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Aadhar Housing IPO listed @ Rs. 315

aadhar housing IPOAadhar Housing Finance IPO GMP, Details, Guidance, Subscription Status, allotment @ Chanakyanipothi.com
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Aadhar Housing Finance IPO Post listing Review
The scrip got listed at Rs. 315, at par and the listing is much below the expectations of the grey market players.
Subscription Status of Aadhar Housing Finance IPO
On 10 May 2024 5.00 (Day 3) (Closed)
QIB:            19953332 Shares    76.42 T

NII(10L+):    9976667 Shares    18.90 T
NII (<10L)    4988333 Shares    14.19 T
NII (Total)  14965000 Shares    17.33 T

RII:            34918334 Shares    02.58 T
Emp:             252707 Shares    06.88 T
Total:         70089373 Shares   26.76 T
Applications: 1636280


What is the latest GMP of Aadhar Housing Finance IPO?
Premium: Rs48/50  (Solid listing expected)
Retail Application Rs. 1000
Rs. 2 Lac Application Rs. NIL
Rs. 10 L application Rs. 9000
Subject to 2 Lac application Rs. 1700
Subject to 10 Lac application Rs.23800

 

Who is the promoter of Aadhar Housing Finance IPO?   
The promoter of the company is BCP TOPCO VII PTE. LTD.

What are the Objects of Aadhar Housing Finance IPO?
The Offer comprises of fresh issue of shares & offer for sale of shares
The Company proposes to utilize the Net Proceeds towards the following:
1. To meet future capital requirements towards onward lending; and
2. General corporate purposes.

What is the business of Aadhar Housing Finance IPO?

Aadhar Housing Finance Limited is a HFC focused on the low-income housing segment (ticket size less than Rs.1.5 million) in India and it had the highest AUM and net worth among its analyzed peers in six months ended September 30, 2023. In addition, according to the peer set analyzed by CRISIL, it had the highest number of live accounts in FY2023.
In addition, it has a presence in 20 states and union territories, which is the highest among the peers.
It is a retail-focused HFC focused on the low-income housing segment, serving economically weaker and low-to-middle income customers, who require small ticket mortgage loans. The average ticket size of our loans was Rs. 0.9 million with an average loan-to-value of 57.6% and 58.1%, as of September 30, 2022, and September 30, 2023, respectively.
It offers a range of mortgage-related loan products, including loans for residential property purchase and construction; home improvement and extension loans; and loans for commercial property construction and acquisition. Its financial performance has remained consistent and resilient.

The company has an extensive network of 471 branches including 91 sales offices, as of September 30, 2023. Its branches and sales offices spread across 20 states and union territories, operating in approximately 10,926 pin codes across India, as of September 30, 2023. Its branch and sales office network is widely dispersed with no state accounting for more than 14.0% in terms of Gross AUM as of September 30, 2023. It believes that its diversified reach is well positioned to meet the specific needs of its target customers across geographies, in urban and semi-urban areas. Further, as a result of its geographical spread, the top five states and union territories in terms of contribution to AUM collectively accounted for 62.0% of our AUM as of March 2023, and according to CRISIL, its cumulative share of the top 5 states in terms of AUM is much lower than other players in the peer set as of March 2023.

As of September 30, 2023, it has a total of 3,695 employees and Aadhar Sales and Services Private Limited (“ASSPL”), its 100% owned subsidiary has a total of 1,851 employees. ASSPL provides manpower services, arranges loans, deals in properties and other financial instruments and provides various other financial services.

For more information, click https://aadharhousing.com/

Aadhar Housing Finance IPO GMP, Particulars & Guidance

Aadhar Housing Finance IPO Details 
IPO opens on    8 May 2024 
IPO closes on  10 May 2024 
Issue Type Book Built Issue IPO
Issue Size 95238095 Shares /
Rs 3000 Crore
* Fresh Issue 31746032 shares/
Rs.1000 Crore
* Offer for Sale  63492063 Shares /Rs 2000 Crore
   
Face Value per share: Rs. 10
Price Band  Rs. 300-315
Retail Discount  Rs 0 per share
Employee discount  Rs. 23 per share
Retail Lot Size  47 Shares
Listing will at  BSE, NSE
Shares offered in Aadhar Housing Finance IPO? Shares Rs. in Cr
QIB (50 %)  47507936 1496.50
NII (15 %)  14252380   448.95
RII (35 %)  33255555 1047.55
Employees     239726       7.00
Total Shares  95238095 3000
Retail portion will be oversubscribed by  707565 applications
How to apply in Aadhar Housing Finance IPO?  Rs.
Min Retail Application     47     14805
Max Retail Application    611   192465
Small HNI (Min) application    658   207270
Small HNI (Max) application 3149   991935
Big HNI Application 3196 1006740

What is the timetable of Aadhar Housing Finance IPO?
IPO opens on   8 May 2024
IPO Closes on 10 May 2024
IPO Allotment on  13 May 2024
Unblocking of ASBA  14 May 2024
Credit of Shares 14 May 2024
Listing on 15 May 2024
Registered Office of Aadhar Housing Finance
2nd floor, No. 3, JVT Towers, 8th ‘A’, Main
Road, Sampangi Rama Nagar, Bengaluru 560 027, Karnataka, India
Who are the Lead Managers of Aadhar Housing Finance IPO?
SICICI Securities Limited
Citigroup Global Markets India Pvt ltd
Kotak Mahindra Capital Company ltd
Nomura Financial Advisory and Securities
(India) Pvt ltd
SBI Capital Markets Ltd
Registrar to IPO
KFin Technologies Limited

Aadhar Housing Finance IPO Financial & Analytical Ratios
Year Total Income Net Profits EPS RoNW
  Rs. in Cr Rs.in Cr Rs. %
2020-21 1576 340 8.60 12.60
2021-22 1728 445 11.30 14.10
2022-23  2044 545 13.80 14.70
Book Value of the Share on 31.03.2023 Rs. 93.70    
BV of the Share after the FPO Rs. ?    
Offer Price at Cap Rs.  315    
Aadhar Housing Finance IPO
Ratio Analysis
Price /EPS 22.83
Price/Book Value Ratio   3.61
Price/BV after IPO  ?

How Aadhar Housing Finance IPO compares with the Peers?
Peer Comparison.

As on date of DRHP FV Total  PE
  Rs. Income Ratio of
    Rs. In Cr  
Aadhar Housing Finance 10 2043 22.82
Aptus Value Housing 2 1093 36.70
Aavas Finance 10 1609 27.80
Home First Finance 2   791 38.20
India Shelter 3   585 32.90
       
       
       

# This is only coverage of News related to Grey Market. We do not deal in grey market premium, nor we recommend dealing in Grey Market. Investment decision based on Grey Market trends can be faulty.

Aadhar Housing Finance IPO Guidance* by Paresh Gordhandas, CA & Research Analyst.
Aadhar Housing Finance Limited is a HFC focused on the low-income housing segment (ticket size less than Rs.1.5 million) in India and it had the highest AUM and net worth among its analyzed peers in six months ended September 30, 2023. In addition, according to the peer set analyzed by CRISIL, it had the highest number of live accounts in FY2023.
In addition, it has a presence in 20 states and union territories, which is the highest among the peers.
Size: Net size of the IPO( after deducting anchor portion is somewhat large and yet due to bullish sentiment of the capital market, oversubscription will not be any issue. With just 706565 applications, retail portion can get one time subscribed.
Financials: The business has strong growth potential. The company has an extensive network of 471 branches including 91 sales offices, as of September 30, 2023. Its branches and sales offices spread across 20 states and union territories, operating in approximately 10,926 pin codes across India, as of September 30, 2023. The shares are offered at very attractive.  Apply with expectations of listing gains and also as long term investment.
Strategy seen in the grey market:
Many of the players have accumulated shares initially at lower GMP, so that they can earn higher listing gains. 
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