Mumbai: Home First Finance Company India Ltd, atechnology driven affordable housing finance company catering to the lower and middle income group’s housing finance needs, received bids of 3,46,09,736 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 3.40 times. Qualified Institutional Buyer and Non-Institutional Investor category was subscribed 1.36 and 0.61 times respectively on Day 2 of the issue opening.

The bidding for the IPO closes on Monday, January 25, 2021.  The Company is proposing 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 investor and individual shareholders. The minimum bid lot is 28 shares thereafter in multiples.  The price band has been fixed at Rs. 517 – Rs. 518 per Equity Share.

Brokerage houses such as Motilal Oswal, Angel Broking, Nirmal Bang, Ventura Securities, Choice and Canara Bank Securities are positive towards the IPO. The reports have 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 investment from marquee players like True North, Government of Singapore, Bessemer Venture Partners and Warburg Pincus; which overall makes Home First as a good investment opportunity.

The Company recently raised 346 crs from 25 anchor investors and the shares were allotted to them at Rs. 518 per equity share.