Tue Sep 17 08:00:31 UTC 2024: ## Northern Arc Capital IPO Oversubscribed on Day Two

**Mumbai, India** – Northern Arc Capital’s initial public offering (IPO) has received a strong response from investors, being oversubscribed 5.01 times on the second day of bidding. The IPO, which opened for subscription on September 16th, will close on September 19th.

The ₹777 crore IPO comprises a fresh issuance of shares worth ₹500 crore and an Offer For Sale (OFS) component of up to 1,05,32,320 equity shares valued at ₹277 crore by existing investor shareholders. The price band for the IPO has been set at ₹249-₹263 per share.

The strong investor interest was particularly noticeable in the non-institutional investors (NII) quota, which attracted 8.77 times the subscription. The portion for retail investors also saw a positive response, being subscribed 6.37 times. However, the qualified institutional buyers (QIBs) part received a relatively low subscription of 2%.

Prior to the IPO, Northern Arc Capital raised ₹229 crore in an anchor round from investors including SBI Life Insurance Company, SBI General Insurance Company, and Kotak Mahindra Life Insurance Company, among others.

Northern Arc Capital, a non-deposit-taking non-banking finance company (NBFC) registered with the RBI as a systemically important entity, provides access to credit for underserved households and businesses. The funds raised through the IPO will be used to meet the company’s future capital requirements for onward lending.

ICICI Securities, Citigroup Global Markets India, and Axis Capital are acting as the book-running lead managers for the issue.

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