Aadhar Housing Finance Limited, controlled by Blackstone Group Inc, one of India’s largest mortgage providers to low-income earners, plans to raise as much as $1 billion from the share sale. The Mumbai based company founded in 2010 plans to provide financial solutions to customers whose monthly income ranges between $76 to $765.
The filing for a Rs 7,300-crore IPO could be the largest public offer by a financial services firm after SBI Cards. It is planned to be done as early as Monday.
The company now has more than 294 branches and is planning to file a draft prospectus for its initial offering in India soon and to launch the offering in the first half of 2021, according to the sources.
The company had about 114 billion rupees ($1.6 billion) of assets under management in the latest financial year, about 14% higher than the previous year, its annual report said.
In 2019, Blackstone acquired a majority stake in the company and injected 8 billion rupees primary equity share to fund its growth. The private equity firm now has a 98.7% stake.
