Warburg Pincus-backed Home First Finance Company IPO lists at 19% premium over the issue price
Home First Finance Companystock listed at ₹618, which is at a 19% premium to the set IPO price band at ₹517-₹ 518 per share.
- The company's market value expanded to ₹5,514 crore after the listing.
- The HFFC listing comes two days after the annual budget where Finance Minister Nirmala Sitharaman promised to extend support for affordable housing.
- Home First Finance Company is an affordable housing finance company, which offers housing loans for buying or construction of homes with a special focus on first-time homebuyers in lower range and middle-income groups.
Within minutes after listing, the shares of mortgage financier Home First Finance Company gained nearly 3% of their value and were trading at ₹631 apiece at 10:05 am in a robust market.
TOP VIDEOS FOR YOUThe company's market value expanded to ₹5,514 crore after the listing.
A good listing was already on the cards!
The HFFC listing comes just two days after the annual budget where Finance Minister Nirmala Sitharaman promised to extend support for affordable housing.
Home First Finance Company is an affordable housing finance company, which offers housing loans for buying or construction of homes with a special focus on first-time homebuyers in lower range and middle-income groups.
Sitharaman extended the exemption for affordable housing until March 2022, making the section of the real estate sector quite attractive. While affordable housing is just one factor, the lender has managed to grow its profit five times over in just the last three years.
Nearly all the analysts' reports have given a 'subscribe' rating for the IPO, citing its resilient performance during the pandemic and increasing market share in home loans. The company’s strong fundamentals and stable asset quality strengthens its appeal.
The public issue also received a decent response in the grey market — the shares were commanding a premium of ₹140-150 over the set price band of ₹517-₹ 518 per share. However, the grey market is not an official measure of the market premium. But it is a fair indicator of demand for the shares in the market.
SEE ALSO: Carlyle, Brighton Park invest $200 million in Indian healthtech company Indegene
Jeff Bezos will step down as Amazon's CEO later this year and be replaced by AWS CEO Andy Jassy
- Xiaomi launches RedmiBook Pro and RedmiBook e-Learning Edition — its first Redmi branded laptops in India
- As Vodafone Idea shares dive 10% and more, here's a look at what analysts had to say about it prospect in recent weeks
- IAMAI-BACC appoints India’s first cyber security coordinator Dr Gulshan Rai as its Advisory Board Member
- Here are the top most awaited Indian web series of 2021 as per YouGov's survey
- Nykaa will spend its IPO money on setting up retail stores and repaying loans