Fri. Jun 14th, 2024

The shares of India Shelter Finance Corporation made a decent debut on the stock market, opening at 625 before dropping to 564.70, a fall by 7.80 per cent. As of 10:44 am, a total of 8.44 lakh shares were traded on BSE. The company’s market cap currently stands at 6,200 crore.

This comes on the day the Sensex and Nifty hit their fresh all-time high levels in early trade on Wednesday amid a firm trend in global markets along with buying in stocks of IT companies and Reliance Industries. The 30-share BSE Sensex jumped 475.88 points to 71,913.07 — its all-time peak — in early trade. The Nifty climbed 138.8 points to reach its record high of 21,591.90.

The initial public offering (IPO) of the housing finance company was subscribed 36.62 times on the last day of the offer last Friday. The IPO got bids for 65,59,44,390 shares against 1,79,10,449 shares on offer, as per NSE data.

People look at a screen displaying the Sensex results on the facade of the Bombay Stock Exchange (BSE) building in Mumbai.(REUTERS)

The Initial Public Offer (IPO) had a fresh issue of up to 800 crore and an Offer for Sale (OFS) of up to 400 crore, with a price range of 469-493 a share.

India Shelters Finance Corporation said that the funds raised from the issue will be used to meet future capital requirements towards onward lending and for general corporate purposes.

The company is backed by Westbridge Capital and Nexus Venture Partners, and is a retail-focused affordable housing finance company with an extensive distribution network and technology infrastructure.

Its target segment is self-employed customers with a focus on first-time home loan takers in the low and middle-income groups in Tier-II and Tier-III cities in India. ICICI Securities, Citigroup Global Markets India, Kotak Mahindra Capital Company and Ambit Private Ltd were the managers to the offer.

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