Northern Arc Capital makes strong stock market debut, lists 33% above IPO price

Northern Arc Capital listing: Northern Arc Capital shares made a strong stock market debut on Tuesday, September 24. The stock opened for trading at Rs 351, marking an upside of 33 per cent from its initial public offering ( IPO ) price of Rs 263 on the BSE. On the National Stock Exchange, Northern Arc Capital shares started trading at Rs 350, data from the exchange showed.

Northern Arc Capital shares were in high demand during the share sale via IPO which ended on September 19 as the IPO was booked a whopping 110.1 times. Northern Arc Capital shares were in high demand specially among the Qualified Institutional Buyers (QIBs) as the pie set aside for them was booked 240.79 times. they had placed bids for 1,40,81,33,928 shares as against 58,48,056 shares reserved for them. Non-institutional investors also participated in the IPO with enthusiasm as portion set aside for them was booked 142.41 times and shares set aside for retail investors was booked 31.08 times.

Northern Arc Capital sold shares in price band of Rs 249-263 per share and a retail investor was allowed to bid for minimum one lot of 57 shares up to maximum of 13 lots. One lot of Northern Arc Capital shares in the IPO was price at Rs 14,991 at the upper end of the price band.

Northern Arc Capital raised Rs 777 crore from the IPO which was fresh issue of Rs 500 crore and an offer for sale worth Rs 277 crore.

Northern Arc Capital Limited was founded in 2009 and offers retail loans to underserved households and businesses in India.

Northern Arc Capital's business model is diversified across different offerings, sectors, products, geographies, and borrower categories. As of March 31, 2024, the company has facilitated over Rs 1.73 lakh crore worth of financing, reaching out to over 101.82 million people across India.