Shares of Bajaj Housing Finance shot up by nearly 6% after the company made its debut on the exchanges on Monday.

What Happened: The stock was listed at ₹150 on both BSE and NSE, representing a premium of 114% over its issue price of ₹70.

The ₹6,560 crore initial public offering (IPO) of Bajaj Housing Finance saw an overwhelming response, being subscribed 67 times. It reportedly became the first Indian IPO to fetch bids worth over ₹3 lakh crore.

On its third day of bidding, the retail investor category was subscribed 7.04 times, while the non-institutional investors category saw a subscription of 41.51 times. The qualified institutional buyers (QIBs) category had been subscribed 209.36 times.

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The IPO included a fresh issue of 50.86 crore shares, worth ₹3,560 crore, and an offer for sale of 42.86 crore shares, totalling ₹3,000 crore. As of Wednesday, the grey market premium for the IPO stood at ₹74.

The Bajaj Group firm is classified as an “upper layer” NBFC by the Reserve Bank of India. It provides customised financial solutions to individuals and corporates for the purchase and renovation of homes and commercial spaces.

The company’s mortgage product range is comprehensive and includes home loans, loan against property (LAP), rent concessions and developer finance. The company plans to use the net proceeds from the offering to strengthen its capital base to support future business needs, especially for further lending.

Price Action: Bajaj Housing Finance was trading 5.27% higher at ₹157.91 on Monday.

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