Blackstone Rakes In Rs 4,000 Crore From India IPOs In 2024, Eyes Robust 2025
As of Dec. 30, Blackstone entities still hold stake worth nearly Rs 37,800 crore in the three companies—Aadhar HF, IGI and Ventive Hospitality—listed this year.
In terms of public offerings, 2024 was the most happening year for India's primary markets. The same holds true for Blackstone Advisors India Pvt., which brought three of its portfolio companies to Dalal Street this year, making close to a Rs 4,000 crore gain in the process.
The buyout firm pocketed Rs 2,000 crore via Aadhar Housing Finance Ltd.'s offer-for-sale in May 2024, and earned another Rs 2,750 crore from the share sale of International Gemmological Institute India Ltd.
While Ventive Hospitality Ltd. had no offer-for-sale component, the company's average investment in the Panchshil joint venture yielded 4% premium at the upper end of the price band, and a 16% return upon the stock's listing.
This translates to a 68% return on investment for the asset management company through the IPO route. Meanwhile, the benchmark Nifty 50 index has given an 8.75% return to investors over the calendar year.
As of Dec. 30, Blackstone entities still hold stake worth nearly Rs 37,800 crore in the three companies listed this year. It still owns a 76% controlling stake in Aadhar Housing worth Rs 14,140 crore, 77% stake in IGI worth over Rs 18,300 crore, and a 32% stake in Ventive worth Rs 5,300 crore.
While Ventive gave the firm the lowest returns among the three, Tuhin Parikh, Blackstone's head of real estate in India, said at the hospitality company's listing ceremony that he expects markets to give the IPO value over a longer term.
Blackstone's portfolio in India across private equity and real estate businesses is worth about $55 billion. The portfolio performed well in 2024 and the firm said it was is eyeing a robust 2025 as well.
Blackstone India is always looking for investment or divestment opportunities, but the firm is under no pressure to take out or put-in money, an executive had told NDTV Profit earlier.
Blackstone also said that it is now in the process of launching its third Asia fund called BCP Asia III, likely in 2025.
