Aptus Value Housing Finance shares made a muted listing on the stock exchanges today, continuing the current trend of discounted listing on Dalal Street. Shares of Aptus Value opened for trade at Rs 329.95 per share down 6.53% or Rs 23 apiece from the upper finish of the IPO price tag band of Rs 353 per share. The stock opened with losses in spite of the positive momentum seen in domestic benchmark indices. The retail-focused housing finance firm had entered key markets to raise Rs 2,780 crore by way of the IPO earlier this month. Of the total challenge size, Rs 500 crore was a fresh challenge of equity shares even though the remaining was an OFS by current investors. Aptus Value Housing serves low and middle revenue self-employed rural and semi-urban buyers. The firm had a marketplace capitalization of Rs 16,351 crore on listing.
Check live price tag: Aptus Value Housing Finance
The IPO of Aptus Value Housing Finance was oversubscribed by all pockets of investors. Half of the complete IPO was reserved for Qualified Institutional Buyers (QIB) who subscribed their portion 32.41 occasions. Retail investors had 35% of the IPO reserved for themselves and subscribed to the challenge 1.35 occasions. Non-Institutional Investors (NII) bid for the IPO 33.91 occasions the portion reserved for them.
Aptus Value Housing Finance offers compact loans for the buy and self-building of residential home, home improvement and extension loans. The firm gives no loans of more than Rs 25 lakh. Over monetary year 2019 and 2021, Aptus Value Hosuing’s NII/operating profit/PAT grew at a CAGR of 43.9%/ 51.% / 54.7% to Rs 430.1 crore / Rs 350.9 crore/ Rs 266.9 crore, respectively. In the prior monetary year, its calculated NIM stood at 10.5% with an typical yield at 15.5%, stated analysts at Ventura Securities. The brokerage firm valued the IPO at the upper finish of the price tag band at 8.6x FY21 P/BV.
Analysts at Marwadi Financial Services had offered a ‘Subscribe’ rating to the challenge, saying that the firm has a presence in substantial underpenetrated markets with sturdy development prospective and is out there at a affordable valuation as compared to its peers. “Considering the FY-21 adjusted BVPS of Rs 50.03 on post-issue basis, the company is going to list at a P/B of 7.06 with a market cap of Rs 1,74,940 mn, while its peer namely Aavas Financiers is trading at a P/B of 8.47,” they added.