Home First Finance

Home First Finance Company India Limited is an Indian housing finance company in the affordable housing segment based in Mumbai and founded in 2010. It provides home loans, loan against property and home construction loans.[3][4] Its equity shares are listed on Bombay Stock Exchange and National Stock Exchange.[5]

Home First Finance
TypePublic
ISININE481N01025
IndustryFinancial services
Founded2010
Founders
Headquarters
Mumbai, Maharashtra
,
India
Area served
India
Key people
Manoj Viswanathan (Managing Director & CEO)[1]
Products
RevenueIncrease ₹595 crore (FY 2021–22)
Increase ₹441 crore (FY 2021–22)
Increase ₹186 crore (FY 2021–22)
Total assetsIncrease ₹5,116 crore (FY 2021–22)[2]
Number of employees
905 (2022)[1]
Websitehomefirstindia.com

History

Home First Finance was founded in 2010 by former chairman and co-founder of Mphasis, Jerry Rao; former CEO and MD of Bank of Baroda, PS Jayakumar; and Manoj Viswanathan, who previously worked with Citigroup India.[6][7] It commenced operations in August 2010 after registering with the National Housing Bank, the regulatory and licensing body for housing finance companies in India.[8] In 2011, Bessemer Venture Partners bought a minority stake in the company for an undisclosed sum.[9]

In 2013, Tata Capital Growth Fund picked up a minority stake in the company.[10] Home First Finance turned profitable in 2014.[11]

In February 2017, private equity firm True North acquired a majority stake in Home First Finance for over ₹600 crore. A co-investor in this round, Aether (Mauritius) Limited, an affiliate of the Singaporean sovereign wealth fund GIC, also became part of the company's promoter group with True North.[10][12]

In October 2020, Warburg Pincus acquired a 25% stake in Home First Finance for ₹700 crore.[13] In January 2021, Warburg Pincus increased its stake to 30.62% ahead of Home First Finance's initial public offering.[14]

In January 2021, Home First Finance launched its initial public offering (IPO) of ₹1,154 crore;[15] the IPO was subscribed over 26 times. Equity shares of the company began trading on Bombay Stock Exchange and National Stock Exchange on 3 February 2021.[5]

In December 2021, Union Bank of India (UBI) and Home First Finance Company India Ltd (HomeFirst) enter into a strategic co-lending partnership [16]

Operations

Home First Finance primarily functions in the affordable housing segment, providing home loans to low and middle-income individuals.[17][18] As of June 2022, 90% of its gross loan assets are from home loans,[19] and 9% from the loan against property vertical. The company operates in 13 states and 1 union territory through 93 branches.[19] As of March 2022, 63.3% of its loan assets are from the states of Gujarat, Maharashtra and Tamil Nadu.[20][3]

References
  1. "Home First Finance: A CredITable trailblazer – the FIRST among equals" (PDF). Motilal Oswal. Retrieved 28 September 2022.
  2. "Financial Results Q4 FY 22" (PDF). Home First Finance. Retrieved 27 September 2022.
  3. "Home First Finance Company India Ltd" (PDF). Edelweiss Research. Retrieved 27 September 2022.
  4. "Home First Finance" (PDF). ICICIdirect. Retrieved 27 September 2022.
  5. "Home First Finance debuts at 19% premium over issue price". The Economic Times. Retrieved 27 September 2022.
  6. Nandy, Madhurima (1 February 2013). "Jaithirth Rao | The late homebody". mint. Retrieved 27 September 2022.
  7. "Warburg 'looking to exit' from Home First Finance". Business Line. The Hindu. Retrieved 28 September 2022.
  8. "National Housing Bank - Annual Report 2010-2011" (PDF). nhb.org.in. Retrieved 27 September 2022.
  9. Nandy, Madhurima; Unnikrishnan, Dinesh (9 June 2011). "US-based Bessemer buys stake in affordable housing finance start-up". mint. Retrieved 27 September 2022.
  10. "True North to invest $100 mn in Home First Finance". VCCircle. Retrieved 27 September 2022.
  11. Sinha, Shilpy. "Home First Finance Company is looking to sell 30% stake for Rs 250 crore to fund operations". The Economic Times. Retrieved 27 September 2022.
  12. Kumar, Arun. "Private equity firm True North looks to buy major stake in Home First Finance Company for Rs 600 crore". The Economic Times. Retrieved 27 September 2022.
  13. "Warburg Pincus invests Rs 700 cr to acquire stake in Home First Finance". Business Standard. 2 October 2020. Retrieved 27 September 2022.
  14. "Warburg Pincus ups stake in Home First Finance ahead of Rs 1,000-cr IPO". Financial Express. Retrieved 27 September 2022.
  15. "Home First Finance Company IPO subscribed 27 times, QIB portion booked 52 times on final day". Moneycontrol. Retrieved 27 September 2022.
  16. "Union Bank partners with Home First Finance to offer home loans: Check benefits". 17 December 2021.
  17. "Home First Finance Company India Ltd" (PDF). HDFC Securities. Retrieved 27 September 2022.
  18. "Central Bank of India signs co-lending partnership with HFFC". Business Standard India. 7 September 2022. Retrieved 27 September 2022.
  19. "Investor Presentation – Q1 FY23" (PDF). Home First Finance. Retrieved 27 September 2022.
  20. "Home First Finance Company" (PDF). Yes Securities. BloombergQuint. Retrieved 27 September 2022.
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