BENGALURU, Sept 16 (Askume) – Shares of Bajaj Housing Finance (BAJO.NS) more than doubled in early trade on Monday, giving the company a market capitalisation of 1.34 trillion rupees ($16 billion), making it India’s biggest value listed home loan financier.
The stock surged 130% to Rs 161 and gave up some gains to rise 125%.
The shares were listed on the National Stock Exchange of India at an issue price of Rs 150 and a call price of Rs 70.
The $782 million IPO of Bajaj Housing Finance, India’s second-largest home loan finance company by assets under management (AUM), attracted bids worth about $38.6 billion last week , making it the most sought-after publicly listed offering this year.
The offering is backed by the 100-year-old Bajaj Group, which has attracted investors due to its reputation, continued IPO excitement and rising demand for luxury homes , which could drive up housing prices in the country.
Indian stocks are on a roll, with over 200 companies raising over $7 billion in capital this year, more than double the amount raised in the same period last year, LSEG data shows.
(1 USD = 83.8890 Indian Rupees)
