Northern Arc Capital shares made a robust stock market debut on September 24, listing at Rs 351, with a premium of 33.5 percent over the IPO price of Rs 263 per share on the BSE.
The listing gains, however, miss grey market estimates where shares were trading at a premium of nearly 50 percent. The grey market is an unofficial ecosystem where shares start trading much before the offer opens for subscription and continue to trade till the listing day.
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Northern Arc Capital's Rs 777-crore public offer is a mix of a fresh issue of equity shares valued at Rs 500 crore and an offer for sale (OFS) of up to 1,05,32,320 equity shares worth Rs 277 crore, at the upper end of the price band, by investor shareholders.
Over three days, the IPO received massive investor interest after the issue was subscribed 110.71 times. The quota for qualified institutional buyers (QIBs) was subscribed 240.79 times, while non-institutional investors subscribed to the offer 142.28 times. The category for retail individual investors (RIIs) fetched 30.74 times the subscription.
Registered with the Reserve Bank of India (RBI) as a systemically important entity, Northern Arc is a non-deposit-taking NBFC that has been active in the financial inclusion space for over a decade.
As one of the country's leading diversified NBFCs, Northern Arc operates with a broad business model spanning multiple offerings, sectors, products, geographies, and borrower segments. It facilitates access to credit for underserved households and businesses, both directly and through partnerships with originators.
Earlier, the initial share collected Rs 229 crore from anchor investors.
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