Blackstone's Aadhar Housing Finance targets $600 mln India IPO - sources (updated)

Aadhaar Ventures India

30/01/2024 12:23

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      Blackstone-owned lender eyes IPO filing within weeks -
sources
    

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      Plans come amid stock market, IPO filings boom in India
    

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      Aadhar Housing Finance plans to list by end 2024 - sources
    

  
 (Updates with details in paragraphs 4-7)
    By M. Sriram
       MUMBAI, Jan 30 (Reuters) - Blackstone-owned Indian home
loans provider Aadhar Housing Finance is targeting a $600-650
million initial public offering (IPO) at a valuation of up to $3
billion, two people with direct knowledge said on Tuesday.
    Private equity group Blackstone  BX.N  acquired Aadhar for
about $210 million in 2019 as it bet on growing demand for
affordable housing and financing in India. 
    The IPO attempt is Aadhar's second shot at a listing after a
$1 billion IPO plan in 2022 was called off amid market
volatility that followed the Russia-Ukraine war.
    Aadhar plans to file its IPO papers with India's market
regulator within the next two weeks, both sources said.
    India is currently seeing record stock market listing plans,
driven by expectations of political stability and a fast-growing
economy. Its stock market recently overtook that of Hong Kong to
become the world's fourth biggest, and benchmark index Sensex is
trading near record highs.
    "Blackstone wants to capitalise on these market conditions
and sell a part of its stake. Timing is key to gradually sell
down," said one of the two sources, who declined to be named as
the IPO plan is still confidential.
    Aadhar has appointed investment banks Citi  C.N , Nomura
 8604.T  and India's Kotak and ICICI as advisors for its latest
IPO filing, with a listing in Mumbai planned by May, said the
sources.
    Blackstone, Nomura and Citi declined to comment. Kotak,
ICICI and Aadhar did not respond to queries seeking comments.

 (Reporting by M. Sriram; Editing by Aditya Kalra, Louise
Heavens and Jan Harvey)
 ((Sriram.Mani@thomsonreuters.com;; Reuters Messaging: Twitter:
@followthemani))