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  5. Northern Arc Capital IPO Day 2: Issue subscribed 5 times so far, check key dates and other key details

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Northern Arc Capital IPO Day 2: Issue subscribed 5 times so far, check key dates and other key details

Upstox
By Upstox News Desk

2 min read | Updated on September 17, 2024, 12:12 IST

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SUMMARY

Northern Arc Capital IPO consists of a fresh issuance of shares valued at ₹500 crore and an Offer For Sale (OFS) component of up to 1,05,32,320 equity shares worth ₹277 crore by investor shareholders.

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Registered with the RBI as a systemically important, Northern Arc Capital is a non-deposit-taking non-banking finance company (NBFC).

Northern Arc Capital IPO has received a good response from investors, with the initial public offering being subscribed 5.01 times so far on Tuesday, the second day of bidding.

The initial share sale received bids for 10,75,31,241 shares against 2,14,78,290 shares on offer. The non-institutional investors (NIIs) quota attracted 8.77 times the subscription, while the portion for retail investors got subscribed 6.37 times. The qualified institutional buyers (QIBs) part fetched a 2% subscription.

Before the IPO, the company collected ₹229 crore in the anchor round from investors, including SBI Life Insurance Company, SBI General Insurance Company, Kotak Mahindra Life Insurance Company, Reliance General Insurance Company, Societe Generale, Quant Mutual Fund and Goldman Sachs (Singapore) Pte.

To apply for Northern Arc Capital IPO, CLICK HERE.

The ₹777 crore IPO, which opened for subscription on September 16, will conclude on September 19. The price range has been fixed at ₹249-₹263 per share.

The IPO consists of a fresh issuance of shares valued at ₹500 crore and an offer for sale (OFS) component of up to 1,05,32,320 equity shares worth ₹277 crore by investor shareholders.

Under the OFS, Leapfrog Financial Inclusion India (II) Ltd, Eight Roads Investments Mauritius II Ltd, Accion Africa-Asia Investment Company, Sumitomo Mitsui Banking Corporation, Dvara Trust and 360 ONE Special Opportunities Fund will offload their stake.

Also Read: Softbank-backed Swiggy to file IPO draft papers this week to raise $1 billion: Report

The money raised will be used to meet the company's future capital requirements towards onward lending.

Northern Arc Capital IPO: Key dates

  • Bidding dates: September 16 to September 19
  • Allotment finalisation: September 20
  • Refund initiation: September 23
  • Demat transfer: September 23
  • Listing: September 24
In Pics: 6 key things to know about Northern Arc Capital IPO

About Northern Arc Capital

Registered with the Reserve Bank of India (RBI) as a systemically important, Northern Arc Capital is a non-deposit-taking non-banking finance company (NBFC). The company has been operating in the financial inclusion space for over a decade.

It provides access to credit to under-served households and businesses directly and indirectly through Originator Partners.

ICICI Securities, Citigroup Global Markets India and Axis Capital are the book-running lead managers to the issue.

To learn more about IPO listings, schedules, and upcoming IPOs, click here.
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