Bajaj Finance QIP: lender set to launch Rs 11,700 crore share sale within days, Bloomberg reports

The Bajaj Finance QIP launch could come within days, with the lender preparing a qualified institutional placement of up to Rs 11,700 crore, about $1.2 billion, Bloomberg reported on Wednesday 11 November, citing people familiar with the matter, as Business Today carried the report. Bajaj Finance is a subsidiary of promoter and holding company Bajaj Finserv, which sits inside the wider Bajaj Group.

What happened

According to Bloomberg as relayed by Business Today, Bajaj Finance has completed its investor roadshows and could open the institutional share sale within one or two days. The report said the final size and timeline remain subject to change. Lapaas Voice, which also summarised the Bloomberg story, noted that the timeline is not a confirmed launch announcement from the company.

Business Today listed Kotak Mahindra Capital, Morgan Stanley, JPMorgan Chase, IIFL Capital Services and JM Financial as the banks involved. It said JPMorgan declined to comment, while Bajaj Finance and the other banks did not immediately respond to Bloomberg’s requests for comment.

The sale is one half of a larger plan. Business Today said the board approved a fundraise of up to Rs 17,500 crore on 1 October, made up of the Rs 11,700 crore QIP and Rs 5,800 crore through warrants. The warrant part was completed on 10 November, when the company allotted 57.43 million warrants to Bajaj Finserv at Rs 1,010 each, according to an exchange filing cited by Business Today. We covered that step in our report on the Bajaj Finance warrants allotment.

Key numbers

• Up to Rs 11,700 crore, about $1.2 billion: the size of the QIP, according to Bloomberg via Business Today.
• Rs 17,500 crore: the total raise approved by the board on 1 October, split between the QIP and Rs 5,800 crore of warrants, per Business Today.
• Rs 1,010: the issue price of each warrant allotted to Bajaj Finserv on 10 November, per Business Today.
• Nearly 13%: the rise in Bajaj Finance shares over the past month, against about 12.5% for the Nifty 50, according to Business Today.
• About Rs 5.85 lakh crore: assets under management at 30 September, up 26.5% from a year earlier, per Kotak Neo.

How the Bajaj Finance fundraise compares with past raises

Kotak Neo, summarising an earlier Moneycontrol report, said a raise of this size would be the largest capital raise in Bajaj Finance’s history. It listed a Rs 10,000 crore mix of QIP and warrants in 2023 and a Rs 8,500 crore QIP in 2019 as earlier raises. The same article noted that State Bank of India’s Rs 25,000 crore QIP in July 2025 remains the largest QIP by an Indian company.

Founders in Frame tracks the family and group behind the lender, including Sanjiv Bajaj, and the wider financial services sector. Kotak Neo reported that the company’s customer franchise stood at 128.85 million and that new loans booked rose 11% to 13.45 million in the September quarter.

What the market backdrop says

Business Today put the sale against a busy year for Indian equity markets. It noted the record-breaking $3.1 billion initial public offering of Jio Platforms last month, and said Indian companies have raised about $50.25 billion in equity so far this year. NewsBytes wrote that the shares might be offered at a small discount, without giving the size of any discount or an issue price.

What happens next

If Bloomberg’s sources are right, the Bajaj Finance QIP launch will be followed within days by a floor price and an issue opening for qualified institutional buyers. Neither has been announced by the company. On the promoter side, Bajaj Finserv has 18 months from the 10 November allotment, until about May 2028, to pay the balance on the warrants and convert them into equity shares, according to our earlier report. Watch for the company’s stock exchange filing on the launch, the floor price, and the final amount raised.