On the third and final day (Day 3) of the bidding process, investors responded magnificently to the initial public offerings (IPOs) of Northern Arc Capital Ltd and Arkade Developers Ltd, resulting in subscriptions of up to 111 times on BSE.
In the Northern Arc IPO on Thursday, there were 2,37,72,46,503 bids against the 2,37,75,719 shares that were offered, resulting in a 110.68 times subscription overall. In terms of response rate, the category with the biggest number of subscribers was qualified institutional buyers (QIBs), who were subscribed 240.79 times. The non-institutional investors (NIIs) component was booked 142.25 times. There were 30.70x offers for the employee restricted part and 7.17x bids for retail investors.
The financial services company with headquarters in Chennai sold its shares for a set price between Rs 249 and Rs 263. In addition to an offer-for-sale (OFS) of up to 1,05,32,320 equity shares by its current shareholders, Leapfrog Financial Inclusion India, Accion Africa-Asia Investment, 360 ONE Special Opportunities Fund, Eight Roads Investments, Dvara Trust, and Sumitomo Mitsui Banking Corporation, the Rs 777 crore IPO of Northern Arc Capital also featured a fresh share sale of Rs 500 crore.
The registrant of the Northern Arc IPO is Kfin Technologies, while the book-running lead managers are ICICI Securities, Axis Bank, and Citigroup Global Markets India. On September 24, the company’s shares could go public.
The real estate investor put up its shares for between Rs 121 and Rs 128. 3.20 crore new equity shares were sold as part of Arkade Developers’ Rs 410 crore first public offering (IPO). Bigshare Services is the registrant of the Arkade Developers IPO, and Unistone Capital is the only book-running lead manager. On September 24, the company’s shares may potentially go public. Western Carriers India, a different mainboard IPO, finished today. When the offering began on September 13, there were 2,08,68,467 shares on sale, but 63,44,91,000 bids were received, for a total subscription of 30.40 times.
