PNB Housing Finance files DRHP for IPO
DSIJ Intelligence / 06 Jul 2016
PNB Housing Finance has filed draft red herring prospectus for an initial public offering (IPO) to raise up to Rs 2500 crore. Punjab National Bank holds about 51 per cent stake in the company. After the IPO, public sector bank will continue to hold about 35 per cent to 37 per cent.
PNB Housing Finance has filed draft red herring prospectus for an initial public offering (IPO) to raise up to Rs 2500 crore. Punjab National Bank holds about 51 per cent stake in the company. After the IPO, public sector bank will continue to hold about 35 per cent to 37 per cent. The private equity firm Carlyle Group has 49 per cent stake in PNB Housing Finance, which was acquired during last year.
The IPO is backed by bankers such as Kotak Investment Banking, BofA Merrill Lynch, JM Financial, JP Morgan and Morgan Stanley.
PNB Housing Finance plans to use the money to expand its capital base. The company also plans to use not more than 25 per cent of the funds raised for general corporate purposes. PNB Housing Finance plans to grow its business and loan portfolio.
On financial front, PNB Housing’s revenue has increased by 51.63 per cent to Rs 2700 crore in FY16 on a yearly basis. The company’s bottom line has boosted by 68.76 per cent to Rs 328 crore in FY16 as compared to previous fiscal year.
PNB Housing is the fifth largest mortgage lender in India by loan portfolio as of September 30, 2015. The mortgage lender’s loan portfolio has risen at a compound annual rate of 62 per cent from Rs 3970 crore in FY12 to Rs 27177 crore in FY16.
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