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India Shelter Finance Corporation successfully completes IPO with plans to raise Rs 1,200 crore

India Shelter Finance Corporation recently concluded its initial public offering (IPO), which has been a resounding success, with the public offer being subscribed 36.71 times on the final day of bidding, which was on December 15. This overwhelming response saw bids for 65.75 crore shares against an issue size of 1.79 crore shares. Notably, retail investors bought 9.95 times, non-institutional investors (NII) picked up 28.51 times, and qualified institutional buyers (QIB) bought 89.7 times the allotted quota.

Leading up to the IPO, the retail-focused affordable housing finance company managed to raise a significant Rs 360 crore from anchor investors. The anchor book saw participation from 38 investors, including prestigious names such as Goldman Sachs, Massachusetts Institute of Technology, NHIT, and Steinberg India.

ICICI Prudential Mutual Fund, Nippon Life India, Kotak Mahindra Trustee, Axis Mutual Fund, UTI Mutual Fund, Mirae Asset, Whiteoak Capital, LGT Select Funds, Tata Mutual Fund, Franklin India, Motilal Oswal Mutual Fund, Edelweiss Trusteeship, Bandhan Financial Services, Quant Mutual Fund, and Axis Growth Avenues AIF 1 were among the anchor investors, further bolstering the company’s financial position ahead of its IPO.

This IPO aims to raise Rs 1,200 crore, consisting of a fresh issue of 1.62 crore shares worth Rs 800 crore and an offer-for-sale of 81.13 lakh shares worth Rs 400 crore. Notably, Catalyst Trusteeship (as the trustee of Madison India Opportunities Trust Fund) and Nexus Ventures III are the major selling shareholders, offloading shares worth Rs 171.3 crore and Rs 142.5 crore, respectively.

The net fresh issue proceeds will be utilized to meet the company’s future capital requirements for lending, amounting to Rs 640 crore, and will also be allocated for general corporate purposes.

India Shelter Finance Corporation predominantly serves the self-employed in low and middle-income groups, particularly first-time home loan takers in Tier-II and Tier-III cities. With a network of 203 branches spread across 15 states, the company has a significant presence in Rajasthan, Maharashtra, Madhya Pradesh, Karnataka, and Gujarat.

Despite the successful IPO, navigating the legal and financial intricacies of such transactions can be daunting. This is where AI legalese decoder can be immensely helpful. By using AI Legalise Decoder, companies like India Shelter Finance Corporation can gain comprehensive understanding and insight into the legal language and implications involved in their financial activities. This tool can help them interpret complex legal documents, contracts, and regulatory filings, ensuring that they make well-informed decisions and remain compliant with laws and regulations.

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