Northern Arc Capital Ltd.'s initial public offering has been subscribed 110.9 times on Thursday, led by demand from non-institutional investors. It was subscribed 20.18 times till the third day on Wednesday.
The company is aiming to raise up to Rs 776 crore from the offering, which includes a fresh issue of equity shares worth Rs 500 crore and an offer for sale of Rs 275 crore. The non-banking financial company has set a price band of Rs 249–263 per share for its four-day IPO.
The minimum application lot size is 57 shares. Ahead of the IPO, Northern Arc Capital allotted 87 lakh shares at Rs 263 per share to 15 anchor investors, raising Rs 228.9 crore.
The IPO will conclude on Thursday, and NACL is set to be listed on the BSE and the National Stock Exchange. Proceeds from the fresh issue will be used to support the company's future capital requirements for lending.
Issue Details
Issue opens: Sept. 16.
Issue closes: Sept. 19.
Issue price: Rs 249 to Rs 263 per share.
Fresh issue: Rs 500 crore.
Offer for sale: Rs 276 crore.
Bid lot: 57 shares.
Listing: BSE and NSE.
Business
The Chennai-based company operates a diverse business model across offers, sectors, products, locations, and borrower categories. NACL serves underserved households and companies with direct and indirect credit access via originator partners.
Subscription Status: Day 4
The IPO has been subscribed 110.91 times as of 7:00 p.m. on Thursday.
Qualified institutional buyers: 240.79 times.
Non-institutional investors: 142.41 times.
Retail investors: 31.08 times.
Reserved for employees: 7.33 times.
Northern Arc Capital IPO GMP Today
The grey market premium of Northern Arc was Rs 130 as of 01:23 p.m., implying a 49.43% gain over the IPO price, according to Chittorgarh's unit Investorgain. The estimated listing price based on the GMP is Rs 393 per share.
GMP is not an official price quote for the stock and is based on speculation.
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Disclaimer: Investments in initial public offerings are subject to market risks. Please consult with financial advisors and read red herring prospectus thoroughly before placing bids.
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