Sep 16, 2024
By: Sourabh Jain
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Chennai-based Northern Arc Capital’s initial public offering (IPO) is now open and will close on Wednesday, September 19.
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Northern Arc Capital has fixed a price band of ₹249-₹263 per share for its public issue.
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Northern Arc Capital is a Chennai-based non-banking financial company (NBFC) that offers retail loans to underserved households and businesses in India.
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Northern Arc Capital is looking to raise ₹777 crore from the current IPO. This includes a fresh issue of ₹500 crore and an offer for sale (OFS) component of ₹277 crore.
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Investors can bid for a minimum of 57 shares and in multiples of 57 shares thereafter.
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Northern Arc Capital, founded in 2009 has a diversified business model, covering various sectors, geographies and borrowers. The company has so far facilitated over 1.7 lakh crore worth of financing.
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The company’s income was ₹1,906.03 crore in FY24, up from ₹1,311.2 crore in FY23. The company reported a profit of ₹317.69 crore in FY24, up from ₹242.21 crore profit reported in FY23.
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The company is engaged in a highly competitive and regulated segment. Any changes in regulations could have an adverse impact on the company.
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The funds raised will be used to meet future capital requirements towards lending.
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