Northern Arc Capital IPO Subscription Details on Day 3

18 Sep 2024 , 02:37 PM

The IPO of Northern Arc Capital Ltd, a retail loans provider, has seen robust investor demand and is heavily oversubscribed. The bidding period for the Northern Arc Capital IPO will close on September 19.

At the time of writing on the  the IPO is subscribed 17.11 times. Subscription details reveal that the retail portion is subscribed 16.74 times, the Qualified Institutional Buyers (QIB) segment 0.22 times, and the Non-Institutional Investors (NII) category 41.62 times.

The IPO opened on September 16 and is set to close on September 19, with allotments expected to be finalized on September 20. The listing is scheduled for September 24 on both BSE and NSE.

The price band for the IPO is set between ₹249 to ₹263 per share. At the upper end of this range, the company aims to raise ₹777 Crore through a fresh issue of 1.9 Crore shares worth ₹500 Crore and an offer for sale (OFS) of 1.05 Crore shares worth ₹277 Crore.

Proceeds will be used to meet future capital requirements for onward lending. ICICI Securities, Axis Bank, and Citigroup Global Markets India are the lead managers, with Kfin Technologies serving as the registrar for the IPO.