Bajaj Housing Finance's share price recovered over 8 percent in early trade on October 8 after falling more than 9 percent on Monday. However, the Bajaj Housing Finance stock is still trading below its IPO listing price.
The stock touched an intraday high of Rs 149 per share on the NSE, rising over 8 percent in today's trading session. In the October 7 trade, the stock fell 9.67 percent to settle at Rs 136.03 apiece.
The current stock price of the company is still below its listing price last month. The shares of the company debuted on the exchanges at Rs 150 on both BSE and NSE against an issue price of Rs 70.
The Rs 6,560-crore initial public offering (IPO) of Bajaj Housing Finance Ltd was subscribed 63.60 times on the final day of bidding, September 11, driven by strong demand from institutional investors.
The price band for the IPO was set at Rs 66-70 per share. The offer included a fresh issue of equity shares worth Rs 3,560 crore and an offer-for-sale (OFS) of equity shares worth Rs 3,000 crore by the parent company, Bajaj Finance. Bajaj Housing Finance, a non-deposit-taking housing finance company, has been registered with the National Housing Bank since September 2015.
The company provides financial solutions for buying and renovating both residential and commercial properties. Categorized as an "upper layer" non-banking financial company (NBFC) by the Reserve Bank of India (RBI), its mortgage offerings include home loans, loans against property, lease rental discounting, and developer financing.
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