Mumbai, Jan. 25 -- Aadhar Housing Finance Ltd, owned by private equity firm Blackstone, on Monday filed draft papers for a Rs 7,300 crore initial public offering (IPO), the biggest in India's primary market since the pandemic early last year.

The company will issue fresh shares worth Rs 1,500 crore through the IPO, while Blackstone will sell existing shares worth Rs 5,800 crore, Aadhar's draft red herring prospectus showed. Proceeds from the sale of new shares will be used to increase the Tier I capital base to meet its future capital requirements. As of 30 September 2020, Aadhar Housing's CRAR - Tier I capital was 45.87%.

At the end of the September quarter, Blackstone-backed BCP Topco held 98.72% stake in Aadhar. In June 2019, Blackst...