Northern Arc Capital was listed at Rs 350 on the National Stock Exchange, a premium of 33% to the issue price. The IPO was subscribed to a total of 117.19 times more than the offered shares.
Northern Arc Capital GMP
The stocks of Northern Arc were attracting a premium of almost 50% in the grey market, hinting towards a strong debut in the secondary market. Investors watch out for the grey market premium to track the listing gains. It is an unofficial palace to trade shares.
Northern Arc Capital IPO Details
The company’s issue opened on September 16, collected a sum of Rs 777 crore through a combination of fresh shares and an offer for sale. The IPO was closed on September 20. The allotment of shares was finalised on September 20. The company set the price band between Rs 249 and Rs 263 per equity share.
Minimum Investment Requirement
A retail participant had to buy a minimum of 57 shares or a lot that amounted to Rs 14,991. There were different lot sizes for small and big NIIs. A small NII had to bid for a minimum of 14 lots which equalled Rs 2,09,874 and big NIIs needed an investment of Rs 10,04,397.
BRLMs and Registrar
ICICI Securities, Axis Bank, and Citigroup Global Markets India were the lead book runners of the IPO. Kfin Technologies worked as the registrar for the issue.