Unbelievable Frenzy: Northern Arc Capital IPO Skyrockets with 111x Subscription | Capital Market News
Northern Arc Capital’s IPO Sees Overwhelming Response, Subscribed 110.91 Times
Last Updated: Sep 20, 2024 | 6:04 PM IST
Northern Arc Capital’s initial public offering (IPO) garnered robust interest from investors, receiving bids for approximately 238.22 crore shares against the 2.14 crore shares available. This translates to the issue being subscribed 110.91 times. The IPO was active from September 16 to September 19, 2024, with a price band set between Rs 249 to Rs 263 per share.
Breaking down the subscription details, the Qualified Institutional Buyers (QIBs) category was subscribed 240.79 times, Non Institutional Investors (NIIs) category 142.41 times, and Retail Individual Investors (RIIs) category 31.08 times.
The IPO aimed to raise Rs 500 crore through a fresh issue of shares, priced at Rs 249 per share for 1.90 crore equity shares at the lower band, and Rs 263 per share for 2.01 crore equity shares at the upper band. Additionally, the offer included a sale of 1.05 crore shares fetching between Rs 262.55 crore and Rs 277 crore from investors such as Leap Frog Financial Inclusion India, Accion Africa-Asia Investment Company, among others.
Proceeds from the fresh issue will bolster Northern Arc Capital’s capital base to meet future requirements. The IPO is also anticipated to enhance the company’s brand image and create a public market for its equity shares in India.
Prior to the public issue, Northern Arc Capital raised Rs 228.86 crore from anchor investors on September 13, 2024, allotting 87.02 lakh shares at Rs 263 each to 15 anchor investors.
Northern Arc Capital, a diversified financial services platform, caters to the credit needs of underserved households and businesses across India. Over the past 15 years, it has financed over Rs 1.73 lakh crore, impacting 10.18 crore lives nationwide. For the fiscal year ending March 31, 2024, the company reported a consolidated net profit of Rs 308.33 crore and income from operations of Rs 1,712.11 crore.
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First Published: Sep 20, 2024 | 5:53 PM IST
Original Story https://www.business-standard.com/markets/capital-market-news/northern-arc-capital-ipo-ends-with-nearly-111x-subscription-124092000960_1.html
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