Northen Arc Capital Limited Rs. 500 Crore IPO Opens On 16 September 2024
Mr. Atul Tibrewal, Chief Financial Officer; Northern Arc Capital Limited;
Mr. Ashish Mehrotra, Managing Director & Chief Executive Officer; Northern Arc Capital Limited;
Mr. Pardhasaradhi Rallabandi, Group Risk Officer and Governance Head; Northern Arc Capital Limited;
Mr. Rajiv Jumani, Managing Director, Citigroup Global Markets India Private Limited
Mr. Ashish Mehrotra, Managing Director & Chief Executive Officer; Northern Arc Capital Limited;
Mr. Pardhasaradhi Rallabandi, Group Risk Officer and Governance Head; Northern Arc Capital Limited
MUMBAI, 11 SEPTEMBER, 2024 (TGN): Northern Arc Capital Ltd., a non-bank financial institution, will begin its first public offering (IPO) on September 16, which will involve a new issuance of equity shares valued at Rs 500 crore. September 19 is the closing date for this issue, which has established a price range of Rs 249–Rs 263.
The bidding for anchor investors is scheduled for September 13, as per the Red Herring Prospectus (RHP).
Leapfrog Financial Inclusion India (II) Ltd, Accion Africa-Asia Investment Company, Sumitomo Mitsui Banking Corporation, Dvara Trust, Eight Roads Investments Mauritius II Ltd, Sumitomo Mitsui Banking Corporation, and 360 ONE Special Opportunities Fund (formerly IIFL Special Opportunities Fund) will offload their stakes under the OFS.
The IPO consists of an offer for sale (OFS) component of up to 1.05 crore shares by current shareholders and a new issuance of equity shares valued at Rs 500 crore.
For the initial share sale, the company has set a price range of Rs 249–Rs 263. Bids can be placed for a minimum of one lot, which consists of 57 shares, and then in multiples of that lot.
15 per cent of the net offer is designated for non-institutional investors, 35 per cent for retail investors, and half for qualified institutional buyers (QIBs).
The company will use the proceeds of the new issue to cover its future capital needs for further lending.
A non-deposit-taking non-banking finance company (NBFC), Northern Arc Capital has a diversified business model spanning offerings, products, sectors, geographies, and borrower segments.
Through Originator Partners, it offers direct and indirect credit to un-derserved households and businesses.
ICICI Securities Limited, Axis Capital Limited and Citigroup Global Markets India Private Limited are the Book Running Lead Managers to the offer.
RHP LINK: https://www.axiscapital.co.in/