#BajajHousingFinance to shortly make its debut on #stockmarket.
Watch the listing ceremony. #NDTVProfitLive
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Watch the listing ceremony. #NDTVProfitLive
For the latest news and updates, visit: http://ndtvprofit.com
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00:00to the needs of both retail, as well as the commercial clients.
00:04Number four, profitability has always
00:07been a strategic priority for the Bajaj group
00:11and has ensured best-in-class returns.
00:14It is commendable that the company
00:17has been able to scale up without compromising
00:20on profitability, achieving a 56% CAGR impact in the last two
00:26years, ROA of 2.4%, and ROE of 15.2% in FY24
00:34is truly commendable.
00:36Number five, pristine asset quality
00:39driven by strong credit evaluation, best underwriting,
00:43and risk management practices accompanied
00:47by digitized processes have ensured the lowest NPA
00:51ratios amongst the large HFCs in India.
00:55Number six, digitization and innovation
00:59are the core pillars of which BHFL has been built.
01:03Even though they were late entrants
01:05in a very highly competitive business,
01:08the company undertook multiple initiatives
01:11to simplify processes, improve operational efficiencies,
01:15while leveraging smartly India's digital public infrastructure,
01:21thus making the processes simpler and non-taxing
01:25for the borrowers.
01:26Finally, to top it all, the best-in-class experience
01:31management team led by Atul under the mentorship
01:35of none other than Sanjeev Bajaj.
01:37Here, I'd like to remind all of us of the famous quote
01:42of Mr. Rahul Bajaj, credibility depends on your track record,
01:48whether it's an individual, corporate, or a government.
01:53And this is what HFCL is built upon.
01:57Now, let's take a moment to celebrate
02:00the success of BHFL IPO.
02:03Highest over-subscription that you heard,
02:063.24 lakh crores for Indian IPO since 2008.
02:12Highest QIV demand since 2008 of 2.61 lakh crores,
02:17222 times.
02:20Highest retail demand of 16,000 crores,
02:2483.3 lakh applications, highest ever in the Indian IPO history.
02:31And finally, the highest HNI demand of 38,000 crores
02:36for an Indian IPO since the change in the finance
02:39regulations in April 2022.
02:42To summarize, BHFL is well-positioned
02:45to be a leader in the HFC market
02:48with comprehensive product offering, diversified borrowing
02:52profile, strong Bajaj group parentage,
02:55extensive experience of Bajaj Finance
02:58Limited in scaling financial services,
03:01and a strong customer engagement with multiple touchpoints.
03:06We at Bank of America Securities are
03:10proud to be a part of the Bajaj housing
03:14inspirational story.
03:15And today, as you embark on the capital markets journey,
03:20I wish the management team all the very best.
03:24I'm sure they will continue to create value
03:28and for not only the present, but the future shareholders
03:32in the years to come.
03:34Thank you, everybody.
03:42Thank you so much, ma'am, for initiating the proceedings.
03:45Now, ladies and gentlemen, please
03:46help me in welcoming on stage Ms. Shanti Ekambaram,
03:50deputy managing director, Kotak Mahindra Bank.
03:53Let's have a huge round of applause for ma'am, please.
03:55I was a little worried that I would not be seen, so I thought that...
04:08No, I'll have to do with this.
04:15So I was a little worried that I would not be seen amidst this big thing and the flowers.
04:18I hope you can see me.
04:20Right.
04:22Good morning, ladies and gentlemen, and welcome to this very historic occasion.
04:27Kaku has said it all, so I'm just going to say ditto, ditto, ditto, ditto, rather than
04:33repeat everything which she said, which has simply been amazing.
04:37I'm just going to say three, four things.
04:41Firstly, Brand Bajaj is known for quality, innovation, and business outperformance.
04:49And I think the response to this IPO is simply reflective of this quality of Brand Bajaj.
04:57So congratulations to the team.
05:03We at Kotak are proud to be the left lead running book manager to the IPO, and I want
05:09to thank Sanjeev, Rajiv, Atul, and Gaurav, and the board for giving us this opportunity.
05:17This is the first IPO in the Bajaj group.
05:19I think after 1994, I'm told, 30 years.
05:23So clearly, the street was expecting and awaiting such a quality.
05:30And I think if I look at the landscape, the opportunity for the mortgage business is endless
05:36in a country like India.
05:38Kaku talked about the numbers, but the depth and the width and the space that is available
05:45now is just, just simply exponential.
05:50So I'm sure the Bajaj group, Atul and team, are really going to take this to the next
05:57heights.
05:59Going by market expectation, I was listening to CNBC this morning, and it would be called
06:04speculative, but they are expecting sky high upon listing, and we will just wait to see
06:09this in a very short period of time.
06:12I think quality is reflective of the number of retail applications, the best investors
06:18in the world, the entire mutual fund fraternity, the retail participation, and it's really
06:26expected that this opportunity will just be converted into value as the years go by.
06:33I would like to just wish the management team all the very best, proud to be associated,
06:40and look forward to a superb listing.
06:43Thank you very much.
06:44Thank you so much, ma'am.
06:53Ladies and gentlemen, now it gives me immense, immense pleasure to invite on stage the Chairman
06:58and Managing Director of Bajaj Film Serve Limited.
07:02Please help me in welcoming Mr. Sanjeev Bajaj.
07:06Very, very warm welcome to you, sir.
07:21Shanti, maybe you're seeing too much of me, which is also not necessarily a good thing.
07:27My friend Ashish Chauhan, members of our board, our bankers, guests, friends, media, our share
07:35holders, and the Bajaj family.
07:39On behalf of all of us at Bajaj Housing Finance, thank you for being here for this listing
07:44of Bajaj Housing Finance.
07:47Bajaj Housing Finance is the third financial services company from our group to be listed.
07:55And this is a special moment, as Kaku and Shanti have talked about, because this comes
08:00after over 30 years of the last IPO from the group.
08:06Bajaj Film Serve and its subsidiaries have been founded on some of the core philosophies
08:13of the Bajaj group, taking on an ethos of honesty and transparency, focusing on the
08:22highest standards of corporate governance, and coupling that with an unwavering growth
08:29mindset led by tech and innovation for sustained long-term growth.
08:38The economic landscape that we are in is changing, and we believe this is India's time.
08:46With a consistently impressive GDP growth rate, strong structural reform, significant
08:54investment both in physical and in digital public infrastructure, and growing private
09:01consumption, our economy is poised for continued consistent growth.
09:08And it is on this very growth that the aspirations of a billion and a half Indians lie.
09:16Every day, millions of people wake up dreaming of a better life, of the ability to set up
09:23a new business, of a brighter future for their children, and of owning a home.
09:32As one of India's leading financial institutions, we believe that this is not only a huge opportunity,
09:38but equally a responsibility on us to enable a large number of Indian households to access
09:45finance and transform their lives.
09:50Home financing is the wind beneath the wing of aspirational home buyers, and we see this
09:58as a key responsibility of us at Bajaj Housing Finance.
10:04At Bajaj FinServ, we have long envisioned ourselves to be the financial services partner
10:10to every Indian.
10:13Our commitment goes beyond credit to innovation through the convergence of data and technology,
10:21a strong risk management framework, and to great customer experience.
10:28With this, we can ensure that the fruits of India's economic success are spread across
10:35all segments of India.
10:39Specifically at Bajaj Housing Finance, we want to ensure that our growth makes a substantive
10:45and positive contribution to meeting the aspirations of India's home buyers, the broader economic
10:52ecosystem, and the nation's economic development at large.
10:59We are overwhelmed by the response to Bajaj Housing Finance's IPO, and on behalf of all
11:06my colleagues, we would like to thank our board, our shareholders, our investors, as
11:12also our largest set of employees, for reposing their confidence in the company.
11:19We also thank the regulators, the exchanges, and our bankers for their support through
11:25this journey.
11:28Thank you so much, sir.
11:37Those words of wisdom have resonated with everyone in the room.
11:41Ladies and gentlemen, it gives immense pleasure to invite on stage the Managing Director of
11:46Bajaj Housing Finance Limited, Mr. Atul Jain.
11:50A very warm welcome, sir.
12:02On behalf of all employees and management of Bajaj Housing Finance, it's my privilege
12:07to welcome Mr. Ashish Kumar Chauhan, Shri Sanjay Bajaj, Bajaj family, our board, management
12:13of Bajaj FinSev subsidiaries, distinguished members of the media, our bankers, and above
12:19all, our new shareholders.
12:21Heartfelt thanks for gracing this occasion.
12:23It is with great joy that we gather here today to mark Bajaj Housing Finance listing
12:28on the Stock Exchange.
12:29We are both thrilled and humbled by the unprecedented response to our IPO by investors at large.
12:36We started seven years ago.
12:39In seven years, BHFL has come a long way.
12:42As a listed company now, we look forward to exciting times ahead.
12:46In these seven years, we have witnessed healthy growth with a diversified full suite of mortgage
12:51lending product, AUM of above 97,000 crore as of June 30th, and a CAGR of 31% in last
12:58four years.
12:59Our book straddles all segments of mortgage finance.
13:02Now, with listing, it expands our canvas, our opportunities for our growth, because
13:08India houses the world's largest population, while at the same time, mortgage to GDP ratio
13:13of India is lower than its global peer.
13:16Thus, there exists a very significant headroom for growth of mortgage lending, given our
13:20demographics, our rising incomes, improving affordability, and growing urbanization in
13:25country.
13:26We are also focused, as a spirit from Bajaj FinSev and Bajaj Finance, in deploying technology
13:33for better reach and for enhanced customer experience.
13:36Our proprietary tech stack and innovative product lines have been instrumental in building
13:41journeys which offer convenience to our customers.
13:45All this we have done while maintaining very stringent underwriting standards and a strong
13:50risk management framework which has enabled us to deliver one of the industry best credit
13:55performances.
13:56Now, the journey what we have traversed would not have been possible without the support
14:02and guidance of our parent, the management of Bajaj Finance Ltd and Bajaj FinSev Ltd.
14:06I would like to express our heartfelt gratitude on behalf of the entire company to Shri Sanjeev
14:11Bajaj for his visionary leadership, to Shri Rajiv Jain for his strategic guidance to the
14:15company and to the BHFL board for invaluable direction to our management and employees
14:20for their contribution to shaping the growth of the company.
14:23We remain committed to our mission of making quality housing accessible to every Indian.
14:29Indian housing market is large and quite vastly untapped.
14:34With our strong governance standards, robust risk framework, technological capabilities
14:39and innovative product, we hope to fulfill the aspirations of home buyers across segments
14:44and across geographies.
14:46This 7 years journey had been remarkable but we believe the road ahead promises to be even
14:51more exciting.
14:52We deeply appreciate the support we have received from our regulators and exchanges.
14:56Their guidance has been crucial in ensuring that we maintain our highest standards of
15:00corporate governance and regulatory compliance.
15:03To our shareholders and investors who have placed trust in our vision, I extend our heartfelt
15:08thanks.
15:09To our bankers and financial partners who have played a crucial role in our growth story,
15:14their support has enabled us to maintain a robust liquidative position and pursue our
15:18growth objectives.
15:19With this, thank you all very much for being here.
15:22Thank you so much sir, thank you.
15:30Now I would like to invite on stage the MD and CEO of NSE, Shri Archiesh Kumar Chauhan.
15:35So very, very warm welcome.
15:36Let's have a huge round of applause for him please.
15:37Shri Sanjeev Bajaj, Chairman and Managing Director, Bajaj Finsav Limited.
16:02Shri Shekhar Bajaj, Shri Neeraj Bajaj, Shri Shefali Bajaj, Shri Manish Kejriwal, other
16:12members of Bajaj family, Shri Atul Jain, MD, Bajaj Housing Finance, Shri Kaku Nakate, Bank
16:22of America, Shri Shanti Ekambaram, Kotak Mahindra Bank, Shri Vishal Kampani, JM Finance, Shri
16:31Atul Mehra, Axis Capital, Shri Sonia Dasgupta, Shri Nem Kumar, all other friends, distinguished
16:45guests, board members, employees, ladies and gentlemen, good morning and a warm welcome
16:51to all of you for the listing ceremony of Bajaj Housing Finance Limited.
16:56NSE is proud to welcome Bajaj Housing Finance in our family of listed corporates.
17:02This will be the 2,577th company to list with us and the 32nd IPO in the current financial
17:09year.
17:10NSE listed companies have a market capitalization of above 5.5 trillion US dollars, 465 lakh
17:20crore and from today Bajaj Housing Finance will be an integral part of this list.
17:28Bajaj Housing Finance offers finance to individuals as well as corporate entities established
17:33across different sectors.
17:35It is one of the most diversified NBFCs in the market, catering to more than 88 million
17:40customers across the country.
17:43India is the fourth largest capital market in the world in terms of market capitalization
17:48after US, China and Japan.
17:50The market capitalization of India has grown over 116 times in rupee terms since NSE started
18:01its operations in 1994, 30 years back.
18:04I am happy to share that recently NSE achieved a milestone of 10 crore unique registered
18:10investors having 19 crore accounts covering 7.5 crore households accounting for 20% of
18:19India's population directly investing in stock markets today.
18:23NSE registered investors cover 99.85% of all PIN codes with India while only 30 PIN codes
18:32do not have a registered investor and many of these PIN codes which do not have a registered
18:37investor are actually airports where nobody stays.
18:40The IPO of Bajaj Housing Finance with an issue size of 6,560 crores garnered an overwhelming
18:47response and was oversubscribed 67 times.
18:51It gives me an immense pleasure to share that the IPO of Bajaj Housing Finance has set a
18:55remarkable record attracting an unprecedented number of 89 lakh applicants and garnering
19:02bids worth 3.24 lakh crore.
19:05The number of applicants exceeds most country's population in the world.
19:10I congratulate the entire team of Bajaj Housing Finance, the Merchant Banker, Kotak Mahindra
19:18Capital, Bank of America Securities, Axis Capital, Goldman Sachs, SBI Capital Markets,
19:24JM, IIFL Securities, their legal advisors, Cirilla Merchant Mangaldas, PR Agency, Ad
19:31Factors and other parties associated in the IPO for their accomplishments.
19:36We at NSE are committed to facilitate fundraising opportunities for upcoming organizations to
19:42chart their growth and make capital markets more accessible.
19:46We hope that today's successful listing of Bajaj Housing Finance will inspire many more
19:51companies to look at the public markets as a promising alternative.
19:55We hope that this listing day is the start of a strong partnership between us.
20:00NSE looks forward to support Bajaj Housing Finance in their future endeavors as well.
20:06Thank you very much.
20:07Jai Hind.
20:08I request, sir, to please be on stage, ladies and gentlemen, to commemorate the significance
20:16of this event.
20:17We'll now have an exchange of memento.
20:20Now I'll request Sri Ashish Kumar Chauhan to present the special memento and request Mr.
20:24Sanjeev Bajaj to please come on stage.
20:26Let's have a huge round of applause for sir, please.
20:31May I also request Mr. Atul Jain to please join us on stage to see the memento.
20:50We will also be handing the Proud to Be badges for all the employees who could not be present.
21:02We have the Proud to Be badges from NSE to all the employees of the company who could
21:08not be present here.
21:15I now request Mr. Sanjeev Bajaj to present the company memento to Sri Ashish Kumar Chauhan,
21:20MD and CEO, NSE, and Atul sir to join, please.
21:31I request Sri Ashish Kumar Chauhan to please be on stage.
21:53I request Sri Ashish Kumar Chauhan to please be on stage.
21:58Thank you, sir.
21:59Thank you, sir.
22:01Now I invite Mr. V. Jayashankar, Managing Director from Kotak Investment Banking to
22:07please come on stage to receive memento from sir.
22:11And I also request Miss Kaku Nakate to please be on standby.
22:20And now I invite Ms. Kaku Nakate, President and Country Head from Bofor Securities India
22:34Limited to please come on stage and request Mr. Atul Mehra to please be on standby and
22:40Mr. Sandro Chatterjee to please be on standby. Thank you. Now I request Mr. Atul Mehra, MD
23:06and CEO, Access Capital Limited and the team to please come on stage and request Mr. Sandro
23:13Chatterjee to please be on standby. Mr. Shesh Verma also to please be on standby. Thank you.
23:26Now I request Mr. Sandro Chatterjee, Chairman and CEO, Goldman Sachs India Securities Private
23:31Limited to please come on stage and request Mr. Shesh Verma to please be on standby. And
23:44I request Mr. Shesh Verma, President and CEO, SBI Capital Markets Limited to please come
23:49on stage and I request Ms. Sonia Dasgupta to please be on standby. Thank you. Now I
24:04request Ms. Sonia Dasgupta, MD and CEO, J.M. Financial Investment Banking to please come
24:09on stage and I request Mr. Neem Kumar H to please be on standby. Thank you. Now I request
24:31Mr. Neem Kumar H, Managing Director IIFL Securities Limited to please come on stage and I request
24:37Representative from Cyril Amarshan Mangaltaar to please be on standby. Thank you. Now I
24:48request Representative from Cyril Amarshan Mangaltaar to please come on stage and I request
24:53the AdFactors team to please be on standby. Thank you. Now I request Mr. Rajesh Chaturvedi
25:17and Mr. Arun Ory from AdFactors Advertising and PR to please come on stage. It's a very,
25:44very special partner. I request Mr. Vijayashankar, Managing Director, Kotak Investment Banking
25:53to please come on stage and I request Ms. Kaku Nakhate to please be on standby.
26:23Thank you. I request Ms. Kaku Nakhate and the team to please come on stage and I request
26:53Thank you. I request now Mr. Atul Mehra and team to please come on stage and I request
27:23And I request Mr. Sanjoy Chatterjee to please come on stage and I request Mr. Sheshu Armar
27:41to please be on standby. If you won't welcome sir. Thank you. Now I request Mr. Sheshu Armar
27:57to please come on stage with the team and I request Ms. Sonia Dasgupta to please be
28:01on standby. Welcome sir. Now I request Ms. Sonia Dasgupta to please come on stage and
28:24I request Mr. Neem Kumar H to please be on standby. And they won't welcome you.
28:54I now request Mr. Neem Kumar H and team to please come on stage and I request representatives
29:24Thank you. Now I request Cyril Amrishan and Mangal Das team to please come on stage and
29:54I request now the ad factors team to please come on stage. Mr. Rajesh Chaturvedi to please
30:02come on stage. Everyone welcome. And the team please to come on stage. Everyone welcome
30:07to the team. I request Khaithon and co-representatives to please be on standby. I request Linklaters
30:18team to please be on standby. Thank you. Now I request Khaithon and co-team to please come
30:37on stage and I request Linklaters team and Mukund M Tritale and company team to please
30:42be on standby. Thank you. Thank you. Now I request the Linklaters team to please come
31:09on stage and I request Mukund M Tritale and company to please be on standby and Singhi
31:14and company to please quickly be on standby as we are just very near to the historic moment.
31:20The Linklaters team. May I request Mukund M Tritale and company team to please come on
31:31stage and I request Singhi and company and GD Apte and company to please be on standby.
31:38Thank you. Now I request Singhi and company to please come on stage and I request GD Apte
32:01and company and Khandelwal Jain and company to please be on standby quickly. Now I request
32:20GD Apte and company to please come on stage and I request Khandelwal Jain and company
32:25and SK Patodia and Associates LLP to please be on standby quickly. Thank you. Now I request
32:43Khandelwal Jain and company to please come on stage and I request SK Patodia and Associates
32:48LLP to please be on standby and Mr. Francis Fernandez to please be on standby. Thank you.
32:59I quickly request SK Patodia and Associates LLP to quickly come on stage and request Mr.
33:06Francis Fernandez and Mr. Sarfaraz Qureshi to please be next to the stage immediately
33:11because we're just three minutes away from the bell ringing. And I request Mr. Francis
33:25Fernandez, Senior Vice President and Head, IPOs, KFIN Technologies Limited to quickly
33:29come on stage. Very warm welcome. And I request the Print Trade Issues, India Private Limited
33:34to please be on standby. At the same time, I request the dignitaries to please be ready
33:45for the 10 a.m. historic moment. Finally I request Mr. Sarfaraz Qureshi, Director, Print
33:52Trade Issues, India Private Limited to please come on stage. With that will be the final
33:57segment of the momentous ceremony. Yes, I now request, yes, we'll be now having the
34:07bell ringing. I request Mr. Sanjeev Bajaj, Mr. Rajiv Jain, Mr. Atul Jain, Mr. Gaurav
34:12Kalani, the Board of Directors of Bajaj FinServ, Bajaj Finance and Bajaj Housing Finance Limited,
34:17Sriyashish Kumar Chauhan and the book-running lead managers to please come on stage. Yes,
34:22ladies and gentlemen, we are just a couple of minutes away from the very, very historic moment.
34:28Yes, ladies and gentlemen, let me tell you that just ten seconds before 10 a.m. we'll be having
34:34customary countdowns. I'll request everybody in the audience to give me energy and exchange energy
34:39for that very important moment. Okay, just fifty more seconds to go. And I also request everybody
34:44in the audience to please be seated at all times. Okay, everyone, forty seconds to go. All right.
34:53Together we'll have to welcome this absolutely important moment in our lives. All right,
35:04everyone, less than thirty seconds to go. Okay, just ten seconds before, yeah. Okay,
35:11twenty seconds to go, everyone. And just in next six seconds we have to do the customary countdown.
35:17All right, everybody, together let's shout. Ten, nine, eight, seven, six, five, four, three, two and one.
36:11With that, I now request the dignitaries to please proceed towards the bull. I request the dignitaries to please proceed towards the bull which is at the entrance.
36:29Hearty, hearty congratulations. I request the dignitaries to please proceed towards the bull to celebrate this occasion.
36:39I request the dignitaries to please proceed towards the bull which is at the entrance of NSC to celebrate this moment.