Multibaggers like Bajaj will be included in the listing
Business Business: The IPO of non-banking financial company Northern Arc Capital Limited was subscribed 110.71 times before the last day of share sale. Northern Arc Capital Limited has raised Rs 229 crore from mainstream (large) investors. The anchor investors of the company include SBI General Insurance Company, SBI Life Insurance Company, Reliance General Insurance Company, Kotak Mahindra Life Insurance Company, Goldman Sachs (Singapore) Pte, Societe Generale and Quant Mutual Fund. The price range for the IPO of the Kolkata-based company worth Rs 777 crore has been fixed at Rs 249-263 per share. Let us tell you that the company’s IPO started on September 16 and ended on September 19. This IPO is in great demand in the gray market. According to NSE data, bids were received for 2,37,79,44,639 shares against the offer of 2,14,78,290 shares in the first share sale. The qualified institutional buyer (QIB) segment was subscribed 240.79 times, while the non-institutional investor segment was subscribed 142.28 times. The retail individual investor (RII) segment was subscribed 30.74 times. The IPO saw the issuance of new shares worth up to Rs 500 crore. Additionally, an offer for sale (OFS) of 1,05,32,320 lakh shares worth Rs 277 crore is also part of the issue. The funds raised from the company’s IPO will be used to meet the company’s capital requirements.
The GMP IPO of Northern Arc Capital is rising steadily. The premium was Rs 128 on December 21 and today on September 22, the GMP premium has reached Rs 144. This shows that the IPO listing of Northern Arc Capital will be strong. The target listing price of Northern Arc Capital shares is Rs 407, which is about 55 per cent higher than the IPO price of Rs 263. We inform you that the listing of the company’s shares will take place on September 24.
