Aptus Value Housing Fin fixes IPO price band at ₹346-353

Our Bureau Updated - August 05, 2021 at 04:17 PM.

Will use funds to augment tier 1 capital requirements

Stock IPO copper alphabet under light http://i1298.photobucket.com/albums/ag50/nanoqfu/financial%20_zpsmioxqtyg.jpg

Retail-focussed housing finance company, Aptus Value Housing Finance India, has fixed the price band of its initial public offering at ₹346-353 per equity share for its ₹2,780-crore public issue.

The issue will open for subscription on August 10 and will close on August 12. The anchor book, if any, will open one working day prior to the issue opening date, i.e. August 9.

The IPO consists of fresh issue of equity shares worth ₹500 crore and an offer for sale of up to 64,590,695 equity shares by existing shareholders, including promoter Padma Anandan, besides investors Aravali Investment Holdings, JIH II LLC, GHIOF Mauritius and Madison India Opportunities IV.

The Chennai-based lender will use the net proceeds from the fresh issue for augmenting its tier I capital requirements.

Also see: Chemplast Sanmar fixes IPO price band at ₹530-541 per share, opens on Aug 10

The minimum bid lot is set at 42 equity shares and in multiples of 42 scrips thereafter. The lender has reserved up to 50 per cent of the total offer for qualified institutional buyers, 35 percent for retail investors and 15 percent for non-institutional investors.

Upbeat growth

Aptus is a retail-focussed housing finance company primarily serving low and middle-income self-employed customers in the rural and semi-urban markets. According to a CRISIL report, Aptus is one of the largest housing finance companies in south India in terms of assets under management as of March 2021.

The company’s gross loan assets as of March 2021 stood at ₹4,067.76 crore, growing at a compounded annual growth rate (CAGR) of 34.54 per cent from ₹2,247.2 crore in FY19.

Promoters M Anandan, Padma Anandan, and WestBridge Crossover Fund, LLC currently hold 60.84 per cent stake in the company.

ICICI Securities Limited, Citigroup Global Markets India Private Limited, Edelweiss Financial Services Limited and Kotak Mahindra Capital Company Limited are the book running lead managers to the offer.

Published on August 5, 2021 10:41