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Initial public offer of up to [] equity shares of face value of Rs. 10 each (Equity Shares) of Aadhar Housing Finance Limited (Company) for cash at a price of Rs. [] per equity share (including a share premium of Rs. [] per equity share) (Offer Price) aggregating up to Rs. 5000.00 crores comprising a fresh issuance of up to [] equity shares aggregating up to Rs. 1000.00 crores by the company (Fresh Issue) and an offer for sale of up to [] equity shares aggregating up to Rs. 4000.00 crores by BCP Topco Vii Pte. Ltd. (Promoter Selling Shareholder, and such equity shares offered by the promoter selling shareholder, the Offered Shares) (Offer for Sale and together with the fresh issue, the Offer). The offer shall constitute []% of the post-offer paid-up equity share capital of the company. The offer includes a reservation of up to [] equity shares, aggregating to Rs. [] crores (constituting up to []% of the post-offer paid-up equity share capital), for subscription by eligible employees (the Employee Reservation Portion). The offer less the employee reservation portion is hereinafter referred to as Net Offer. The offer and net offer shall constitute []% and []%, respectively, of the post-offer paid-up equity share capital of the company. The company, in consultation with the book running lead managers, may consider a further issue of equity shares as may be permitted under applicable law to any person(s)) of [] equity shares for an amount aggregating up to Rs. 200.00 crores, at its discretion, with the roc (pre-ipo placement). If the pre-ipo placement is undertaken, the fresh issue size will be reduced to the extent of such pre-ipo placement, subject to the offer complying with rule 19(2)(b) of the securities contracts (regulation) rules, 1957, as amended (scrr). The face value of equity shares is Rs. 10 each. The offer price is [] times the face value of the equity shares. The price band and the minimum bid lot will be decided by the company.

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Aadhar Housing Finance is an HFC focused on the low-income housing segment (ticket size less than Rs. 1.5 million) in India and also has the highest AUM and net worth among its analysed peers, as of the six months ended September 30, 2023 (Source: CRISIL).

The company is essentially a retail-focused HFC focused on the low-income housing segment, serving economically weaker and low-to-middle-income customers, who require small-ticket mortgage loans.

With that, let's take a look at the competitive strengths and risk factors for Aadhar Housing Finance Limited:

An HFC focused on the low income housing segment in India with the highest AUM

The company had the highest AUM and net worth among its peers, as of the six months ended September 30, 2023. The company’s gross AUM increased from Rs. 157,203.8 million to Rs. 188,849.1 million in this period.

Seasoned business model with strong resilience through business cycles

The company’s financial performance has remained consistent and resilient through various external events in the Indian economy, such as demonetisation and the introduction of a nationwide GST, etc. The company’s overall growth, portfolio performance, asset quality and continued profitability during these periods demonstrate the strength of the business.

Extensive sales office network, geographical penetration and sales channels

The company has a pan-India branch and sales office network. Additionally, the company has expanded its branch and sales office network, along with the number of branches (including sales offices) from 310 branches as of March 31, 2021, to 471 branches as of September 30, 2023.
  • The company is party to certain legal proceedings and any adverse outcome may adversely affect the business.
  • If the company fails to identify, monitor and manage risks, it could have an adverse material effect on the business.
  • The company is vulnerable to volatility in interest rates and may face mismatches between assets and liabilities in the future, which may cause liquidity issues.
  • Expand the distribution network to achieve deeper penetration in key states.
  • Continue to focus on target customers and grow the customer base.
  • Continue to invest in and roll out digital and technology-enabled solutions.

Here are the key financials for Aadhar Housing Finance Limited:

Particulars (in Rs. million)

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Kotak Securities

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Opening of account will not guarantee allotment of shares in IPO. Investors are requested to do their own due diligence before investing in any IPO.

Here are the steps to apply for Aadhar Housing Finance Ltd IPO:

Step 1: Log in to your Kotak Securities Demat account Log in to your Demat account to access IPO investments. Next, select the current IPO section.

Step 2: Specify IPO details Enter the number of lots and the price you wish to apply for.

Step 3: Enter UPI ID After entering your UPI ID, click submit. This will place your bid with the exchange.

Step 4: Mandate Notification Your UPI app will receive a mandate notification to block funds.

Step 5: Approve Request Your funds will be blocked once you approve the mandate request on your UPI.

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