Home First Finance Company India Ltd, a technology-driven affordable housing finance company catering to the lower and middle-income group’s housing finance needs, received bids of 41,42,65,488 shares against the offered 1,55,90,790 shares, as per the 5:00 pm data available on the bourses. The portion reserved for retail investors was subscribed 6.60 times. The qualified Institutional Buyer and Non-Institutional Investor category were subscribed 52.63 and 39.08 times respectively on Day 3 of the issue opening.
Brokerage houses such as Motilal Oswal, Angel Broking, Nirmal Bang, Ventura Securities, Choice, Canara Bank Securities, and Insec were positive towards the IPO. The reports highlighted key strengths of the companies like focused digital adoption, ability to successfully identify new regions and grow business, driven growth by substantial demand for affordable housing finance, well-diversified and cost-effective financing profile, and strong capital sponsorship from marquee players like True North, Government of Singapore, Bessemer Venture Partners and Warburg Pincus
The bidding for the IPO closed on Monday, January 25, 2021. The Company proposed to raise 1,153.71 crore which comprises of a fresh issue of Rs. 265 crore and an offer for sale of Rs. 888.71 crore by promoters and existing investors and individual shareholders.
Prior to the issue opening on 21 January, it raised 346 crs from 25 anchors. Amongst the FIIs it found interest from Nomura, Fidelity International, Eastspring, Morgan Stanley IM, Buena Vista, TT International, Grandeur Peak, Moon Capital, Discovery. Nomura was the largest investor among foreign institutions, buying 9.5% of the anchor investor portion for Rs 33 crore