Financial services company Bajaj Housing Finance has taken significant steps toward its initial public offering (IPO) on Thursday, and aims to achieve a valuation in the range of $9 billion to $10 billion, based on a report of The Moneycontrol.
The company intends to collect between $900 million to a billion dollars via the IPO, according to the report of the financial portal.
In October 2022, the Reserve Bank of India (RBI) notified any “upper layer” non-banking financial companies (NBFCs) must be mandated to list itself within three years of acknowledgment.
On that note, the regulatory timeframe set by RBI lets Bajaj Housing Finance complete its IPO by September 2025.
Bajaj Finance is currently up 3.2% at ₹7,247. The finance company reported a 22% rise in its third-quarter profit at ₹3,639 Crore.
Bajaj Finserv Asset Management (BFAML) said it intends to launch a small-cap-focused mutual fund scheme in January-March 2024. This will be followed by a strategy focusing on large and mid-cap stocks from various sectors, broadening their debt and equity offerings.
Bajaj Housing Finance, a fully-owned subsidiary of Bajaj Finance, is headquartered in Pune, Maharashtra. The company was founded in 2008, which provides financing to individuals and corporate entities for the purchase and renovation of residences or commercial premises.
To read more on Finance, head to the link.
