The initial public offering of Aptus Value Housing Finance, a housing finance company, has been subscribed 0.37 times or 37 percent so far today, the second day of the bidding process. The offer has received bids for 2.06 crore equity shares against the IPO size of 5.51 crore equity shares.
Retail investors have subscribed 0.54 times to the IPO, and non-institutional investors put in bids 0.06 times their reserved portion. Qualified institutional buyers subscribed 0.33 times their reserved portion.
The price band for the offer, which closes on August 12, is Rs 2,234-2,280 apiece. Brokerages have recommended 'buy' for the IPO given the company's strong growth prospects and industry-leading return ratios.
While the company has set aside 50 percent of the issue for qualified institutional buyers (QIB), 35 percent is for retail investors. A quota of 15 percent is kept for non-institutional investors.
The company plans to use proceeds from the issue to augment its capital base to meet future requirements.
Aptus has posted strong growth in both net interest income (NII) and net profits of 46.2 percent and 54.7 percent respectively between FY19-21. "Despite the COVID-19 crisis, the company's asset quality has remained largely stable with GNPA and NNPA largely stable at 0.6 percent and 0.5 percent, respectively at the end of FY2021," Angel One broking house said.
(As per subscription data available on exchanges till 17:00 pm)
First Published: Aug 11, 2021 12:36 PM IST
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