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Home First Finance files for IPO
Posted on Monday, 02 December 2019 07:40
Indian housing lender Home First Finance has filed a draft prospectus for stock market flotation to raise up to INR 15.00 billion (USD 210.04 million).

Under the terms of the share sale, the group will raise INR 4.00 billion in fresh capital, with a further INR 11.00 billion to be paid to selling investors.

Axis Capital, Credit Suisse Securities (India), ICICI Securities and Kotak Mahindra Capital will act as bookrunner managers for the initial public offering (IPO).

Founded in 2010, Home First Finance provides housing finance services, offering loans, guarantor programmes, eligibility calculators and customer services across the country.

In 2017, the company sold an unknown majority stake to True North Fund for USD 100.00 million.

Home First Finance counts Bessemer Venture Partners as a backer, after the group led a series A funding round for the shadow lender.

The business, which became profitable in 2014 and now has around 60 branches across India, had a net worth of INR 8,893 billion at 30th September 2019, according to the prospectus.

In the six months to the same date, Home First Finance recorded revenue from operations of INR 1,839 billion, a 77.7 per cent increase from INR 1,035 billion in the corresponding period of 2018.

Profit after tax increased significantly to INR 367.41 billion in H1 2020 (H1 2019: INR 114.56 billion).

According to Zephyr, the M&A database published by Bureau van Dijk, there have been 79 IPOs of Indian companies announced since the start of 2019.

In the largest of these, announced earlier this month, SBI Cards and Payment Services agreed to raise INR 96.00 billion in its stock market debut scheduled for March 2020.

Bajaj Energy, Sterling and Wilson Solar and Samhi Hotels, among others, have also been targeted in the year to date.

© Zephus Ltd