Northern Arc Capital shares make decent stock market debut, list at 33% premium
Ahead of its listings, shares of Northern Arc Capital were commanding a premium of Rs 130 per share, suggesting a listing pop of around 50 per cent for the investors.
- Sep 24, 2024,
- Updated Sep 24, 2024 9:58 AM IST
Shares of Northern Arc Capital made a strong debut at the bourses on Tuesday as the shadow lender listed at Rs 351 on BSE, a premium of 33.46 per cent over its issue price of Rs 263. Similarly, the stock kicked off its maiden trading session with a premium of 33.08 per cent at Rs 350 on NSE.
The listing of Northern Arc Capital has been below the expectations. Ahead of its listings, shares of Northern Arc Capital were commanding a premium of Rs 130 per share, suggesting a listing pop of around 50 per cent for the investors. However, it was around Rs 145 apiece, when its allotment was announced.
The IPO of Northern Arc Capital was open for bidding between September 16-19. The shadow lender had offered its shares in the fixed price band of Rs 249-263 per share with a lot size of 57 shares. The company raised about Rs 777 crore via its primary offering, which included a fresh share sale of Rs 500 crore and an offer for sale of up to 1.05 crore shares.
The issue of Northern Arc saw a solid bidding and was overall subscribed a solid 110.91 times. The quota for qualified institutional bidders (QIBs) was booked a stellar 240.79 times, while the quota for non-institutional investors was subscribed 142.41 times. The portion reserved for employees and retail investors saw bidding for 31.08 times and 7.33 times, respectively.
Chennai-based Northern Arc Capital was founded in 2009 and offers retail loans to underserved households and businesses in India. Its business model is diversified across different offerings, sectors, products, geographies, and borrower categories. It has facilitated over Rs. 1.73 lakh crore worth of financing, reaching out to over 10.18 crore people across India, as of March 31, 2024.
Axis Bank, ICICI Securities and Citigroup Global Markets India were the book running lead managers of the Northern Arc Capital IPO, while Kfin Technologies served as the registrar for the issue.
Shares of Northern Arc Capital made a strong debut at the bourses on Tuesday as the shadow lender listed at Rs 351 on BSE, a premium of 33.46 per cent over its issue price of Rs 263. Similarly, the stock kicked off its maiden trading session with a premium of 33.08 per cent at Rs 350 on NSE.
The listing of Northern Arc Capital has been below the expectations. Ahead of its listings, shares of Northern Arc Capital were commanding a premium of Rs 130 per share, suggesting a listing pop of around 50 per cent for the investors. However, it was around Rs 145 apiece, when its allotment was announced.
The IPO of Northern Arc Capital was open for bidding between September 16-19. The shadow lender had offered its shares in the fixed price band of Rs 249-263 per share with a lot size of 57 shares. The company raised about Rs 777 crore via its primary offering, which included a fresh share sale of Rs 500 crore and an offer for sale of up to 1.05 crore shares.
The issue of Northern Arc saw a solid bidding and was overall subscribed a solid 110.91 times. The quota for qualified institutional bidders (QIBs) was booked a stellar 240.79 times, while the quota for non-institutional investors was subscribed 142.41 times. The portion reserved for employees and retail investors saw bidding for 31.08 times and 7.33 times, respectively.
Chennai-based Northern Arc Capital was founded in 2009 and offers retail loans to underserved households and businesses in India. Its business model is diversified across different offerings, sectors, products, geographies, and borrower categories. It has facilitated over Rs. 1.73 lakh crore worth of financing, reaching out to over 10.18 crore people across India, as of March 31, 2024.
Axis Bank, ICICI Securities and Citigroup Global Markets India were the book running lead managers of the Northern Arc Capital IPO, while Kfin Technologies served as the registrar for the issue.