India Shelter Finance IPO: Firm Garners Rs 360 Crore From Anchor Investors

India Shelter Finance IPO: The maiden public issue, with a price band of Rs 469-493 a share, will open for subscription from December 13-15

India Shelter Finance has allotted 73.02 lakh equity shares to 38 funds at Rs 493 apiece, which is also the upper end of the price band.

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India Shelter Finance, an affordable housing finance firm, on Tuesday said it has collected Rs 360 crore from anchor investors, a day before its Initial Public Offering (IPO), the PTI reported. According to a cicular filed on the BSE website, the company has allotted 73.02 lakh equity shares to 38 funds at Rs 493 apiece, which is also the upper end of the price band. At this price, the company has bagged Rs 360 crore from anchor investors.

Goldman Sachs Funds, ICICI Prudential Mutual Fund (MF), Kotak Mahindra MF, UTI MF, Nippon India MF, Quant MF, Edelweiss MF, Bandhan MF, Tata MF, ICICI Prudential Life Insurance Company Ltd, SBI Life Insurance Co Ltd, and Max Life Insurance Company are among the anchor investors.

The maiden public issue, with a price band of Rs 469-493 a share, will open for subscription from December 13-15. The Rs 1,200 crore-IPO comprises a fresh issue of equity shares worth Rs 800 crore and an Offer For Sale (OFS) of Rs 400 crore by investor shareholders.

Those offering shares in the OFS include Catalyst Trusteeship Ltd, Madison India Opportunities IV, MIO Starrock, Nexus Ventures III Ltd, and Nexus Opportunity Fund II Ltd. Proceeds of the fresh issue will be used to meet future capital requirements towards onward lending and for general corporate purposes.

India Shelter Finance, which is backed by Westbridge Capital and Nexus Venture Partners, is a retail-focused affordable housing finance company with an extensive distribution network and technology infrastructure. The company's target segment is self-employed customers with a focus on first-time home loan takers in the low and middle-income groups in Tier-II and Tier-III cities in India.

ICICI Securities, Citigroup Global Markets India, Kotak Mahindra Capital Company, and Ambit are the book-running lead managers to manage the IPO.