Northern Arc Capital Shares Debut with Over 33% Premium
The Rs 777-crore share sale had a price range of Rs 249-263 per share.
Shares of nonbanking financial institution Northern Arc Capital Ltd jumped over 33 per cent in market debut on Tuesday against the issue price of Rs 263.
Shares of non-banking financial institution Northern Arc Capital Ltd jumped over 33 per cent in market debut on Tuesday against the issue price of Rs 263.
The stock listed at Rs 351, a surge of 33.46 per cent from the issue price on the BSE.
At the NSE, it soared 33 per cent to Rs 350 in debut trade.
The company commanded a market valuation of Rs 5,115.72 crore.
The Initial Public Offering (IPO) of Northern Arc Capital Ltd received 110.71 times subscription on the closing day of the share sale on Thursday.
The Rs 777-crore share sale had a price range of Rs 249-263 per share.
The IPO had a fresh issue of equity shares valued at Rs 500 crore and an Offer For Sale (OFS) of up to 1,05,32,320 equity shares worth Rs 277 crore, at the upper end of the price band, by investor shareholders.
Proceeds from the fresh issue will be used to meet future capital requirements of the company towards onward lending.
Registered with the Reserve Bank of India (RBI) as systemically important, the company is a non-deposit-taking non-banking financial company (NBFC) and has been operating in the financial inclusion space for over a decade.
Northern Arc is a leading player among the country’s diversified NBFCs, with a business model diversified across offerings, sectors, products, geographies and borrower segments. It provides access to credit to under-served households and businesses directly and indirectly through originator partners.
(This story has not been edited by digihunt staff and is published from a syndicated news agency feed – PTI)
