Northern Arc Capital IPO, aimed at raising ₹777 crore, includes a fresh issue of 1.9 crore shares, aggregating to ₹500 crores and an offer for sale of 1.05 crore shares, aggregating to ₹277 crores.
Northern Arc IPO Subscription Status
The Northern Arc IPO opened for subscription on September 16 and is set to close today, September 19. As of 10:21 am today, the IPO has been subscribed 22.50 times. The retail investor portion saw a subscription of 20.34 times, while the non-institutional investors (NII) portion was oversubscribed by 58.60 times. The Qualified Institutional Buyers (QIBs) portion was subscribed 0.33 times.
Northern Arc IPO GMP
The Northern Arc IPO currently stands at ₹160. With the price band of ₹263, the stock is expected to list at ₹423, indicating around 61% premium on listing. However, it’s important to note that while IPO GMPs can provide some insight into market sentiment towards an IPO, they are not always a reliable predictor of the stock’s performance upon listing.
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Northern Arc IPO Details
The Northern Arc IPO price band is set at ₹249 to ₹263 per share, with a minimum lot size of 57 shares. The minimum investment required by retail investors is ₹14,991. Shares of the company are tentatively scheduled to be listed on both the BSE and NSE, on Tuesday, September 24.
The company intends to use the net proceeds from the offering for onward lending, to meet future capital requirements. Prior to its IPO launch, the company successfully secured ₹228.86 crores from anchor investors, including Quant Mutual Fund, Abakkus Diversified Alpha Fund, Kotak Mahindra Life Insurance, Goldman Sachs, Anchorage Capital Fund, Volrado Venture Partners Fund, and SBI Life Insurance Company.
About Northern Arc Capital
Established in 2009, Northern Arc Capital offers retail loans to underserved households and businesses in India. The company has expertise in lending across various sectors, including MSME finance, microfinance (MFI), consumer finance, vehicle finance, affordable housing finance, and agriculture finance. As of March 31, 2024, the company has facilitated over Rs. 1.73 trillion worth of financing, reaching out to over 101.82 million people across India.
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