Home First Finance Company IPO Will Raise Rs 1500 crore
The concept of HFFC is to provide housing finance to first-time residence consumers. HFFC stands for Home First Finance Company Pvt. Ltd. It plans to go public through an initial public offering. Amidst this offer, the company aims to raise over Rs 1,500 crore. It may file IPO draft papers with Sebi in the coming week. According to the source, True North holds up to 44 percent of stake in HFFC while GIC and Bessemer hold 30% and 16% of stake respectively. These are plans to dilute some percent of stake in HFFC through the IPO.
HFFC IPO will include a fresh issue and an offer for sale. Axis Capital, Credit Suisse, ICICI Securities, and Kotak Mahindra securities. The existing shareholders’ stake sale will depend on the valuation of public issues.
Reason Behind The Launch of HFFC IPO?
HFFC finance company was founded by Jaithirth Rao and P S Jayakumar in 2010. Jayakumar has owned a 5 percent stake in the HFFC company. The firm is a joint venture between True North, GIC, and Bessemer. As of September 31st, the loan book of the company stood at Rs 3,200 crore. Moreover, the loan ticket size averaging at Rs 10.4 lakh.
From the last four years, the company has been increased its business under the mix of the annual growth rate of 50 percent. Although, Home finance will have a consistency of capital growth for supporting the growth on an annual basis.
As of the report, HFFC has already been received some capital at the start of the current fiscal. Moreover, the company’s capital stands at 48 percent after the private equity companies infused a total of Rs 328 crore in the first two quarters of fiscal 2019.
The company will reach its loan book at Rs 5,500 crore in one year. So, they require to increase their capital base range between Rs 1,200 crore to Rs 1,400 crore. At present, they have up to Rs 880 crore under the capital base.
Currently, the promoters of the company are still serving on IPO draft prospectus. They have strong determination regarding the upcoming IPO. The company believes that its continued growth and solid quality will attract the investors to park their investments in IPO, said by the officials of Home First Finance Company.
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