Northern Arc Capital lists at a 33% above the issue price

24 Sep 2024 , 09:50 AM

Diversified NBFC firm, Northern Arc Capital lists on D-Street at a 33% premium.

The shares get listed at ₹350, 33.88% premium from the issue price of ₹263 on NSE and at ₹351 on BSE, at 33.46% premium.

Chennai-based NBFC has opened its IPO for subscription from September 16-19 and has been subscribed 110.71 times. The company raised ₹777 crore including a fresh issue of ₹500 crore. It will use the net proceeds from the IPO towards onward lending.

The company operates a diversified financial services platform designed to meet the diverse retail credit needs of under-served households and businesses across India. With a broad base of lenders, including banks, offshore financial institutions, and NBFCs, along with a variety of investors, the company enjoys a solid foundation for enhanced funding.