Aadhar Housing Finance Ltd IPO

About Aadhar Housing Finance Ltd

Aadhar Housing Finance Limited was originally incorporated as `Vysya Bank Housing Finance Limited' at Bengaluru, Karnataka as a public company under the Companies Act, 1956, pursuant to a certificate of incorporation dated November 26, 1990, issued by the Registrar of Companies, Karnataka at Bangalore (RoC) and commenced operations pursuant to a certificate for commencement of business dated November 27, 1990, issued by the RoC. Subsequently, the name of the Company was changed to `DHFL Vysya Housing Finance Limited' and a fresh certificate of incorporation dated October 15, 2003, was issued by the RoC. Separately, an entity named `Aadhar Housing Finance Private Limited' (Pre-merger AHFPL) was incorporated as a private limited company under the Companies Act, 1956, at Mumbai, Maharashtra pursuant to a certificate of incorporation dated May 3, 2010, issued by the Registrar of Companies, Maharashtra at Mumbai, which commenced its operations in February 2011. Pre-merger AHFPL was later converted into a public company and consequently, its name was changed to `Aadhar Housing Finance Limited', and a fresh certificate of incorporation dated September 3, 2013 was issued by the Registrar of Companies, Maharashtra at Mumbai. Pre-merger AHFPL was later merged into the Company pursuant to a scheme of amalgamation approved by the National Company Law Tribunal, Bengaluru Bench at Bengaluru, vide its order dated October 27, 2017 (Scheme of Amalgamation). Pursuant to the Scheme of Amalgamation, the name of the Company was changed to `Aadhar Housing Finance Limited' and a fresh certificate of incorporation dated December 4, 2017, was issued by the RoC.

The overall size of the housing finance market focusing on low income housing loans in India was around Rs. 4.4 trillion as of December 2023, constituting for around 14% of the overall housing finance market, as per CIBIL data. CRISIL MI&A expects the industry to pick up steam gradually and the loans outstanding in housing finance focused on low income housing segment to touch Rs. 5.4-5.7 trillion by March 2026, translating into an 8-10% CAGR between Fiscals 2023 and 2026.

According to CRISIL, Aadhar Housing Finance Limited is a housing finance company focused on the low-income housing segment (ticket size less than Rs.1.5 million) in India and we had the highest asset under management and net worth among our analyzed peers in FY2021, FY2022, FY2023 and nine months ended December 31, 2022 and December 31, 2023. We offer a range of mortgage-related loan products. The Company has an extensive network of 487 branches including 109 sales offices, as of December 31, 2023. its branches, sales offices, regional and corporate offices, including Registered Office and Corporate Office, are located on leased or licensed premises.

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