Finance
Blackstone-backed Aadhar Housing Finance refiles papers for ₹5,000 crore IPO
Mumbai: Blackstone-backed Aadhar Housing Finance Ltd has refiled draft papers with the Securities and Exchange Board of India (Sebi) to raise up to ₹5,000 crore through an initial public offering (IPO). This comes after the company’s initial filing in 2021 lapsed due to regulatory timelines.
The IPO comprises fresh issuance of shares worth ₹1,000 crore and an offer for sale (OFS) by Blackstone Group company BCP Topco VII Pte that will sell shares worth ₹4,000 crore.
This is a refiling of the IPO papers submitted in January 2021, which received Sebi approval in May 2022. Due to the lapse of validity after a year, Aadhar Housing had to refile for a fresh attempt.
The net proceeds from the IPO will be used to meet future capital requirements for onward lending and general corporate purposes.
Currently, Blackstone owns a 98.72% stake (389.68 million shares) in Aadhar Housing, while ICICI Bank holds the remaining 1.18%. In June 2019, the original promoters of Dewan Housing Finance Corporation (DHFL) transferred their entire shareholding to BCP Topco.
ICICI Securities, Citigroup Global Markets India, Kotak Mahindra Capital, Nomura Financial Advisory and Securities , SBI Capital are the book-running lead managers to the issue.
Aadhar Housing is focused on the low-income housing segment (loans under ₹1.5 million) in India. As of September 30, 2023, it had the highest assets under management (AUM) and net worth among its peers, according to CRISIL.
The company offers mortgage-related loans for residential property purchase, construction, home improvement, and commercial property with a network of 471 branches.
Indian markets are witnessing a surge in IPO filings. The outcome of an initial offering largely hinges on the prevailing mood in the broader financial market. When market sentiment is buoyant and investor confidence is high, newly launched IPOs generally fare better.
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Published: 02 Feb 2024, 03:05 PM IST
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Revenue: €147.4m (down 39% from FY 2023).
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Net income: €22.6m (down 73% from FY 2023).
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Profit margin: 15% (down from 35% in FY 2023). The decrease in margin was driven by lower revenue.
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EPS: €1.62 (down from €5.98 in FY 2023).
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All figures shown in the chart above are for the trailing 12 month (TTM) period
Revenue exceeded analyst estimates by 29%. Earnings per share (EPS) also surpassed analyst estimates by 3.5%.
Looking ahead, revenue is forecast to grow 46% p.a. on average during the next 2 years, compared to a 8.3% growth forecast for the Electrical industry in Germany.
Performance of the German Electrical industry.
The company’s shares are down 9.9% from a week ago.
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Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team (at) simplywallst.com.
This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.
Friday was another in the series of dramatic losses in the equity markets as investors pushed financial conditions into negative terrain because of mounting concerns around the costs linked to an expanding trade war.
Given the ever-widening scope of U.S. tariffs, with the next round set to take effect on April 2, the risks to the economic outlook through the financial channel are elevated and rising.
We anticipate that the economies targeted by the tariffs will retaliate in-kind. investors, firm managers and policymakers should also anticipate that retaliation will most likely include the tradeable services sector and not just agriculture, goods and politically sensitive industries like transportation.
Read more of RSM’s insights on the economy and the middle market.
The S&P 500 equity index peaked on Feb. 19 and has since lost 9% of its value with losses in seven of the past nine weekly sessions. On Friday alone, roughly $1.25 trillion in equity valuations were wiped away.
Interestingly, the Russell 2000 index of small cap corporations—a proxy for the health of privately held small and medium-sized businesses—has lost the most ground among the major stock indices.
The RTY index has now lost 17% of its value since peaking on Nov. 25, suggesting a loss of confidence in economic growth that will result in a slower pace of hiring and outlays on capital expenditures that will show up in hard data in the near term.
It is not just the equity market showing excessive levels of risk. Volatility in the Treasury market remains above its long-term average and corporate yield spreads are widening, offering more evidence of the concern over the direction of the economy.
While not yet significantly different than neutral, our RSM US Financial Conditions Index fell below zero on the last Friday of March.
Our index is designed such that negative values indicate increased levels of risk being priced into financial assets. Higher risk implies a higher cost of credit, which will affect the willingness to borrow or to lend that will hamper economic growth.
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Revenue: €476.9m (down 2.6% from FY 2023).
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Net income: €31.0m (up 11% from FY 2023).
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Profit margin: 6.5% (up from 5.7% in FY 2023). The increase in margin was driven by lower expenses.
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EPS: €2.32 (up from €2.09 in FY 2023).
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All figures shown in the chart above are for the trailing 12 month (TTM) period
Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 2.0%.
Looking ahead, revenue is forecast to grow 5.1% p.a. on average during the next 3 years, compared to a 5.0% growth forecast for the Machinery industry in Germany.
Performance of the German Machinery industry.
The company’s share price is broadly unchanged from a week ago.
It is worth noting though that we have found 1 warning sign for WashTec that you need to take into consideration.
Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team (at) simplywallst.com.
This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.
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