Bookbuilding IPO | ₹1,640 Cr | Listed at BSE, NSE | Tue, Sep 25, 2018 - Thu, Sep 27, 2018
Aavas Financiers IPO is a book build issue of ₹1,640.32 crores. The issue is a combination of fresh issue of 0.44 crore shares aggregating to ₹360.00 crores and offer for sale of 1.56 crore shares aggregating to ₹1,280.32 crores.
Aavas Financiers IPO bidding started from Sep 25, 2018 and ended on Sep 27, 2018. The allotment for Aavas Financiers IPO was finalized on Oct 3, 2018. The shares got listed on BSE, NSE on Oct 8, 2018.
Aavas Financiers IPO price band is set at ₹821 per share. The lot size for an application is 18. The minimum amount of investment required by an retail is ₹14,778 (18 shares) (based on upper price). The lot size investment for sNII is 14 lots (252 shares), amounting to ₹2,06,892, and for bNII, it is 68 lots (1,224 shares), amounting to ₹10,04,904.
Citigroup Global Markets India Pvt.Ltd. is the book running lead manager and MUFG Intime India Pvt.Ltd. is the registrar of the issue.
Refer to Aavas Financiers IPO RHP for detailed Information.
IPO Open
Tue, Sep 25, 2018
IPO Close
Thu, Sep 27, 2018
Issue Price
₹821 per share
Market Cap (Pre-IPO)
₹6,420.34 Cr
| IPO Date | 25 to 27 Sep, 2018 |
| Listed on | Mon, Oct 8, 2018 |
| Face Value | ₹10 per share |
| Price Band | ₹818 to ₹821 |
| Issue Price | ₹821 per share |
| Lot Size | 18 Shares |
| Sale Type | Fresh capital cum OFS |
| Issue Type | Bookbuilding IPO |
| Listing At | BSE, NSE |
| Total Issue Size | 1,99,79,503 shares (agg. up to ₹1,640 Cr) |
| Fresh Issue | 43,84,897 shares (agg. up to ₹360 Cr) |
| Offer for Sale | 1,55,94,606 shares of ₹10 (agg. up to ₹1,280 Cr) |
| Share Holding Pre Issue | 7,37,23,004 shares |
| Share Holding Post Issue | 7,82,01,462 shares |
| BSE Script Code / NSE Symbol | 541988 / AAVAS |
| ISIN | INE216P01012 |
Aavas Financiers IPO comprises a total issue size of 2,11,21,466 shares. Out of which, 1,05,60,732 (50.00%) are allocated to QIB, 31,68,220 (15.00%) allocated to NII 73,92,514 (35.00%) allocated to RII.
| Investor Category | Shares Offered | % of Total Issue | Max Allottees |
|---|---|---|---|
| QIB Shares Offered | 1,05,60,732 | 50.00% | NA |
| − Anchor Investor Shares Offered | 63,36,439 | 30.00% | NA |
| − QIB (Ex. Anchor) Shares Offered | 42,24,293 | 20.00% | NA |
| NII (HNI) Shares Offered | 31,68,220 | 15.00% | NA |
| Retail Shares Offered | 73,92,514 | 35.00% | 4,10,695 |
| Total Shares Offered | 2,11,21,466 | 100.00% |
Investors can bid for a minimum of 18 shares and in multiples thereof.
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (Min) | 1 | 18 | ₹14,778 |
| Retail (Max) | 13 | 234 | ₹1,92,114 |
| S-HNI (Min) | 14 | 252 | ₹2,06,892 |
| S-HNI (Max) | 67 | 1,206 | ₹9,90,126 |
| B-HNI (Min) | 68 | 1,224 | ₹10,04,904 |
Aavas Financiers IPO raises ₹520.22 crore from anchor investors. Aavas Financiers IPO Anchor bid date is September 24, 2018.
📝 Anchor Investors Letter (PDF)
| Bid Date | Mon, Sep 24, 2018 |
| Shares Offered | 63,36,439 |
| Anchor Portion (₹ Cr.) | 520.22 |
| Anchor lock-in period end date for 50% shares (30 Days) | Fri, Nov 2, 2018 |
| Anchor lock-in period end date for remaining shares (90 Days) | Tue, Jan 1, 2019 |
Incorporated in 2011, Jaipur based Aavas Financiers Limited is a company engaged in the business of providing retail, affordable housing finance to low and middle income self employed customers in semi-urban and rural areas in India. The Company is registered with the NHB as an HFC.
As per an ICRA Report, Aavas Financiers had the lowest GNPAs as of March 31, 2018 and the second highest growth rate of AUM for the last three financial years, among affordable housing finance companies with AUM between Rs 25 billion and Rs 200 billion.
The company offers home loans to its customersfor the purchase or construction of residential properties, and for the extension and repair of existing homes. In addition to home loans, it offers other mortgage loans including loans against property.
As of March 31, 2018-
-Mortgage loans including loans against property accounted for 22.44% of the company's Gross Loan Assets.
-60.40% of the Gross Loan Assets were from customers with earning less than Rs 50,000 per month.
-34.76% of the Gross Loan Assets were from customers who were new to credit.
-63.81% of Gross Loan Assets were from self-employed customers.
-Served over 57,000 customers since the commencement of its operations.
-A network of 165 branches spread across 92 districts in eight states. It has a significant presence in Rajasthan, Gujarat, Maharashtra, and Madhya Pradesh.
-Employs 1,862 personnel in its operations.
Competitive Strengths-
1. Deep penetration in underserved rural and semi-urban markets
2. In-house customer sourcing models ensure optimal pricing and good asset quality
3. Robust Credit Assessment, Risk Management, and Collections Framework
4. Access to cost-effective long-term financing
5. Higher cost and management efficiencies owing to the adoption of technology and analytics
| Period Ended |
|---|
| Amount in ₹ Crore |
The Company proposes to utilise the Net Proceeds from the Issue towards the following objects:
| # | Issue Objects | Est Amt (₹ Cr.) |
|---|---|---|
| 1 | Increasing the Company’s Tier I capital base to maintain the minimum capital adequacy ratio | 352.88 |
The Aavas Financiers IPO is subscribed 0.97 times on September 27, 2018 6:30:01 PM (Day 3). The public issue subscribed 0.25 times in the retail category, 2.77 times in the QIB category, and 0.26 times in the NII category. Check Day by Day Subscription Details (Live Status)
| Category | Subscription (times) | Shares Offered | Shares bid for |
|---|---|---|---|
| QIB | 2.77 | 42,24,293 | 1,17,20,412 |
| NII | 0.26 | 31,68,220 | 8,24,868 |
| Retail | 0.25 | 73,92,514 | 18,50,796 |
| Total | 0.97 | 1,47,85,027 | 1,43,96,076 |
| # | Issue Expenses | Est Amt (₹ Cr.) |
|---|---|---|
| 1 | Payment to GCBRLMs and BRLM (including underwriting commission) | 40.46 |
| 2 | Commission and processing fees for SCSBs and brokerage and selling commission payable to members of the syndicate and Bidding Charges for Registered Brokers, RTAs and CDPs | 1.54 |
| 3 | Fees payable to the Registrar to the Offer | 0.07 |
| 4 | Listing fees, SEBI filing fees, BSE and NSE processing fees, book building software fees and other regulatory expenses | 3.97 |
| 5 | Printing, stationery and distribution expenses | 3.03 |
| 6 | Advertising and marketing expenses | 6.31 |
| 7 | Fees payable to the Auditor | 1.89 |
| 8 | Fees payable to legal counsels | 5.17 |
| 9 | Miscellaneous | 5.81 |
| Price Details | BSE | NSE |
|---|---|---|
| Final Issue Price | ₹821.00 | ₹821.00 |
| Open | ₹758.00 | ₹750.00 |
| Low | ₹710.00 | ₹710.05 |
| High | ₹787.50 | ₹787.00 |
| Last Trade | ₹773.15 | ₹774.35 |
Lead Manager Reports
Aavas Financiers IPO is a main-board IPO of 1,99,79,503 equity shares of the face value of ₹10 aggregating up to ₹1,640 Crores. The issue is priced at ₹821 per share. The minimum order quantity is 18.
The IPO opens on Tue, Sep 25, 2018, and closes on Thu, Sep 27, 2018.
MUFG Intime India Pvt.Ltd. is the registrar for the IPO. The shares are proposed to be listed on BSE, NSE.
Zerodha customers can apply online in Aavas Financiers IPO using UPI as a payment gateway. Zerodha customers can apply in Aavas Financiers IPO by login into Zerodha Console (back office) and submitting an IPO application form.
Steps to apply in Aavas Financiers IPO through Zerodha
Visit Zerodha IPO Application Process Review for more detail.
The Aavas Financiers IPO opens on Tue, Sep 25, 2018 and closes on Thu, Sep 27, 2018.
Aavas Financiers IPO lot size is 18, and the minimum amount required for application is ₹14,778.
You can apply in Aavas Financiers IPO online using either UPI or ASBA as a payment method. ASBA IPO application is available in the net banking of your bank account. UPI IPO Application is offered by brokers who don't offer banking services. Read more detail about applying IPO online through Zerodha, Upstox, 5Paisa, Nuvama, HDFC Bank, and SBI Bank.
The finalization of Basis of Allotment for Aavas Financiers IPO will be done on Wednesday, October 3, 2018, and the allotted shares will be credited to your demat account by Fri, Oct 5, 2018. Check the Aavas Financiers IPO allotment status.
The Aavas Financiers IPO listing date is on Mon, Oct 8, 2018.
