Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Equity Capital Markets

Aadhar Housing Finance Ltd / Equity Capital Markets

Aadhar Housing Finance (AHF) was the largest affordable housing finance company (HFC) in India, in terms of AUM as of Mar 2020. It plans to raise around US$1bn via selling a mix of primary and secondary shares in its India IPO. AHF is 98.72% owned by Blackstone.AHF is entirely retail-focussed, serving economically weaker and low-to-middle income customers. The average ticket size of its loans was INR0.85m, with an average loan-to-value of 56.73%, as of Sep 2020. 64.83% of its gross AUM consisted of loans to salaried customers, with the rest coming from self-employed customers, as of Sep 2020. AHF’s customer base has grown at 22.18% CAGR over FY18-20, while AUM grew at a CAGR of 19.79%. Total income growth outpaced AUM growth with a 30.85% CAGR over FY18-20.However, its disbursements have been falling and its AUM growth has slowed down over the past few years. In addition, its disclosures aren’t exactly the best.

Aadhar Housing Finance (AHF) was the largest affordable housing finance company (HFC) in India, in terms of AUM as of Mar 2020. It plans to raise around US$1bn via selling a mix of primary and secondary shares in its India IPO. AHF is 98.72% owned by Blackstone.AHF is entirely retail-focussed, serving economically weaker and low-to-middle income customers. The average ticket size of its loans was INR0.85m, with an average loan-to-value of 56.73%, as of Sep 2020. 64.83% of its gross AUM consisted of loans to salaried customers, with the rest coming from self-employed customers, as of Sep 2020. AHF’s customer base has grown at 22.18% CAGR over FY18-20, while AUM grew at a CAGR of 19.79%. Total income growth outpaced AUM growth with a 30.85% CAGR over FY18-20.However, its disbursements have been falling and its AUM growth has slowed down over the past few years. In addition, its disclosures aren’t exactly the best.

Aadhar Housing Finance Pre-IPO - Decent past Growth but Comes with Weird Disclosures

Equity Analyst, LightStream Research

Oshadhi Kumarasiri

Equity Analyst

Long-Short Analysis on Japan, Asia and the World

LightStream Research

LightStream conducts quantitatively rigorous and data-driven analysis with a focus on Japan and Asia.

We consistently cover the Tech, Consumer and Industrial sectors, and provide ECM and Events coverage more broadly.

We supplement traditional qualitative insights from company relationships with a robust quantitative foundation that examines as much historical data as is available.
We further refine the accuracy of our insights and calls through the use of alternative data to flesh out current trends, and through a valuation framework that emphasises non-superficial peer group selection and a proper attempt to understand the metrics and changes that have driven security valuations in the past.

<a href="https://www.smartkarma.com/entities/aadhar-housing-finance-ltd" target="_blank" data-smartkarma-citation="entities:32152:1" rel="noopener">Aadhar Housing Finance Ltd (1218027D IN)</a>, India’s largest affordable housing finance company with a loan book of INR 121.6bn (including off-balance sheet loans) has filled a prospectus with the SEBI for an initial public offering of up to INR 73.0bn ($1.0bn).The offer comprises of new shares worth up to INR 15.0bn. The promoter, BCP Topco (currently owns 98.72% of Aadhar Housing’s share capital) which is an entity controlled by the private equity firm Blackstone Group, will sell shares worth up to INR 58.0bn.Citigroup, Nomura, ICICI Securities, SBI Capital Markets, and KFin Technologies Private Limited act as lead underwriters to this IPO.

Aadhar Housing Finance Ltd (1218027D IN), India’s largest affordable housing finance company with a loan book of INR 121.6bn (including off-balance sheet loans) has filled a prospectus with the SEBI for an initial public offering of up to INR 73.0bn ($1.0bn).The offer comprises of new shares worth up to INR 15.0bn. The promoter, BCP Topco (currently owns 98.72% of Aadhar Housing’s share capital) which is an entity controlled by the private equity firm Blackstone Group, will sell shares worth up to INR 58.0bn.Citigroup, Nomura, ICICI Securities, SBI Capital Markets, and KFin Technologies Private Limited act as lead underwriters to this IPO.

Aadhar Housing Finance IPO: Robust Growth + High Yield at an Acceptable Risk

India

Aadhar Housing Finance Limited offers housing loan services. The Company provides home loans for salaried employees, self employed, plot purchase, construction, home improvement, extension, and loans against property, as well as balance transfer services. Aadhar Housing Finance serves customers in India.

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Aadhar Housing Finance Ltd (1218027D IN)

Aadhar Housing Finance Pre-IPO - Decent past Growth but Comes with Weird Disclosures

Aadhar Housing Finance, the largest affordable housing finance company, plans to raise around US$1bn via selling a mix of primary and secondary...

Sumeet Singh

Aadhar Housing Finance IPO: Robust Growth + High Yield at an Acceptable Risk

Aadhar Housing Finance, India’s largest affordable housing finance company with a loan book of INR 121.6bn has filled a prospectus with the SEBI...

Oshadhi Kumarasiri

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)