October 27, 2021



Aptus Value Housing makes weak stock market listing; stock opens at discount to IPO price

Aptus Value Housing Finance shares made a quieted posting on the stock trades today, proceeding with the new pattern of limited posting on Dalal Street. Portions of Aptus Value opened for exchange at Rs 329.95 per share down 6.53% or Rs 23 each from the upper finish of the IPO value band of Rs 353 for every offer. The stock opened with misfortunes notwithstanding the positive energy found in homegrown benchmark lists. The retail-engaged lodging finance organization had entered essential business sectors to raise Rs 2,780 crore through the IPO recently. Of the all out issue size, Rs 500 crore was a new issue of value shares while the excess was an OFS by existing financial backers. Aptus Value Housing serves low and center pay independently employed country and semi-metropolitan clients. The organization had a market capitalization of Rs 16,351 crore on listing.The IPO of Aptus Value Housing Finance was oversubscribed by all pockets of financial backers. A big part of the whole IPO was held for Qualified Institutional Buyers (QIB) who bought in their piece 32.41 occasions. Retail financial backers had 35% of the IPO held for themselves and bought in to the issue 1.35 occasions. Non-Institutional Investors (NII) bid for the IPO 33.91 occasions the piece held for them.

Aptus Value Housing Finance gives little credits to the buy and self-development of private property, home improvement and expansion advances. The organization offers no advances of more than Rs 25 lakh. Over monetary year 2019 and 2021, Aptus Value Hosuing’s NII/working benefit/PAT developed at a CAGR of 43.9%/51.0%/54.7% to Rs 430.1 crore/Rs 350.9 crore/Rs 266.9 crore, separately. In the past monetary year, its determined NIM remained at 10.5% with a normal yield at 15.5%, said examiners at Ventura Securities. The financier firm esteemed the IPO at the upper finish of the value band at 8.6x FY21 P/BV.

Investigators at Marwadi Financial Services had given a ‘Buy in’ rating to the issue, saying that the organization has a presence in huge underpenetrated markets with solid development potential and is accessible at a sensible valuation when contrasted with its companions. “Considering the FY-21 changed BVPS of Rs 50.03 on post-issue premise, the organization will list at a P/B of 7.06 with a market cap of Rs 1,74,940 mn, while its companion to be specific Aavas Financiers is exchanging at a P/B of 8.47,” they added.

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