Blackstone IPO by Aadhar Housing Finance

Blackstone has launched early-stage discussions to evaluate an initial public offering (IPO) by its portfolio company Aadhar Housing Finance. The last IPO in the domestic housing finance segment happened more than two years back when Jaipur-based Aavas Financiers launched a Rs 1,640-crore issue on October 25, 2018. The listing of Aadhar Housing Finance would be the first IPO of an Indian portfolio company backed by the US private equity giant in the past five years. In October 2015, fragrance maker SH Kelkar backed by Blackstone launched a Rs 500-crore IPO. Preliminary discussions have been held in this regard and as of now, the plan is to raise between $300 million and $400 million via the proposed IPO, though the quantum may vary later. Merchant bankers should be finalised within the next 3-4 weeks. In June 2019, Blackstone purchased a majority stake in Aadhar Housing Finance from Diwan Housing Finance and the Wadhawan group for around Rs 2,200 crore. It holds around 98.7 percent stake in the firm.