Northern Arc Capital's initial public offering (IPO) of Rs 777 crore is set to begin today, Monday, September 16, and will remain open for subscription until Thursday, September 19, 2024.
Before the IPO subscription opened for bidding, anchor investors contributed Rs 229 crore to Northern Arc Capital IPO. On Monday, September 16, 2024, the non-banking financial corporation (NBFC) is scheduled to introduced its initial public offering (IPO) on D-Street. The subscription period will run for three days, ending on Thursday, 19 September 2024, when investors can still participate.
15 funds received 87.02 lakh equity shares from Northern Arc Capital at a price point at the upper end of the issue's pricing range, or Rs 263. The whole transaction value comes to Rs 229 crore as a result. Among the anchor investors are Quant Mutual Fund, Societe Generale, Goldman Sachs (Singapore) Pte, Kotak Mahindra Life Insurance Company, Reliance General Insurance Company, SBI General Insurance Company, and SBI Life Insurance Company.
The Chennai-based company's Rs 777-crore initial public offering (IPO) will begin accepting subscriptions on September 16 and end on September 19. For each equity share with a face value of Rs 10, the price band has been set between Rs 249 and Rs 263.
The face value of the equity shares is 24.90 times the floor price and 26.30 times the cap price. Compared to the average industry peer group PE ratio of 23.28 times, the price-to-earnings ratio for fiscal 2024 at the top end of the pricing band, based on diluted earnings per share, is 11.24 times. Following the IPO, there will be multiples of 57 equity shares, with each lot size consisting of 57 equity shares.
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