Aavas Financiers made a tepid market debut on Monday, listing at Rs 758 on the BSE against its issue price of Rs 821.

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At 10.18, the stock traded at Rs 739.40 on the BSE, 2.45 percent down from its opening price and nearly 10 percent lower from its issue price. The benchmark BSE Sensex traded lower by 36 points, at 34,340.62.

On the NSE, the stock traded at Rs 740.60, after opening at Rs 750. It touched an intra-day low of Rs 710.05. The NSE Nifty50 traded lower by 22.60 points, or 0.22 percent, at 10,293.85.

The housing finance company's Rs 1,734 crore initial public offering (IPO) which opened on September 25-27 was subscribed 97 percent at a price band of Rs 818 to Rs 821 per share.

The IPO comprised of a fresh issue of up to Rs 400 crore and an offer for sale of up to 1,62,49,359 shares, including anchor portion of 63,36,439 shares. ICICI Securities Ltd., Citigroup Global Markets India Private Ltd., Edelweiss Financial Services Ltd. and Spark Capital Advisors (India) Pvt Ltd were the book running lead managers.

Aavas started operations in March 2012 as retail affordable housing financier company. The company lends to the low-ticket, high yield segment and targets low-income rural and semi-urban self-employed customers.

Aavas operates from a network of 165 branches covering over 95 districts spread across eight states (Rajasthan, Gujarat, Maharashtra, MP, Haryana, Delhi, UP and Chhattisgarh), of which 46 percent loan book is from Rajasthan.

Aavas has a loan book of Rs 43,59 crore as on June 2018 having average ticket size of nearly Rs 8.5 lakhs.

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