Northern Arc Capital IPO Subscription Status: The initial public offering of the non-bank financial firm Northern Arc Capital was subscribed 2.86 times on the first day of share trading on Monday. According to NSE data, bids for 6,14,36,709 shares were received against the 2,14,78,290 shares offered during the sale.

The quota for non-institutional investors was subscribed 4.47 times, while the share of retail individual investors (RIIs) was subscribed 3.86 times. The Qualified Institutional Buyer (QIB) segment received 2 per cent of the subscription.

On Friday, Northern Arc Capital said it had raised Rs 229 crore from anchor investors. The Rs 777 crore IPO of the Chennai-based company will close on September 19. The price per share has been fixed at Rs 249-263.

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The investor shareholders are a combination of a fresh issue of equity shares worth Rs 500 crore and an offer for sale (OFS) of 1,05,32,320 equity shares worth Rs 277 crore at the upper end of the price band. This brings the issue size to a total of Rs 777 crore.
Those offering shares through OFS are Leapfrog Financial Inclusion India (II) Limited, Action Africa-Asia Investment Company, Eight Roads Investments Mauritius II Limited, Sumitomo Mitsui Banking Corporation, 360 One Special Opportunities Fund (formerly IIFL Special.O). The Personalities Fund known as), and by Trust.

The proceeds from the fresh issue will be used to meet the company's future capital needs. Registered as Systemically Important with the RBI, the company is a non-deposit taking non-banking finance company (NBFC) and has been operating in the financial inclusion space for over a decade.

Northern Arc is a leading player among the diversified NBFCs in the country, with business models that are diverse across offerings, sectors, products, geographies and borrower sectors. It provides access to credit to underserved households and businesses directly and indirectly through Originator Partners.

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(With PTI's Input)