The initial public offerings (IPOs) of Northern Arc Capital Ltd and Arkade Developers Ltd received a stellar response from investors on the third and final day (Day 3) of bidding process, getting a subscription of up to 111 times on BSE.
On Thursday, Northern Arc IPO garnered 2,37,72,46,503 bids as against 2,37,75,719 shares on offer with an overall subscription of 110.68 times. Category-wise, qualified institutional buyers (QIBs) attracted the highest response and the group was subscribed 240.79 times, followed by the non-institutional investors (NIIs) portion which was booked 142.25x. Retail investors and employee reserved portions saw 30.70 and 7.17x bids, respectively.
The Chennai-based financial services player offered its shares in the fixed price band of Rs 249-263 apiece. The Rs 777 crore IPO of Northern Arc Capital included a fresh share sale of Rs 500 crore and an offer-for-sale (OFS) of up to 1,05,32,320 equity shares by its existing shareholders - Leapfrog Financial Inclusion India, Accion Africa-Asia Investment, 360 ONE Special Opportunities Fund, Eight Roads Investments, Dvara Trust and Sumitomo Mitsui Banking Corporation.
ICICI Securities, Axis Bank and Citigroup Global Markets India are the book-running lead managers of the Northern Arc IPO, while Kfin Technologies is the registrar. Shares of the company could be listed on September 24.
In the case of Arkade Developers, the issue received 2,52,69,86,440 bids as against 2,37,75,719 shares on offer, marking an overall booking of 106.28 times. QIBs and NIIs participated head-to-head in the IPO and were booked 163.16 times and 162.68 times, respectively. The portions kept for retailers and employees were subscribed 50.49x and 49.55x, each.
The realty player offered its shares in the range of Rs 121-128. The Rs 410 crore IPO of Arkade Developers included a sale of 3.20 crore fresh equity shares.
Unistone Capital is the sole book-running lead manager of the Arkade Developers IPO, while Bigshare Services is the registrar for the issue. Shares of the company may also be listed on September 24.
Separately, another mainboard IPO, Western Carriers India, concluded today. The issue, which opened on September 13, fetched 63,44,91,000 bids as against 2,08,68,467 shares on offer, logging an overall subscription of 30.40 times.