Bajaj Housing Finance, a wholly-owned subsidiary of Bajaj Finance, dealing predominantly in property loans, as well being the largest shadow lender in India, has its IPO oversubscribed by over 60 times.
With the goal of attaining $781 million (approximately INR 65.6 billion) in the course of India’s largest public offering in 2024, Bajaj Housing Finance has drawn more than 1% of India’s GDP for FY24 or roughly around $39 billion in bids on Wednesday.
Akin to Tata Technologies in the previous year, the retail category was oversubscribed sevenfold, propelled by the demand from institutional investors whose bids surpass their respective reserves by 200 times.
According to Bloomberg’s data, investors strive for first-day gains averaging at 30% in 2024, with $7.75 billion excessively raised in listings in comparison with the last two years.
Anchor investors including Goldman Sachs, JPMorgan India and the government of Singapore have collectively subscribed to INR 17.6 billion worth of shares, equivalent to 251.14 million shares each at INR 70. At the same time, Bajaj Housing Finance set its sight on as much as INR 35.6 billion by virtue of new shares while up to INR 30 billion in shares has been offered by Bajaj Finance.
