Northern Arc Capital IPO Closes Today

19 Sep 2024 , 12:56 PM

Northern Arc Capital Ltd’s IPO closes on Thursday, September 19, with a price band of ₹249 to ₹263 per share. IPO size is ₹777 Crore, consisting of a fresh issue of ₹500 Crore and an Offer For Sale (OFS) of ₹277 Crore.

As of 12:43 pm on the final day, the IPO received a strong response, with 32.55 times th Non-institutional investors subscribed 88.61 times, retail individual investors (RIIs) 24.55 times, and Qualified Institutional Buyers (QIB) subscribed 6.43%.

IPO opened on September 16, with share allotment likely to be finalized on September 20, and listing on BSE and NSE on September 24.

Anchor investors, including SBI General Insurance, Kotak Mahindra Life, and Goldman Sachs, invested ₹229 Crore prior to the IPO.

Northern Arc Capital allotted 87.02 lakh shares to 15 anchor investors at ₹263 per share, the upper limit of the price band. The company is a diversified non-banking financial company (NBFC) with over a decade of experience, focusing on financial inclusion.

Proceeds from the fresh issue will be used to meet capital needs for onward lending. ICICI Securities, Axis Capital, and Citigroup Global Markets India are the lead managers for the IPO.