- The Price Band is fixed at ₹ 300 to ₹ 315 per equity share with a face value of ₹ 10 each (“Equity Share”)
- The bid/ Offer will open on Wednesday, May 8, 2024, and close on Friday, May 10, 2024. The Anchor Investor Bidding Date shall be Tuesday, May 7, 2024;
- Bids can be made for a minimum of 47 Equity Shares and in multiples of 47 Equity Shares thereafter
INDIA: Aadhar Housing Finance Limited (the “Company”), proposes to open the initial public offering of its Equity Shares on Wednesday, May 8, 2024. (“Offer”)
The initial public offering comprises a fresh issue of Equity Shares aggregating to ₹ 10,000 million (“Fresh Issue”)and an offer of sale of up to such number of Equity Shares aggregating up to ₹ 20,000 million by BCP Topco VII Pte. Ltd. (the “Promoter Selling Shareholder”) (“Offer for Sale” and together with the Fresh Issue, the “Offer”).
The Company proposes to utilize the Net Proceeds from the Fresh Issue, (i) to meet future capital requirements towards onward lending; and (ii) for general corporate purposes.
The Equity Shares are being offered through the Red Herring Prospectus dated April 30, 2024 (“RHP”) filed with the Registrar of Companies, Karnataka at Bangalore (“RoC”). The Equity Shares issued through the RHP are proposed to be listed on the Stock Exchanges BSE Limited (“BSE”) and National Stock Exchange of India Limited (“NSE” together with BSE, the“Stock Exchanges”). For the Offer, the designated stock exchange shall be NSE.
Amit Dixit, Head of Private Equity Asia, Blackstone, said, “The listing is a significant milestone for Aadhar Housing Finance Limited, and its transformation is a great example of what we do best: Building businesses that build India. We brought our scale, network, and best global practices to grow the business, and empowered the company in digitizing its processes, end to end from origination to collection. It has been a wonderful partnership, and we couldn’t be more proud of where the business stands today.”
Mukesh Mehta, Senior Managing Director at Blackstone Private Equity, said, “It is rewarding to be a part of Aadhar Housing Finance Limited’s mission to enable underserved Indians to own homes and play a role in the company’s transformation and growth. Our priority has been to build through close alignment with the Company’s leadership and using Blackstone’s access to capital, resources, and our technology expertise.”
Rishi Anand, Managing Director & Chief Executive Officer, of Aadhar Housing Finance Limited, said, “This is a significant milestone in our journey towards empowering individuals and families with the keys to their own homes. With the true meaning of ‘Ghar Banega, Toh Desh Banega’, we embrace the responsibility of nation-building and laying a foundation for stronger communities.”
ICICI Securities Limited, Citigroup Global Markets India Private Limited, Kotak Mahindra Capital Company Limited, Nomura Financial Advisory and Securities (India) Private Limited, and SBI Capital Markets Limited are the Book Running Lead Managers to the Offer.
All capitalized terms referred to in this press release that have not been defined shall have the same meaning as prescribed in the RHP.
This Offer is being made in terms of Rule 19(2)(b) of the SCRR read with Regulation 31 of the SEBI ICDR Regulations, as amended. The Offer is being made by Regulation 6(1) of the SEBI ICDR Regulations and through a Book Building Process wherein not more than 50% of the Net Offer shall be available for allocation on a proportionate basis to Qualified Institutional Buyers (“QIBs”, and such portion, the “QIB Portion”). Our Company may, in consultation with the Book Running Lead Managers, allocate up to 60% of the QIB Portion to Anchor Investors on a discretionary basis by the SEBI ICDR Regulations (“Anchor Investor Portion”), out of which at least one-third shall be available for allocation to domestic Mutual Funds only, subject to valid Bids being received from the domestic Mutual Funds at or above the Anchor Investor Allocation Price. In the event of under-subscription, or non-allocation in the Anchor Investor Portion, the balance Equity Shares shall be added to the QIB Portion (other than the Anchor Investor Portion, i.e., the “Net QIB Portion)”.
Further, 5% of the Net QIB Portion shall be available for allocation on a proportionate basis to Mutual Funds only, and the remainder of the Net QIB Portion shall be available for allocation on a proportionate basis to all QIB Bidders other than Anchor Investors, including Mutual Funds, subject to valid Bids being received at or above the Offer Price. Further, not less than 15% of the Net Offer shall be available for allocation to Non-Institutional Bidders such that: (a) one-third of the portion available to Non-Institutional Bidders, shall be reserved for applicants with an application size of more than ₹0.2 million and up to ₹1 million and (b) two-thirds of the portion available to Non-Institutional Bidders, shall be reserved for applicants with application size of more than ₹1 million, provided that the unsubscribed portion in either of such sub-categories may be allocated to applicants in the other sub-category of Non-Institutional Bidders, subject to valid Bids being received at or above the Offer Price and not less than 35% of the Net Offer shall be available for allocation to Retail Individual Bidders (“RIBs”) by SEBI ICDR Regulations, subject to valid Bids being received at or above the Offer Price.
All Bidders, other than Anchor Investors, are required to mandatorily utilize the Application Supported by Blocked Amount (“ASBA”) process by providing details of their respective bank account (including UPI ID (defined hereinafter) in case of UPI Bidders) which will be blocked by the SCSBs or the Sponsor Banks as applicable, to participate in the Offer. Anchor Investors are not permitted to participate in the Anchor Investor Portion through the ASBA process.
Disclaimer:
Aadhar Housing Finance Limited is proposing, subject to receipt of requisite approvals, market conditions, and other considerations, an initial public offering of its equity shares (“Equity Shares”) and has filed the red herring prospectus dated April 30, 2024 (the “RHP”) with the RoC. The RHP is available on the website of SEBI at www.sebi.gov.in, the website of stock exchanges i.e., NSE at www.nseindia.com, BSE at www.bseindia.com, on the website of the Company at https://aadharhousing.com/ and on the websites of the BRLMs, i.e. ICICI Securities Limited, Citigroup Global Markets India Private Limited, Kotak Mahindra Capital Company Limited, Nomura Financial Advisory and Securities (India) Private Limited and SBI Capital Markets Limited at www.icicisecurities.com, www.online.citibank.co.in/rhtm/citigroupglobalscreen1.htm, https://investmentbank.kotak.com, www.nomuraholdings.com/company/group/asia/india/index.html, and www.sbicaps.com, respectively. Any potential investors should note that investment in equity shares involves a high degree of risk. For details, potential investors should refer to the RHP, including the section titled “Risk Factors” beginning on page 24 of the RHP. Potential investors should not rely on the DRHP for making any investment decisions. Specific attention of the investors is invited to “Risk Factors” on page 24 of the RHP. This announcement is not an offer of securities for sale in the United States or elsewhere. This announcement has been prepared for publication in India only and is not for publication or distribution, directly or indirectly, in or into the United States. The Equity Shares have not been, and will not be, registered under the United States Securities Act of 1933, as amended (the “U.S. Securities Act”) and may not be offered or sold within the United States, except under an exemption from, or in a transaction not subject to, the registration requirements of the U.S. Securities Act. Accordingly, the Equity Shares are only being offered and sold (a) within the United States solely to persons who are reasonably believed to be “qualified institutional buyers” (as defined in Rule 144A under the U.S. Securities Act) in transactions exempt from or not subject to the registration requirements of the U.S. Securities Act, and (b) outside the United States in “offshore transactions” as defined in and in reliance on Regulation S under the U.S. Securities Act and the applicable laws of the jurisdiction where those offers and sales occur.
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