The offer received bids for 6.14 crore shares as against 2.14 crore shares on offer.
The initial public offer (IPO) of Northern Arc Capital received 6,14,36,709 bids for shares as against 2,14,78,290 shares on offer, according to stock exchange data at 17:00 IST on Monday (16 September 2024). The issue was subscribed 2.86 times.
The issue opened for bidding on Monday, 16 September 2024 and it will close on Thursday, 19 September 2024. The price band of the IPO was fixed between Rs 249 to 263 per share. An investor can bid for a minimum of 57 equity shares and in multiples thereof.
The initial public offer (IPO) consists of fresh issue to raise Rs 500 crore through issuance of 1.90 crore equity shares at the lower band of Rs 249 per share (face value Rs 10 per share) and 2.01 crore equity shares at the upper band of Rs 263 per share.
The issue includes an offer for sale (OFS) of 1.05 equity shares for raising 262.55-277.00 crore from the investors Leap Frog Financial Inclusion India (II) 38,44,449 equity shares, Accion Africa-Asia Investment Company 12,63,965 equity share, Eight Roads Investment Mauritius II 17,46,950 equity shares, Dvara Trust 13,44,828 equity shares, 360 One Special Opportunities Fund 14,08,918 equity shares and Sumitomo Mitsui Banking Corporation 9,23,210 equity shares.
The net proceeds from the fresh issue will be used for augmenting the capital base to meet future capital requirements. The issue will bring the benefits of listing the equity shares on the stock exchanges, including enhancing brand image among existing and potential customers and creation of a public market for the equity shares in India.
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Ahead of the IPO, Northern Arc Capital on Friday, 13 September 2024, raised Rs 228.86 crore from anchor investors. The board allotted 87.02 lakh shares at Rs 263 each to 15 anchor investors.
Northern Arc Capital is a diversified financial services platform catering to the diverse retail credit requirements of the under-served households and businesses in India. Over the last 15 years, the company has facilitated financing of over Rs 1.73 lakh crore touching 10.18 crore lives across India. The business model is diversified across offerings, sectors, products, geographies and borrower categories.
The firm reported a consolidated net profit of Rs 308.33crore and income from operations of Rs 1,712.11 crore for the twelve months ended on 31 March 2024.
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