Northern Arc Capital IPO fully subscribed on Day 1, 2.86x oversubscribed

The initial public offer of non-bank financial institution Northern Arc Capital received 2.86 times subscription on the first day of the share sale on Monday.

The share sale received bids for 6,14,36,709 shares against 2,14,78,290 shares on offer, as per NSE data.

The quota for non-institutional investors fetched 4.47 times subscription while the portion for Retail Individual Investors (RIIs) got subscribed 3.86 times. The Qualified Institutional Buyers (QIBs) part received 2 per cent subscription.

Northern Arc Capital on Friday said it has collected Rs 229 crore from anchor investors.

The Rs 777-crore IPO of the Chennai-based company will conclude on September 19. The price has been fixed in the range of Rs 249-263 per share.

The IPO is a combination of a fresh issue of equity shares valued at Rs 500 crore and an Offer For Sale (OFS) of up to 1,05,32,320 equity shares worth Rs 277 crore, at the upper end of the price band, by investor shareholders. This aggregates the issue size