Northern Arc Capital IPO: The Northern Arc Capital IPO is among the popular choice with market analysts believing that the company serves a demanding and highly profitable market segment.
The non-bank financial institution revealed on Friday that it had secured ₹229 crore from anchor investors, shortly before its shares were open for public subscription. Among the company's anchor investors are 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 issue that opened on September 16 and closed on September 19. The offer's price band was from ₹249 to ₹263 per equity share, and investors chose to bid for a lot size of 57 equity shares and in multiples after that.
The IPO of Northern Arc Capital has allocated a maximum of 50% of shares in the public issue for qualified institutional buyers (QIB), at least 15% for non-institutional Institutional Investors (NII), and a minimum of 35% of the offer is set aside for retail investors. The employee reservation portion allows eligible employees to purchase equity shares at a discounted price of ₹24 per share, with 590,874 equity shares allocated to this segment.
The initial public offer of Northern Arc Capital has been subscribed 110.91 times on the fourth day of subscription, as per BSE data.
The portion for retail investors received 31.08 times subscription while the quota for non-institutional investors got subscribed 142.41 times. The QIBs part is booked 240.79 times. The employee portion has been subscribed 7.33 times.
The initial share sale received bid for 2,38,22,43,807 shares against 2,14,78,290 shares on offer, according to BSE data.
Northern Arc Capital IPO was subscribed 20.18 times on the third day of subscription.
On the second day, Northern Arc Capital IPO subscription status was 9.99 times. On Monday, the first day of the share sale, the initial public offer of non-bank financial institution Northern Arc Capital was subscribed 2.87 times.
Northern Arc Capital IPO GMP on September 21 was +128. This indicates Northern Arc Capital share price were trading at a premium of ₹128 in the grey market, according to investorgain.com.
Considering the upper end of the IPO price band and the current premium in the grey market, the estimated listing price of Northern Arc Capital shares was ₹391 apiece, which is 48.67 per cent higher than the IPO price of ₹263.
Grey market activity over the previous 11 sessions indicates that the IPO GMP is moving upward and that a robust listing is anticipated. Experts from investorgain.com state that the lowest GMP is ₹0 and the maximum GMP is ₹202.
'Grey market premium' indicates investors' readiness to pay more than the issue price.
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