Northern Arc Capital IPO: The IPO of non-banking finance company Northern Arc Capital Limited was subscribed 110.71 times till the last day of share sale. Northern Arc Capital Limited had raised Rs 229 crore from anchor (large) investors. The anchor investors of the company include SBI General Insurance Company, SBI Life Insurance Company, Reliance General Insurance Company, Kotak Mahindra Life Insurance Company, Goldman Sachs (Singapore) Pte, Societe Generale and Quant Mutual Fund. The price band for the Rs 777 crore IPO of the Kolkata-based company was fixed at Rs 249-263 per share. Let us tell you that the company’s IPO opened on 16 September and closed on 19 September. Strong demand for this IPO is being seen in the grey market.
How much subscription was done from which segment
According to NSE data, bids were received for 2,37,79,44,639 shares against an offer of 2,14,78,290 shares in the initial share sale. The category of qualified institutional buyers (QIBs) was subscribed 240.79 times, while the segment of non-institutional investors was subscribed 142.28 times. The segment of retail individual investors (RIIs) was subscribed 30.74 times. New shares worth up to Rs 500 crore were issued in the IPO. Apart from this, an offer for sale (OFS) of 1,05,32,320 lakh equity shares worth Rs 277 crore is also part of this issue. The amount raised from the company IPO will be used to meet the capital requirements of the company.
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Northern Arc Capital IPO GMP
According to Investorgain.com, the GMP of Northern Arc Capital IPO is continuously increasing. On 21st December, it was at a premium of Rs 128 and today on 22nd September, its GMP reached a premium of Rs 144. This indicates that Northern Arc Capital’s IPO will have a tremendous listing. The estimated listing price of Northern Arc Capital shares is Rs 407, which is about 55 percent higher than the IPO price of Rs 263. Let us tell you that the listing of the company’s shares will be on 24th September.
(With agency input)
