Non-banking financial company (NBFC) major Bajaj Finance is reportedly gearing up to launch a substantial Qualified Institutional Placement (QIP) worth up to Rs 11,700 crore. Sources indicate the institutional share sale could commence as early as this week, following the completion of investor roadshows.
This proposed transaction marks one of the largest equity fundraising efforts by an Indian company, coming after Jio Platforms' notable $3.1 billion initial public offering. The final size and exact launch timeline for Bajaj Finance's QIP remain subject to ongoing deliberations.
Details of the Fundraising Plan
The company's board had previously approved a broader fundraising plan totaling Rs 17,500 crore on October 1. This comprehensive proposal included:
- Raising Rs 11,700 crore through the Qualified Institutional Placement (QIP).
- Mobilising an additional Rs 5,800 crore through warrants.
As part of this exercise, Bajaj Finance allocated 57.43 million warrants to its promoter and holding company, Bajaj Finserv, on November 10. These warrants were priced at Rs 1,010 apiece, successfully raising approximately Rs 5,800 crore, as confirmed by an exchange filing.
Managing the QIP
The proposed QIP transaction is being managed by a consortium of prominent financial institutions:
- Kotak Mahindra Capital
- Morgan Stanley
- JPMorgan Chase
- IIFL Capital Services
- JM Financial
JPMorgan Chase declined to comment on the development, while representatives from Bajaj Finance and other investment banks did not immediately respond to requests for comment.
India's Active Equity Market
India continues to be a highly active market for equity capital mobilisation. This year alone, Indian companies have collectively raised around $50.25 billion through various equity offerings. This figure is nearing the $58.78 billion raised during the entirety of the previous year, highlighting robust investor confidence.
Other significant transactions in 2026 include:
- Jio Platforms' $3.1 billion IPO.
- The $2.4 billion listing of the National Stock Exchange of India.
- Life Insurance Corporation of India's $3.3 billion share sale.
Bajaj Finance shares have seen a positive trend recently, gaining nearly 13% over the past month, closely aligning with the broader market's upward momentum.