On Wednesday, shares of mortgage financier Home First Finance made a strong debut on the stock exchanges with prices rising about 23% to Rs 639 apiece, as compared IPO (initial price offering) issue price of Rs 518.
The IPO of Home First Finance Company India was subscribed 26.57 times last month, receiving bids for 41,42,65,488 shares against 1,56,20,948 shares on offer. The price range for the offer was fixed at Rs 517-518 per share.
At the IPO, the category reserved for qualified institutional buyers(QIBs) was subscribed 52.63 times, non-institutional investors 38.82 times and individual retail investors 6.43 times.
The Rs 1,153.71 crore offer comprised a fresh issue of up to Rs 265 crore and an offer for sale of up to Rs 888.7 crore. The company raised Rs 346 crore from anchor investors, ahead of the IPO.
Home First Finance is a technology-driven affordable housing finance company, backed by marque private equity players like Warburg Pincus, Aether Mauritius and Bessemer India.