Home First Finance Company, a key player in affordable housing finance, secured SEBI approval in early March 2020 to launch a ₹1,500 crore IPO amid a challenging market backdrop. This milestone came shortly after filing its Draft Red Herring Prospectus (DRHP) in November 2019.​

Event Timeline

The approval was announced on March 3, 2020, following SEBI’s review process. Home First had filed its DRHP on November 28, 2019, setting the stage for this public offering. The IPO structure included a fresh issue of up to ₹400 crore and an offer for sale (OFS) of up to ₹1,100 crore by existing shareholders.​

Company Background

Founded in 2010 by P.S. Jayakumar, former MD and CEO of Bank of Baroda, and Jaithirth Rao, ex-chairman of Mphasis, Home First focuses on housing loans for low- and middle-income groups. By March 2019, its gross loan assets exceeded ₹2,443.5 crore, reflecting steady growth in the affordable housing segment. Major stakeholders included True North Capital (80% stake) and Bessemer Venture Partners (10%).​

IPO Objectives and Structure

Proceeds from the fresh issue aimed to strengthen the capital base for future business expansion and asset growth. A potential pre-IPO placement of up to ₹160 crore was considered, which would reduce the fresh issue size if executed. Equity shares were slated for listing on NSE and BSE, with book-running lead managers including Axis Capital, Credit Suisse, ICICI Securities, and Kotak Mahindra Capital.​

Market Context

This SEBI nod arrived in March 2020, just as COVID-19 disruptions began impacting India’s financial markets and housing sector. Despite the timing, it highlighted investor confidence in housing finance firms targeting underserved segments. The event underscored Home First’s strategic positioning ahead of its eventual listing in early 2021.​

  Home First Finance Company, Home First IPO