Bajaj Finserv’s stock price surged over 4% on Monday, reaching ₹1,855.95, up ₹72.90 (4.09%) as of 11:27 AM. The rally comes amid the impending launch of Bajaj Housing Finance’s initial public offering (IPO), which is expected to raise around ₹7,000 crore.
The stock opened at ₹1,796.40 and reached a high of ₹1,858.75, with a low of ₹1,787.80. The previous close was ₹1,783.05. Trading volumes were strong, with 30,76,943 shares changing hands.
Bajaj Housing Finance, a subsidiary of Bajaj Finserv, is set to launch its IPO in early September. The offering will include a fresh issue of ₹4,000 crore and an offer-for-sale of ₹3,000 crore by Bajaj Finserv. The company has filed its red herring prospectus (RHP) for the IPO, which is expected to open for bidding on September 9.
Investors who held Bajaj Finserv or Bajaj Finance shares as of August 30, 2024, in their demat accounts will be eligible to apply for the shareholder’s quota in the Bajaj Housing Finance IPO. This special allocation is likely to attract strong interest from existing shareholders.
