According to a circular uploaded on the BSE website, the company has allotted 87.02 lakh equity shares to 15 funds at Rs 263, which is also at the upper end of the price band. This brings the transaction size to Rs. 229 crores.
The Chennai-based company’s Rs. 777 crore IPO will open for public subscription on September 16 and close on September 19. Its price is Rs. 249 to Rs. 263 per share has been fixed in the range.
The IPO is priced by investor shareholders at the upper end of the price band of Rs. 500 crore worth of fresh issue of equity shares and Rs. 277 crore is a combination of offer for sale (OFS) of 10,532,320 equity shares. This brings the issue size to Rs. 777 crores.
Those offering shares through OFS include Leapfrog Financial Inclusion India (II) Limited, Axion Africa-Asia Investment Company, Eight Roads Investments Mauritius II Limited, Sumitomo Mitsui Banking Corporation, 360 One Special Opportunities Fund (formerly known as IIFL Special Opportunities Fund ), and gate trust.
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Proceeds from the fresh issue will be used to meet future capital requirements of the company towards further financing.
“The price band for the offer is Rs 249 to Rs 263 per equity share,” Northern Arch Capital said in a statement.
Investors have the option to bid for a lot size of 57 equity shares and thereafter in multiples.
Registered as systemically important with 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 diversified NBFCs in the country, with diverse business models across offerings, sectors, products, geographies and borrower segments. It provides access to credit to underserved households and businesses directly and indirectly through originator partners.
Northern Arc Capital has filed draft papers for its maiden public issue with SEBI in July 2021. It received regulatory approval for a public issue in September of the same year. However, it did not go ahead with the launch.
ICICI Securities, Axis Capital and Citigroup Global Markets are the book-running lead managers of the India issue.
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