India’s Bajaj Housing Finance Ltd has filed with the country’s markets regulator to raise up to 70 billion rupees ($838.11 million) through an initial public offering (IPO), it said in a statement on Saturday.
The firm, a unit of non-bank lender (NBFC) Bajaj Finance, will raise funds through a primary issue worth 40 billion rupees.
The company is the first high-profile firm seeking regulatory approval for an IPO after the recent national elections.
Prime Minister Narendra Modi’s Bharatiya Janata Party will need the support of regional parties to form a government, a shift that initially spooked markets and sparked worries among analysts about policy certainty and fiscal discipline.
In September 2022, the Reserve Bank of India (RBI) had released a list of non-bank lenders with 500 billion rupees of assets under management and set norms that require Bajaj Housing Finance to be listed on stock exchanges by September 2025.
Another mortgage lender, Blackstone-owned Aadhar Housing Finance listed last month.
Bankers to Bajaj Housing‘s IPO include India’s Kotak, Bank of America and Goldman Sachs.
Reuters
