HFFC shares listing on BSE, NSE today: Grey market premium strong, bumper listing likely
The shares of Home First Finance Company will be listed on the BSE and National Stock Exchange (NSE) on Wednesday. The technology-driven affordable housing finance player likely to fetch at least 25 per cent premium when its debut. This means strong listing gains are expected.
The company's fundamentals are strong and has stable asset quality. Its IPO was subscribed 26.66 times.
The shares of Home First Finance Company are commanding a strong premium over the final issue price of 518 in the grey market. Shares were quoting a grey market premium of Rs 140 (almost 27 per cent) to trade at Rs 658 apiece just a day ahead of listing. The share is expected to list at around Rs 650-670.
According to data available with the NSE, the offer of the mortgage financier had received bids for 41,64,36,944 shares against 1,56,20,948 shares on offer. The category reserved for qualified institutional buyers(QIBs) was subscribed 52.53 times, non-institutional investors 39 times and retail investors 6.59 times.
The initial public offer (IPO) of Rs 1,153.71 crore, comprised a fresh issue of up to Rs 265 crore and an offer for sale of up to Rs 888.7 crore. The price range for the offer was fixed at Rs 517-518 per share.
From anchor investors, the company raised Rs 346 crore. The company plans to utilise the net proceeds towards augmenting its capital base to meet its future capital requirements.
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