firm’s market capitalisation was evaluated at Rs 1,30,751.90 crore
The initial public offering (IPO) of Bajaj Housing Finance, which raised Rs 6,560 crore, has become the largest IPO in the current year. The public issue witnessed an overwhelming response from investors, with the number of subscriptions reaching nearly 67 times the total shares offered by the company.
Bajaj Housing Finance is a leading provider of mortgage loans in India, catering to high-end individual homebuyers and large-scale developers. The company’s strong backing from its parent company, Bajaj Group, has enabled it to establish an extensive distribution network across the country. As of June 30, 2024, Bajaj Housing Finance operates “215 branches across 174 locations in 20 states.”
Despite entering the mortgage market only seven years ago, Bajaj Housing Finance has quickly risen to become the largest non-deposit-taking Housing Finance Company (HFC) in India, as measured by Assets Under Management (AUM).
The housing finance company commenced trading on the stock exchanges with an impressive 114% premium. The company’s shares opened at Rs 150 on both the Bombay Stock Exchange (BSE) and the National Stock Exchange (NSE), significantly higher than the issue price of Rs 70.In the lead-up to the listing, the shares had been trading at a Grey Market Premium (GMP) of 120% above the issue price.
Later, the stock price skyrocketed with an increase of 129.88 per cent on BSE, reaching Rs 160.92. On NSE, the company’s shares mirrored this performance, soaring by 130 per cent and reaching Rs 161. Following this surge in share prices, the firm’s market capitalisation was evaluated at Rs 1,30,751.90 crore
The initial public offering (IPO) of Bajaj Housing Finance, which raised Rs 6,560 crore, has become the largest IPO in the current year. The public issue witnessed an overwhelming response from investors, with the number of subscriptions reaching nearly 67 times the total shares offered by the company.
Bajaj Housing Finance is a leading provider of mortgage loans in India, catering to high-end individual homebuyers and large-scale developers. The company’s strong backing from its parent company, Bajaj Group, has enabled it to establish an extensive distribution network across the country. As of June 30, 2024, Bajaj Housing Finance operates “215 branches across 174 locations in 20 states.”
Despite entering the mortgage market only seven years ago, Bajaj Housing Finance has quickly risen to become the largest non-deposit-taking Housing Finance Company (HFC) in India, as measured by Assets Under Management (AUM).
