Blackstone-backed Aadhar Housing Finance files for $1 billion IPO

Blackstone-backed Aadhar Housing Finance Ltd has filed for an initial public offering worth up to Rs 7,300 crore ($1 billion).

The offering would include equity shares aggregating up to Rs 1,500 crore and offer of sale of up to Rs 5,800 crore by the promoter BCP Topco VII Pte Ltd.

In its draft red herring prospectus, the company said that it would utilise the money raised through the IPO towards augmenting its capital base.

The offering gains significance as it joins the bandwagon of IPOs amid the pandemic, which have benefitted from the surge in stock markets.

A recent EY report showed that proceeds from initial public offerings (IPOs) in the country surged 61 per cent last year to over $4.09 billion.

It said that the fourth quarter of 2020 saw a strong rebound in IPO activity and market sentiment remains positive.

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IMF projects 11.5% growth rate for India in 2021, only major economy to record double digit growth