Northern Arc Capital IPO subscribed 7.68 times on Day 2

17 Sep 2024 , 03:03 PM

The Northern Arc Capital IPO has gotten a positive reaction from investors, with the initial public offering being subscribed 7.68 times on Tuesday, the second day of bidding.

The initial share sale attracted bids for 16,50,49,884 shares, with 2,14,78,290 shares on offer. The non-institutional investors (NIIs) quota received 15.14 times their subscriptions whereas the retail investor quota was subscribed 9.05 times. The qualified institutional buyers (QIBs) segment attracted a 7% subscription.

Before the IPO, the business raised ₹229 crore from investors such as SBI Life Insurance business, SBI General Insurance Company, Kotak Mahindra Life Insurance Company, Reliance General Insurance Company, Societe Generale, Quant Mutual Fund, and Goldman Sachs (Singapore) Pte.

The ₹777 crore IPO, which opened for subscription on September 16, will close on September 19. The price range is ₹249-263 per share.

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

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