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The Rs 3,000 crore IPO of Aadhar Housing Finance opened for subscription today. Ahead of the issue opening, the company raised Rs 897 crore from anchor investors.The IPO comprises a combination of a fresh issue of shares worth Rs 1,000 crore and an offer-for-sale (OFS) of shares worth Rs 2,000 crore by promoter BCP Topco.Aadhar Housing intends to utilize the net proceeds for meeting future capital requirements related to onward lending and general corporate purposes.Aadhar Housing Finance IPO previewAnalysts advised investors to subscribe to the issue as the company boasts of strong financial performance reflecting consistent growth over the years."While the IPO valuation of 22.8x P/E and 3.36x P/BV might appear fair, Aadhar's high reliance on borrowing necessitates a cautious approach. Therefore, we recommend this IPO only for high-risk investors seeking long-term exposure to the affordable housing sector," said Swastika Investmart.Aadhar Housing Finance IPO price bandThe company has fixed a price band of Rs 300-315 per share, where investors can bid for 47 shares in one lot. At the upper end of the price band, the valuation exceeds Rs 13,000 crore.Also Read: Aadhar Housing Finance IPO opens Wednesday. 10 things to know before subscribing to the issueOther detailsThe company is a HFC focused on the low-income housing segment, with a ticket size of less than Rs 15 lakh. It had the highest AUM and net worth among analyzed peers in the six months that ended September 2023.The financier offers a range of mortgage-related loan products, including loans for residential property purchase and construction, home improvement and extension loans, and loans for commercial property construction and acquisition. It has an extensive network of 471 branches including 91 sales offices.According to a peer set analyzed by Crisil, Aadhar Housing Finance had the highest number of live accounts in FY2023. The company mainly services economically weaker and low-to-middle-income customers.The average ticket size of the loans was Rs 9 lakh with an average loan-to-value of 57.6% and 58.1%, as of September 30, 2022 and September 30, 2023, respectively.ICICI Securities, Citigroup Global Markets, Kotak Mahindra Capital, Nomura Financial Advisory and Securities (India) and SBI Capital are the book running lead managers to the issue.

The auto retail sector in India registered a growth of 27 per cent on an annual basis in April, driven by stable fuel prices and new model launches even as Lok Sabha elections dampened consumer sentiment, FADA said in a press release on Wedensday.Retails of two-wheelers increased by 33 per cent while three-wheelers, passenger vehicles, commercial vehicles and tractors grew by 9 per cent, 16 per cent, 2 per cent each, the auto body said. The tractor segment grew by 1 per cent in April.Auto retails in April were buoyed by a favourable market sentiment which was driven by stable fuel prices, a positive monsoon outlook, festive demand and the marriage season.The 2W segment grew owing to improved supply and an increased demand for 125cc models. "New model launches also helped drive growth, despite some delays in supply," said Manish Raj Singhania, President, FADA.The PV segment grew in double-digits on a year-on-year basis thanks to 'enhanced' model availability and favourable market sentiments, particularly around festive events like Navratri and Gudi Padwa, FADA said.However, the segment remains troubled by high competition, excess supply and discounting of products, which emerged as a challenge for its sustained growth. Furthermore, lack of new models in some portfolios too affected market traction.The commercial vehicle segment saw positive momentum bulk and corporate deals and school bus demand. However, the ongoing General elections dampened sentiment, as customers delayed their expansion plans. "Limited finance options and regional challenges such as water scarcity further impacted performance," FADA said.The industry sees several positive indicators in May, like improved supply, market sentiment and new electric models in certain segments. However, FADA says, challenges remain."Election uncertainty continues to affect market sentiment, delaying customer conversions and stalling purchasing decisions. Financial constraints, extreme temperatures, and overcapacity in the CV segment could slow growth, while heavy discounting in the PV segment could impact profitability," FADA said.The industry feels that seasonal factors like marriage dates and a lack of major festive events may also influence demand.

The initial public offer (IPO) of TBO Tek opened for public subscription today and will close on May 10. The company plans to raise Rs 1,550 crore through the issue.Net proceeds from the fresh issue are proposed to be utilised towards growth and strengthening of the platform by adding new buyers and suppliers, unidentified inorganic acquisitions and general corporate purposes.TBO Tek IPO previewAnalysts advised investors to subscribe to the issue over consistent growth shown in the last two fiscal years."While the P/E valuation of 64x appears fully priced, the lack of direct peers makes a definitive comparison challenging. Considering TBO Tek's growth potential and potential listing gains, we recommend a subscribe rating for this IPO," said Swastika Investmart.TBO Tek IPO price bandTBO Tek has fixed a price band of Rs 875-920 per share for its maiden public offer. Investors can bid for 16 shares in one lot and in multiples thereafter.Also Read: Aadhar Housing Finance raises nearly Rs 900 cr from anchor investorsAbout 75% of the IPO is reserved for qualified institutional buyers, 15% for non-institutional investors and the rest 10% for retail investors.TBO Tek GMPAhead of the issue opening, the company's shares traded with a premium of Rs 520 in the unlisted market.Other detailsTBO simplifies the business of travel for suppliers such as hotels, airlines and retail buyers such as travel agencies and enterprise buyers that include tour operators, travel management companies through the two-sided technology platform that enables suppliers and buyers to transact seamlessly with each other.The platform connects over 147,000 buyers across more than 100 countries with over one million suppliers, as of June 2023. Recently, leading investment firm General Atlantic had acquired a minority stake in TBO.In 2023 the travel and tourism industry is estimated to recover at pace, growing 18% year-on-year from 2022 to reach $1.9 trillion, and is expected to grow at a CAGR of 8.2% to reach $2.6 trillion in 2027.Axis Capital, Goldman Sachs (India), Jefferies India and JM Financial are the book running lead managers of the issue. The equity shares are proposed to be listed on NSE and BSE.