India Shelter Finance is into Financial Services-Housing Finance and is looking raise funds through Fresh Issue and Offer for Sale
India Shelter Finance IPO is a public offering of shares by Anil Mehta, Westbridge Crossover Fund LLC and Aravali Investment Holdings. The IPO will open on December 13 and will close on December 15. The price band is ₹469 to ₹493 per share and the lot size is 30 shares. The issue size is ₹1,200. crore. The shares are expected to be listed on NSE, BSE on December 20 (^). Some additional information that you may find useful are: : (**) - based on higher price band (^) indicative date
Also READ: India Shelter Finance files DRHP with SEBI for the proposed IPO; Key Details here
Promoters of the company are Anil Mehta, Westbridge Crossover Fund LLC and Aravali Investment Holdings Currently promoters hold 56.93% stake in the company.
Quick Pointers
- Company aims to raise around Rs 1,200 crs through this IPO.
- The net proceeds of the issue will be utilized to 1) To meet future capital requirements towards onward lending estimated at Rs 640 crores and 2) General corporate purposes
- Anchor bidding is expected to commence one day prior to the IPO dates. Tentative anchor bidding date would be 12-Dec-23.
- Price band for the IPO has been fixed at Rs 469 to 493 per share and bid lot are in multiple of 30 shares. The implied market cap post-issue at Rs 5,060 to 5,278 crs.
- As per the tentative schedule, allotment date of this IPO is most likely on December 18 and share are expected to be listed on NSE, BSE on December 20.
- Company has direct competition in the Housing Finance space with Aptus Value Housing Finance India Limited, Aavas Financiers Limited and Home First Finance Company India Limited.
- ICICI Securities, Citigroup Global Markets India, Kotak Mahindra Capital Company, Ambit has been appointed as Merchant Banker to the issue. KFin Technologies Ltd. has been appointed as official registrar of the issue.
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About Company
India Shelter Finance Corporation, established in _ is retail focused affordable housing finance company. AUM during FY21-23 grew at a CAGR of 40.8%. Company's target segment is the self-employed customer with a focus on first time home loan takers in the low and middle income group in Tier-II and Tier-III cities in India.
About Industry
About Industry
The housing finance sector of India comprises public sector banks, private sector banks, housing finance companies, non-banking financial companies and other players. The overall size of the affordable housing finance market in India in terms of loan outstanding was around ₹11.5 trillion as of March 2023, constituting around 37% of the overall housing finance market. TheIndian housing finance market recorded a CAGR of approximately 13.5% (growth in loan outstanding) over the financial years 2019-2023 on account of a rise in disposable income, healthy demand, and a greater number of players entering the segment.(Source:CRISIL Report)
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