ADIA-backed Bajaj House Finance shares more than double on market debut
India’s Bajaj House Finance experienced a bumper opening on Monday’s market debut, with demand for the Abu Dhabi Investment Authority (ADIA) backed mortgage financier causing its shares to jump about 130% from the top end of the IPO pricing of 70 rupees ($0.83).
The company’s shares, which debuted on India’s National Stock Exchange, reflected strong demand from investors, surging to as much as INR 161 rupees apiece, with exchange data showing a market capitalisation of $15.6 billion.
The IPO last week drew bids worth $39 billion, with shares being oversubscribed nearly 64 times.
The $782 million IPO saw an anchor investor quota of $210 million, which drew the interest of Singapore’s GIC and ADIA.
The UAE sovereign fund invested INR 470 million in Bajaj Housing Finance, through its Monsoon subsidiary, accounting for a 2.67% anchor investor portion, with 6.7 million shares allotted at INR 70 apiece.
Bajaj Housing is a subsidiary of the larger Bajaj Group, an Indian conglomerate, which sells everything from consumer electronics to motorcycles.
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