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Home Market Blackstone-backed Aadhar Housing Finance files for $1-bln IPO

Blackstone-backed Aadhar Housing Finance files for $1-bln IPO

BENGALURU: India’s Aadhar Housing Finance Ltd, backed by non-public fairness agency Blackstone Group Inc, has filed for an preliminary public providing of as much as Rs 73 billion ($999.68 million), draft papers submitted to the market regulator confirmed on Tuesday.

The providing will comprise a contemporary challenge of shares price as much as Rs 15 billion by the housing financier and shares price as much as Rs 58 billion by BCP Topco VII Pte Ltd, an entity managed by Blackstone that owns 98.72% within the firm.

The submitting follows blockbuster IPOs by Burger King India and Mrs Bectors Food Specialities in December that cashed in on a inventory market rally fuelled by bettering outlook for an financial system hit by the pandemic.

The submitting additionally comes at a time when non-banking monetary firms are below tighter scrutiny from the central financial institution after the collapse of some heavyweights within the sector.

Aadhar Housing Finance will use proceeds from the contemporary challenge to spice up its capital base. The firm’s capital to danger (weighted) belongings ratio was 47.84% as of Sept. 30, 2020.

It is certainly one of India’s largest mortgage lenders to low-income earners. It had 114.32 billion rupees price of belongings below administration as of March 31, 2020.

Shadow lender DHFL and different promoters of Aadhar Housing Finance offered their stake to BCP Topco in 2019.

Blackstone was in search of to boost not less than $5 billion for its second non-public fairness fund targeted on Asia, Bloomberg News reported in November.

ICICI Securities, Citigroup Global Markets India, Nomura Financial Advisory and Securities (India) and SBI Capital Markets are the lead e-book working managers for the IPO.

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