Aadhar Housing Finance shares: Aadhar Housing Finance saw its shares continue to rise on the day of listing, surging an additional 10 percent to reach a new high of Rs 362.35 on May 16.
Initially, the stock had a lackluster debut on the exchanges, opening at Rs 314 per share on May 15, nearly matching its issue price of Rs 315 per share. This debut fell short of investor expectations and was perceived as underwhelming.
Prashanth Tapse, Senior VP of Research at Mehta Equities, had anticipated a more favorable debut for the stock, considering its solid asset quality and robust return ratios.
However, subsequent buying activity in the market pushed the stock to close approximately 5 percent higher by the end of its listing day. This trend continued into the following session, with the stock experiencing further gains.
Tapse maintains an optimistic stance on Aadhar Housing Finance. He bases his positive outlook on the expectation of sustained growth in the affordable low-income housing sector, driven by government initiatives such as “Housing for All” and the granting of infrastructure status to affordable housing. He advises investors to ‘Hold’ the stock for a long-term perspective.
Also Read: Go Digit IPO Day 2
Aadhar Housing’s initial public offering (IPO) of Rs 3,000 crore garnered significant interest, being oversubscribed 26.76 times. Qualified institutional buyers (QIBs) were at the forefront, subscribing to their portion 76.4 times. Non-institutional investors subscribed to their portion 17.3 times, while retail investors did so 2.5 times.
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