Northern ARC Capital's IPO receives over 74 times subscription

19 Sep 2024 , 03:29 PM

Following a significant demand in three days of bidding, Northern Arc Capital’s initial public offering (IPO) was subscribed to 74.23 times on the final day, generating substantial demand from non-institutional investors.

As of 3:25 p.m., non-institutional investors had subscribed to the issue 131.35 times, the retail investors portion had been subscribed 28.8 times. Meanwhile, Qualified Institutional Buyers (QIBs) had subscribed to the issue by 118.8 times.

The issue will be open for investors to bid until September 19. The company has secured Rs 228 crore from anchor investors ahead of the issue’s launch.

The public offering includes of an offer for sale totalling up to Rs 277 crore and a fresh issue of up to Rs 500 crore.

The company has set a price band of Rs 249-263 per share, with buyers able to bid for 57 shares in one lot.

The company intends to use the net proceeds to fund future capital requirements for onwards lending.

Northern Arc is a broad financial services platform founded primarily to meet the different retail credit needs of India’s underserved households and enterprises.

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