Bajaj Finance Ltd. is set to launch a share sale to raise as much as ₹11,700 crore (~$1.2 billion) from institutional investors as soon as this week in Mumbai, in what would be the first major Indian equity offering since Jio Platforms Ltd.’s record $3.1 billion initial public offering last month.
The Bajaj Group lending firm has completed investor roadshows and could launch the so-called qualified institutions placement in the next day or two, the people familiar with the matter said, asking not to be identified as the information is private. Bajaj Finance is working with Kotak Mahindra Capital Co. Ltd., Morgan Stanley, JPMorgan Chase & Co., IIFL Capital Services Ltd. and JM Financial Ltd. on the transaction, the people said.
Deliberations are ongoing and details including the size and timing of the offering could still change, the people said.
A representative for JPMorgan declined to comment. Representatives for Bajaj Finance and the other banks didn’t immediately respond to requests for comment.
On 1 October, the Bajaj Finance board approved plans to raise as much as ₹17,500 crore from a ₹11,700-crore QIP and ₹5,800 crore from warrants. On 10 November, Bajaj Finance raised about ₹5,800 by allotting 57.43 million warrants to its promoter and holding company, Bajaj Finserv Ltd., at ₹1,010 apiece, according to an exchange filing.