India's Bajaj Housing Finance more than doubles in market debut (updated)

Bajaj Housing Finance

16/09/2024 05:55

(Adds valuation, background)
       BENGALURU, Sept 16 (Reuters) - Shares of Bajaj Housing
Finance  BAJO.NS  more-than-doubled in their trading debut on
Monday, giving the company a market capitalization of 1.34
trillion rupees ($16 billion) and making it India's most
valuable listed home loan financier.
        The stock rose as much as 130% to 161 rupees before
paring some gains to trade at 125% higher. 
  
        The stock was listed at 150 rupees on the National Stock
Exchange of India, compared with an offer price of 70 rupees.
  
    India's second-biggest home loan financier by assets under
management (AUM), Bajaj Housing Finance's $782 million IPO had
attracted bids worth about $38.60 billion last week, making it
the most sought-after public listing this year in a red-hot IPO
market.
    Backed by the 100-year-old Bajaj group, the offering drew
investors due to its pedigree, an ongoing IPO euphoria and
booming demand for luxury homes, that is set to push home prices
higher in the country.
    A rally in the Indian stock market has resulted in over 200
companies raising more than $7 billion this year, more than
double the amount raised during the same period last year, LSEG
data showed.
    
($1 = 83.8890 Indian rupees)
    
    

 (Reporting by Dimpal Gulwani in Bengaluru; Editing by Eileen
Soreng)
 ((Dimpal.Gulwani@thomsonreuters.com;))