Northern Arc Capital Set to Launch IPO on September 16

Northern Arc Capital Ltd, a non-bank financial institution, is preparing to launch its IPO on September 16. The IPO includes a fresh issue of shares worth Rs 500 crore. Anchor investor bidding starts on September 13, and the IPO concludes on September 19. The funds will be used for future capital requirements.

Non-bank financial institution Northern Arc Capital Ltd is gearing up to launch its Initial Public Offering (IPO) on September 16. The IPO involves fresh issuance of shares valued at Rs 500 crore.

The Chennai-based company's IPO will conclude on September 19, with bidding for anchor investors opening on September 13, according to the Red Herring Prospectus (RHP).

This IPO includes a fresh issue of equity shares worth Rs 500 crore and an Offer For Sale (OFS) of up to 1.05 crore equity shares by existing shareholders like Leapfrog Financial Inclusion India (II) Ltd and others.

Proceeds from the fresh issue will help meet the future capital requirements of the company, which operates in the financial inclusion space as a non-deposit taking NBFC registered with the RBI.

Northern Arc Capital is a key player among India's diversified NBFCs, offering access to credit to underserved households and businesses through various partners. It had earlier filed draft papers with Sebi in July 2021 but did not proceed immediately.

ICICI Securities, Axis Capital, and Citigroup Global Markets India are the book-running lead managers for this IPO.

(With inputs from agencies.)