Aptus Value Housing Finance to list on BSE, NSE tomorrow; here’s what grey market premium signals

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Shares of Housing finance company Aptus Value Housing Finance are trading at a discount of around over 3% in the grey market, indicating that the stock may see a muted listing on Tuesday. The initial public offer of the company was earlier received 17.20 times subscription on August 12, the closing day of the offer. The Rs 2,780-crore IPO received bids for 94,82,42,442 shares against 5,51,28,500 shares on offer.

The issue was in a price range of Rs 346-353 per share. The category for Qualified Institutional Buyers (QIBs) received 32.41 times subscription, while those for non-institutional investors 33.91 times and Retail Individual Investors(RIIs) 1.35 times.

Abhay Doshi, Co-founder, Unlisted Arena told Money9.com that Aptus Value Housing Finance is hovering at a discount of Rs 12 in the grey market.

The initial public offer (IPO) had a fresh issue of up to Rs 500 crore and an offer for sale of up to 6,45,90,695 equity shares.

The company had raised Rs 834 crore from anchor investors. The net proceeds from the fresh issue will be utilised towards augmenting the company’s tier-1 capital requirements.

Aptus Value Housing Finance has a strong capital sponsorship by marquee investors like Westbridge, Malabar Investments, Sequoia Capital, Steadview Capital, and Madison India.

ICICI Securities, Citigroup Global Markets India, Edelweiss Financial Services, and Kotak Mahindra Capital Company were the managers of the offer.

Meanwhile, the cement arm of Nirma Group, Nuvoco Vistas made a disappointing listing on the bourses. Shares of the company opened for trading at a 14.91% discount over the issue price of Rs 570 per share. The stock opened at Rs 485 apiece on the National Stock Exchange (NSE) and at Rs 471 on the BSE.

Likewise, online auto platform CarTrade Tech on August 20 made a soft debut on bourses as its shares listed at a 1.1% discount over the issue price of Rs 1,618 per share.