Non-banking finance company Northern Arc Capital shares posted nearly 23% gain at close on September 24, the listing day. This, despite the benchmark indices having settled the session on a flat note.
The stock opened 33 percent higher at Rs 350 (which was also its day's high) on the National Stock Exchange, and maintained Rs 300 mark throughout session. It touched an intraday low of Rs 308.20, before concluding the session at Rs 323.4, up 22.97 percent over the issue price of Rs 263.
On the BSE, it rallied 23.04 percent to settle at Rs 323.60, and recorded market capitalisation of Rs 5,222.24 crore.
Northern Arc traded with volume of 3.49 crore equity shares on the NSE, and 34.12 lakh shares on the BSE.
The Chennai-based firm has mobilised Rs 777 crore through its IPO, which consisted of fresh issuance of shares worth Rs 500 crore and an offer-for-sale of 1.05 crore shares worth Rs 277 crore. The price band for the offer was Rs 249-263 per share.
The maiden public issue was subscribed 110.91 times during September 16-19.
Northern Arc Capital offers retail loans to underserved households and businesses will utilise the net fresh issue proceeds for its future capital requirements toward onward lending.
Since 2009, the company has facilitated financing of over Rs 1.73 lakh crore till March 2024 to over 101.82 million people across India. According to the CRISIL, it is one of the leading players amongst diversified NBFCs in terms of assets under management (AUM).
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