The ₹6,560 crore initial public offering (IPO) of Bajaj Housing Finance (BHFL) broke all records after it received bids worth ₹3.24 lakh crore with institutional investors leading the queue.

On the final day of subscription, the share float received bids for 46,28,35,82,522 shares against 72,75,75,756 shares on offer, according to BSE data. Thus, the issue was subscribed 63.61 times.

At the higher end of the price band of ₹70 per share, the bids were worth ₹3.24 trillion — a new record.

Previously this record belonged to Tata Technologies, whose IPO in 2023 saw bids of more than ₹1.5 lakh crore.

A dissection of the investor data showed Qualified Institutional Buyers (QIBs) making a beeline for the BHFL IPO with the portion meant for this category witnessing a staggering 209.36 times subscription.

The portion meant for non-institutional investors received 41.51 times subscription. The category for Retail Individual Investors (RIIs) obtained 7.04 times subscription.

The price band for the offer was ₹66-70 per share. The IPO has a fresh issue of equity shares of up to ₹3,560 crore and an offer-for-sale of equity shares to the tune of ₹3,000 crore by parent Bajaj Finance.

Shares of BHFL are expected to list with a strong premium to the IPO price.

At present, the grey market premium is running at ₹65 according to IPO Watch. This indicates a premium of nearly 93 per cent to the higher end of the price band.

The IPO of the company got fully subscribed within hours of opening for bidding on Monday.

There is speculation that after being listed, the company could have a market cap of over ₹1 trillion thereby becoming the most valued housing finance company (HFC) and upper layer HFC in the domestic stock market.

Last Friday, the company had said it has garnered ₹1,758 crore from anchor investors.