NEW DELHI: Bajaj Housing Finance share on Tuesday soared by 10 per cent hitting the upper circuit limit following a strong debut on Monday. The stock settled at Rs 181.48, up by Rs 16.5 from previous close of 164.99 on the Bombay stock exchange while it settled at Rs 181.50 at the NSE. Since its debut, it has surged by 159.28 per cent from its issue price of Rs 70.
Bajaj Housing Finance Ltd’s shares on Monday setted after climbing nearly 136 per cent from its issue price of Rs 70.Earlier, it opened at Rs 150 on both BSE and NSE, marking a 114.28 per cent increase from the issue price.
Additionally, its valuation surged by Rs 13,733.12 crore, reaching Rs 1,51,139.21 crore, solidifying its position as the most valued housing finance company in India.
Housing & Urban Development Corporation with a market valuation of Rs 49,056.56 crore is at the second spot followed by LIC Housing Finance, PNB Housing Finance, Aadhar Housing Finance, Aptus Value Housing Finance India Ltd, AAVAS Financiers, Sammaan Capital, Can Fin Homes, and Home First Finance Company India followed suit, with market valuations ranging from Rs 37,239.27 crore to Rs 10,419.52 crore.
The company’s Rs 6,560-crore initial public offer, which had a price band of Rs 66-70 per share, received an overwhelming response from institutional buyers, resulting in a subscription of 63.60 times on the final day of bidding, September 11.
The IPO comprised a fresh issue of equity shares worth up to Rs 3,560 crore and an offer-for-sale (OFS) of equity shares amounting to Rs 3,000 crore by the parent company, Bajaj Finance.
Bajaj Housing Finance Ltd, a non-deposit-taking housing finance company registered with the National Housing Bank since September 2015, provides financial solutions for the purchase and renovation of residential and commercial properties. The company has been classified as an “upper layer” NBFC by the RBI, and its comprehensive mortgage products include home loans, loans against property, lease rental discounting, and developer financing.