Priced in the range of Rs 469-493 per share, the stock listed at a premium of 25% at Rs 620 on the NSE.
Shares of India Shelter Finance, the affordable housing finance company, opened at Rs 612.70, marking a substantial premium of 24.28% over its issue price of Rs 493 on the BSE.
The Initial Public Offering (IPO) included a fresh issue of up to Rs 800 crore and an Offer for Sale (OFS) of up to Rs 400 crore. Priced in the range of Rs 469-493 per share, the stock listed at a premium of 25% at Rs 620 on the NSE.
Prior to listing, the IPO of India Shelter Finance Corporation received robust subscription, reaching 36.62 times on the last day of the offer on Friday.
The Qualified Institutional Buyers (QIBs) quota experienced a significant 89.70 times subscription, while non-institutional investors showed strong interest with a subscription of 28.47 times. The Retail Individual Investors (RIIs) part garnered a subscription of 9.79 times.
“India Shelter Limited also made its stock market debut today. The stock witnessed an attractive listing at 618 a premium of around 25% on its listing price. India Shelter boasts strong fundamentals built on years of experience in the affordable housing market. The company has a diverse portfolio and strong distribution network, catering to the growing demand for quality and affordable homes,” said Shivani Nyati, Head of Wealth, Swastika Investmart Ltd.
Nyati also said that, Additionally, India Shelter has demonstrated consistent financial performance with a track record of revenue and profit growth.Investors are advised to book this listing gain; however, those who still want to hold it may keep a stop loss at 558.
India Shelter Finance, supported by Westbridge Capital and Nexus Venture Partners, focuses on retail-centric affordable housing finance. Targeting self-employed customers, particularly first-time home loan takers in the low and middle-income groups in Tier-II and Tier-III cities in India, the company boasts an extensive distribution network and technology infrastructure.
Source:financialexpress.com