1 day Ago By Divya Prata
Northern Arc Capital Ltd.'s initial public offering was subscribed 20.18 times on Wednesday.
It was subscribed 9.99 times on the second day on Tuesday and 2.87 times on the first day.
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 87.02 lakh shares at Rs 263 per share to 15 anchor investors , raising Rs 228.9 crore.
The IPO will conclude on Thursday, and the company 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 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. The Chennai-based company operates a diverse business model across offers, sectors, products, locations, and borrower categories.
It serves underserved households and companies with direct and indirect credit access via originator partners. The IPO has been subscribed 23.39 times on 10:27 a.
m. on Thursday. Qualified institutional buyers: 0.
38 times or 38%. Non-institutional investors: 62.10 times.
Retail investors: 20.64 times. Reserved for employees: 4.
72 times. The grey market premium of Northern Arc was Rs 160 as of 9:54 a.m.
, implying a 60.84% gain over the IPO price, according to Chittorgarh's unit Investorgain. The estimated listing price based on the GMP is Rs 423 per share.
GMP is not an official price quote for the stock and is based on speculation. 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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