Bajaj Housing Finance picks five investment banks as advisors for proposed IPO: Report

Reportedly, Bajaj Housing Finance is planning to launch the IPO within the next 12-18 months, and is targeting a valuation of up to $10 billion.

Published on: Apr 7, 2024, 09:30:48 IST

By HT News Desk, New Delhi

Prefer HTon Google

Share via

Copy link

Bajaj Housing Finance has picked five investment banks as advisors for its proposed initial public offering (IPO), according to a Moneycontrol report.

The work on the proposed Bajaj Housing Finance IPO is believed to have commenced (Representational Image)

“Kotak Mahindra Capital, Axis Capital, BofA Securities, JM Financial, and SBI Capital have been shortlisted for this IPO,” the report said, quoting a person aware of the development.

The deal has been “kicked off” and work has commenced on the issue, the person added. However, it wasn't immediately clear if more banks would be added at a later stage.

Bajaj Housing Finance IPO

The development comes days after it was first reported, by Moneycontrol on March 27, that the home financier was planning to launch an IPO within the next 12-18 months. The move would also mark return to the public market of the umbrella Bajaj Group.

“The firm's targeted valuation is between $9 billion and $10 billion. While these are early days, the firm is planning to raise $900 million to a billion dollars, keeping the minimum dilution and expected valuation range in mind,” the report had said.

The planned IPO is in line with the Reserve Bank of India's (RBI) compulsory requirement for “upper layer” NBFCs (non-banking financial companies) to get listed on the stock exchanges within three years of being notified as an NBFC.

Bajaj Housing Finance was declared as an “upper layer” NBFC by the RBI on September 30, 2022. Therefore, the former is mandated to be listed on or before September 30,2025, as per the regulatory framework.

Meanwhile, on Friday, the Bombay Stock Exchange (BSE) was informed by Bajaj Finance regarding actions being taken by the latter's subsidiary to fulfill the compulsory regulatory requirements.

“The Board of Directors will convene on April 24 to discuss strategies to comply with the mandatory listing requirement. The board will discuss various options, taking into consideration the prevailing market conditions,” Bajaj Finance told BSE.

ABOUT THE AUTHOR
HT News Desk
Follow the latest breaking news, major developments and agenda-setting stories from India and around the world with the newsdesk at Hindustan Times. Operating round the clock, the desk brings together experienced editors, reporters and correspondents to deliver fast, accurate and contextual reporting across subjects that influence public policy, governance, business, society and international affairs. The HT News Desk covers politics, elections, government policies, the economy, business and markets, science and technology, the environment, law and order, infrastructure, education, climate issues and geopolitics, while closely tracking developments across states, institutions and global capitals. The team also leads coverage of major breaking news events, policy announcements, court proceedings, natural disasters, public emergencies and significant international developments. Reports published by the newsdesk are based on information gathered from reporters on the ground, official statements, government agencies, court records, regulatory filings, recognised institutions and other authoritative sources. Stories undergo editorial scrutiny and verification processes to ensure accuracy, fairness and relevance, and are updated as events evolve and additional information becomes available. Whether covering a key political decision in New Delhi, an economic policy shift affecting millions, a landmark court ruling or a major global event, the HT News Desk aims to provide readers with reliable, fact-based journalism that delivers not only the latest developments but also the context and analysis needed to understand their wider implications.Read More

Stay updated with the latest Business News, stock market updates, petrol and diesel prices, gold and silver rates, income tax updates and major developments from India and across the world.