Bajaj Finance Ltd. is preparing to launch a qualified institutional placement (QIP) to raise up to ₹11,700 crore (approximately $1.2 billion) from institutional investors in Mumbai, potentially as soon as this week. This offering marks the first major Indian equity fundraising effort following Jio Platforms Ltd.'s record-breaking $3.1 billion initial public offering last month. The company has completed investor roadshows and is currently finalizing details regarding the size and timing of the offering, which could still change according to sources familiar with the matter.

The Bajaj Group lending firm is collaborating with several financial institutions, including Kotak Mahindra Capital Co. Ltd., Morgan Stanley, JPMorgan Chase & Co., IIFL Capital Services Ltd., and JM Financial Ltd. on this transaction. On October 1, the board of Bajaj Finance approved plans to raise a total of up to ₹17,500 crore, which includes the ₹11,700 crore from the QIP and an additional ₹5,800 crore from warrants. On November 10, the company successfully raised about ₹5,800 crore by allotting 57.43 million warrants to its promoter and holding company, Bajaj Finserv Ltd., at a price of ₹1,010 each.S1

India has emerged as one of the busiest markets globally for equity fundraising this year, with companies raising approximately $50.25 billion from equity offerings thus far, compared to $58.78 billion for the entirety of last year. Notable transactions this year include Jio Platforms’ $3.1 billion IPO, the National Stock Exchange of India Ltd.’s $2.4 billion listing, and a $3.3 billion share sale by Life Insurance Corp. of India. Amidst this backdrop, Bajaj Finance shares have seen a nearly 13% increase over the past month, closely mirroring the 12.5% rise in the benchmark Nifty 50 Index.S1