The much-anticipated IPO of Northern Arc Capital Ltd, a non-banking financial institution, is set to close on Thursday, September 19. The ₹777 crore IPO, which opened for public subscription on September 16, has garnered strong interest, receiving 21.31 times subscription by the end of day three. Investors placed bids for over 43.27 crore shares against the 2.03 crore shares on offer.
Northern Arc Capital IPO: Key Dates
- IPO Opening Date: September 16, 2024
- IPO Closing Date: September 19, 2024
- Share Allotment: Expected on September 20, 2024
- Listing Date: Expected on September 24, 2024 (BSE and NSE)
Northern Arc Capital IPO: Price Band
The price band for this much-awaited IPO has been set between ₹249 and ₹263 per share.
Northern Arc Capital IPO: GMP Today
According to market observers, unlisted shares of Northern Arc Capital Ltd are trading at a premium of ₹190 in the grey market, signaling an anticipated listing gain of 72.24%. The grey market premium (GMP) reflects investor confidence, although it can fluctuate based on market sentiment.
Northern Arc Capital IPO: Analysts’ Recommendations
Most brokerage firms have issued a ‘subscribe’ recommendation for the Northern Arc Capital IPO. As of March 31, 2024, Northern Arc Capital has partnered with 328 originators, 50 retail lenders, and 1,158 investor partners.
The company’s multi-channel offerings include lending, placements, and fund management, all backed by proprietary technology and a robust data repository with over 35.17 million data points.
Northern Arc Capital IPO: Offer for Sale (OFS)
The OFS participants include Leapfrog Financial Inclusion India (II) Ltd, Accion Africa-Asia Investment Company, Eight Roads Investments Mauritius II Ltd, Sumitomo Mitsui Banking Corporation, 360 ONE Special Opportunities Fund, and Dvara Trust. Proceeds from the fresh issue will be used for the company’s future capital requirements, particularly towards onward lending.
Northern Arc Capital IPO: Lot Size
Investors can bid for a minimum lot size of 57 equity shares and in multiples thereafter.
Company Overview
Northern Arc Capital is registered with the RBI as a systemically important non-deposit taking non-banking finance company (NBFC) and has been working in the financial inclusion space for over a decade. The company’s mission focuses on expanding financial access to underserved segments of the population, making a significant impact in India’s retail credit market.
