Bajaj Housing Finance’s ₹6,560-crore IPO sets a record with bids topping ₹3.24-lakh cr

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The initial public offering (IPO) of Bajaj Housing Finance was oversubscribed by 63.61 times on the last day of bidding today, garnering over ₹3 lakh crore, the highest-ever bids received for any IPO.. In 2010, Coal India issue received bids for over ₹2.3 lakh crore.

According to NSE data, the quota reserved for qualified institutional buyers (QIB) was subscribed 209 times and non-institutional investors over 41 times. Portions reserved for retail investors and employees were subscribed by 7 times and 2 times, respectively.

The housing finance company launched its IPO on September 9 to raise ₹6,560 crore. Of the total, it raised ₹1,758 crore from anchor investors. The price band for the issue was set between ₹66-70.

The fresh capital would be used for the business growth process. The IPO has been conducted primarily to comply with the Reserve Bank of India’s (RBI) regulations which mandate upper-layer non-banking lenders to be listed on stock exchanges by September 2025.

Meanwhile, a lot of investors, especially those operating through banking and discount brokerages, were upset that the UPI mandate did not generate to complete the IPO investment process.

“I tried too many times but didn’t get UPI mandate both phonepe and gpay…..,” posted an upset investor in his X-post.

However, Mohit Mehra, VP, Primary Markets and Payments, Zerodha, said that due to the volume of applications in the IPOs over the last few days, investors noticed a delay while receiving UPI mandates.

“This was averaging around a couple of hours after applying for the IPO. The applications were submitted instantly from Zerodha to the exchange, but the banks sending the UPI mandates i.e. the sponsor banks to the issue had some queue,” he said.

This delay, however, does not affect the application, Mehra said. The UPI mandate can be accepted at any time during the IPO window by the investors. All applications submitted are considered at par irrespective of the time at which the mandate is approved, he added.

Bajaj Housing Finance’s overall assets under management stood at ₹97,071 crore as of Q1FY25 end, up 31 per cent sequentially. Its net profit was at ₹483 crore during Q1, up 5 per cent on quarter.

With inputs from Jyothi Banthia in Bengaluru