India Shelter Finance Corporation is scheduled to announce the basis of allotment of its shares mostly likely on Monday, December 18. The primary offering of the housing finance company had received a strong response from the investors, led by the institutional bidders, during the three-day bidding process.
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India Shelter Finance Corporation sold its IPO in the price band of Rs 469-493 per share with a lot size of 30 shares, which was open for bidding between December 13 to December 15. The company aimed to raise about 1,200 crore from its primary offering, which included a fresh share sale of Rs 800 crore and offer-for-sale (OFS) of up to 81,13,590 equity shares.
The issue was overall subscribed 36.71 times as the portion for qualified institutional bidders (QIBs) was booked 89.70 times, while the non-institutional investors’ category was subscribed 28.51 times. The quota reserved for retail investors was subscribed 9.95 times, respectively during the bidding process.
Grey market premium (GMP) of India Shelter Finance has seen a mild correction, despite a solid bidding from QIB investors. Last heard, the company was commanding a premium of Rs 140-145 per share, suggesting a listing pop of 28-30 per cent for the investors. However, it was around Rs 170-175, before the bidding for the issue commenced.
India Shelter Finance Corporation is a seasoned authority in the housing finance sector, which concentrates on providing loans tailored to diverse housing requirements.
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India Shelter Finance Corporation extends Loans Against Property (LAP) with amounts ranging from Rs 5 lakh to Rs 50 lakhs, offering a flexible repayment tenure that spans up to 20 years.
Brokerage firms were mostly positive on the issue of India Shelter Finance and suggested subscribing to it on the back of an extensive distribution network, scalable technology infrastructure, strong AUM growth, in-control NPAs, and growing focus on housing sector by the government.
ICICI Securities, Citigroup Global Markets India, Kotak Mahindra Capital Company, and Ambit are the book running lead managers for the India Shelter Finance IPO, while Kfin Technologies Limited is appointed as the registrar for the issue. Shares of the company will be listed on both BSE and NSE, with December 20, Wednesday, as the tentative date of listing.
Investors, who bid for the issue of India Shelter Finance Corporation, can check the allotment status on the BSE website’s IPO application check page. Check-in equity, under the issue type and select Flair Writing Industries Limited in the dropbox; type-in the application number and add the PAN card number before checking-in at ‘I am not a Robot’ before hitting the submit button.
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Allotment status can also be checked through the online portal of Kfin Technologies, the registrar to the issue. Visit the web portal of Kfin Tech and select the IPO of India Shelter in the dropbox. Enter the either PAN Card number, Application Number or DP Client ID as selected tab and hit ‘search’ to get the allotment status for your application.
