Bajaj Housing Finance made a remarkable stock market debut on Monday, with shares listing at Rs 150 on the NSE, reflecting a massive 114.29% premium over the issue price of Rs 70. On the BSE, the stock also opened with a 116% premium.
The strong listing surpassed market expectations, which were based on the grey market premium (GMP) of Rs 73-75 per share, indicating a potential listing gain of 104-105%. Before the IPO, the GMP had reached as high as Rs 84 per share, fueled by robust investor demand during the bidding period.
As of now, Bajaj Housing Finance shares are trading at Rs 160.82 on the NSE, up by Rs 10.82 or 7.21%.
IPO Performance and GMP
Before the stock’s listing, Bajaj Housing Finance shares were trading at a GMP of 120% over the issue price of Rs 70, signaling a potential gain of Rs 77 per share. The IPO was open for subscription from September 9 to 11, with shares priced between Rs 66-70 per share, and a lot size of 214 shares. Bajaj Housing Finance raised Rs 6,560 crore through the IPO, which included a fresh issue of Rs 3,560 crore and an offer-for-sale (OFS) worth Rs 3,000 crore by Bajaj Finance.
Oversubscription and Record-Breaking Demand
The IPO received an overwhelming response, being oversubscribed 63.61 times. The qualified institutional buyers (QIBs) portion saw an astounding 209.36 times oversubscription, while non-institutional investors (NIIs) bid 41.51 times their allocated shares. Retail investors subscribed 7.04 times, shareholders 17.53 times, and employees 2.05 times.
Bajaj Housing Finance’s IPO set a record as the first Indian IPO to attract bids worth Rs 3 lakh crore, with a total of 46.28 billion shares bid for, valued at Rs 3.24 lakh crore. The QIB segment alone saw bids worth over Rs 2.60 lakh crore.