Axis Capital Limited

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True North
Rs. 7,000 Mn

Primary Product

Secondary Product

Date

Oct 20
True North
Rs. 7,000 Mn

Primary Product

Secondary Product

Date

Oct 20
Home First Finance Company is a technology driven affordable housing finance company that targets first time home buyers in low and middle-income groups.
This was the first IPO in the Housing Finance Space since September 2018. Despite volatile market environment and competing supply, the issue witnessed blockbuster response from investors across all categories with overall issue being subscribed 26.7x. 95% of the Anchor Book was allocated to long-only investors. Institutional book subscribed ~52x. NII book subscribed ~39x. Retail book subscribed ~6.6x with over 15 lakh application forms.

Axis Capital, as the left lead banker to the company, handheld the company through various regulatory compliances and timelines to ensure smooth and efficient closure of the IPO. Also co-advised True North, other Selling shareholders, and the Company in raising Rs. 7,000 million from Warburg Pincus in October 2020. This was the first major PE deal in the lending space post-covid and laid the foundation for public market investor confidence in the company’s asset quality. Positioned HFFC as a Technology Driven Housing Finance Company with Diversified Sourcing Channels in an underpenetrated market and impeccable asset quality.

Transactions

Rectangle 18378
Rs. 9,100 Mn

Primary Product: 

ECM

Secondary Product:

IPO

Date:

Mar 19
Rectangle 18371
Rs. 7,000 Mn

Primary Product: 

Secondary Product:

Date:

Oct 20
Rectangle 18371 (1)
Rs. 15,000 Mn

Primary Product: 

Secondary Product:

Date:

Dec 2020
Rectangle 18384
Rs. 3,220 Mn

Primary Product: 

Secondary Product:

Date:

Apr 21