The shares of Home First Finance Company listed at a premium of 19.45 percent at Rs 618.80 per share as against the issue price of Rs 518 on the NSE. The shares were listed at Rs 612.15 on the BSE.
The Rs 1,153 crore-IPO of the mortgage lender a massive response from investors until the last day of subscription and was subscribed 27 times. According to data from the stock-exchanges, the issue received bids for 41.64 crore equity shares against the offered size of 1.56 crore equity shares.
Brokerage houses had assigned a ‘subscribe’ rating to the issue on the back of the company's strong financials, stable asset quality, comfortable capital adequacy ratio and healthy return ratios.
The Mumbai-based housing finance company is backed by marquee private equity players, including True North, which holds 30.2 percent stake, Warburg Pincus with a 29.2 percent stake, GIC with 20.1 percent, and Bessemer Venture Partners with 10.6 percent.
Former Bank of Baroda MD & CEO and ex-Citi banker PS Jayakumar holds 3.4 percent stake in Home First Finance and others about 6.6 percent.
Incorporated on February 3, 2010, Home First Finance is an affordable housing finance company that targets first time home buyers in low- and mid-income groups.
It primarily offers customers housing loans for the purchase or construction of homes, which comprised 92.1 percent of gross loan assets, as of September 30, 2020. Gross loan assets have grown at a CAGR of 63.4 percent between FY18-20 and increased to Rs 3,730.01 crore as of September 30, 2020.
First Published: IST