The Northern Arc Capital IPO allotment status is probably going to be finalised. Institutional investors led the strong 110.71 times subscription received by the initial public offer.
The amount subscribed to by qualified institutional investors (QIBs) was 240.79 times higher than that of non-institutional investors (NIIs), who received 142.28 times the subscription. The number of subscriptions to the retail individual investors (RIIs) category was 30.74 times.
IPO price band, size and structure
The Rs 777-crore initial public offering (IPO) consisted of an offer to sell shares valued at Rs 277 crore along with a fresh issue of shares valued at Rs 500 crore. The price range for each share was set at Rs 249–Rs 263.
Listing and subscription timetable
Northern Arc Capital's initial public offering (IPO) concluded on Thursday, September 19, 2024. Once the subscription window closed on Friday, September 20, 2024, the basis for allotment of Northern Arc Capital IPO shares is anticipated to be finalised.
IPO Alert
— Shubhi (@stockyshubhi) September 16, 2024
Northen Arc Capital IPO
✅ Northern Arc Capital Limited is a diversified financial services platform set up primarily with the mission of catering to the diverse retail credit requirements of the under-served households and businesses in India.#IPOAlert pic.twitter.com/stt0anFIsD
On September 23, shares will be credited to the Demat account of the investors who were successful after the allocation is finalised. Refunds for unsuccessful bidders will begin that same day. The IPO listing date for Northern Arc Capital is September 24.
Allocation to categories
Qualified institutional buyers (QIBs) receive 50 per cent of the net offer, retail individual investors (RII) receive 25 per cent, and non-institutional investors (NII) receive 35 per cent.
IPO structure and OFS seller
A fresh issuance of equity shares valued at Rs 500 crore and an offer for sale (OFS) component allowing existing shareholders to sell up to 1.05 crore shares make up the IPO.
Leapfrog Financial Inclusion India (II) Ltd, Accion Africa-Asia Investment Company, Sumitomo Mitsui Banking Corporation, Dvara Trust, Eight Roads Investments Mauritius II Ltd, and 360 ONE Special Opportunities Fund (formerly IIFL Special Opportunities Fund) are the companies that will sell their holdings under the OFS.
Utilisation of IPO proceeds
The company intends to utilise the proceeds from the new offering to meet its upcoming borrowing requirements.