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BL Research Bureau Investors can avoid the initial public offer of Home First Finance opening today. The company is an affordable housing financier that has been in business for more than a decade now. While there’s huge untapped potential in the affordable housing market, we feel that the intense competition in the space poses risks to scalability of its loan book and sustainability of the quality of its credit profile, from hereon. Investors can hence wait and watch out the company’s performance over the next few quarters before they enter the stock. Through the IPO, its promoters and private equity firms (True North Fund, Aether (Mauritius), and Bessemer India Holdings), are looking to collectively divest 21 per cent stake in the company. The offer also comprises a fresh issue worth Rs 265 crore. ....