Northern Arc Capital IPO Subscription Details On Day 2

17 Sep 2024 , 12:14 PM

Northern Arc Capital’s Initial Public Offering (IPO) saw full subscription on the first day, led by non-institutional investors and followed by retail investors.

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

The price band for the IPO is set between ₹249 to ₹263 per share, with a minimum bid lot of 57 equity shares.

The IPO has allocated up to 50% of the shares for qualified institutional buyers (QIB), 15% for non-institutional investors (NII), and 35% for retail investors. Employees will receive a ₹24 discount per share, with 590,874 equity shares reserved for them.

Northern Arc Capital focuses on providing retail credit to underprivileged households and businesses in India. Since its inception in 2009, the company has financed over ₹1.73 trillion, impacting 101.82 million individuals by March 2024.

On the second day, the IPO was subscribed 5.19 times, the retail investor portion was subscribed 6.60 times, non-institutional investor quota 9.08 times, and QIBs 2%. The employee section was subscribed 1.45 times.