Northern Arc Capital IPO Opens for Subscription, IPO GMP stands at ₹158 (60.08%)

Northern Arc Capital IPO, a retail loan provider, launched its IPO on Monday, September 16, and will remain open for subscription until Thursday, September 19. The IPO aims to raise ₹777 crore, with ₹500 crore through a fresh issue and ₹277 crore via an offer for sale (OFS).

Anchor Investors Show Strong Interest

Ahead of the IPO, Northern Arc Capital secured ₹229 crore from anchor investors by allotting 87.02 lakh shares at ₹263 each. Major investors include SBI General Insurance, SBI Life Insurance, Reliance General Insurance, Kotak Mahindra Life Insurance, Goldman Sachs, and others.

Positive Response on Day 1 of Subscription

By 12:05 PM on the first day of the IPO, the overall subscription reached 0.84 times. Retail investors led the way with 1.27 times subscription, while non-institutional investors subscribed 0.97 times. The QIB segment had yet to see any subscriptions at that time.

Grey Market Premium Boosts Investor Confidence

The Grey Market Premium (GMP) for Northern Arc Capital IPO stands at ₹158, indicating strong demand. The shares are expected to list at a premium of 60.08%, with an anticipated price of ₹421 on the stock exchanges.

Key Details of the IPO

The mainboard IPO offers a chance to invest in Northern Arc Capital, with anchor investor participation and a robust grey market premium. With a positive market outlook, the IPO has garnered significant interest from investors.