Northern Arc Capital Ltd Sees a 23% Surge on Market Debut

Northern Arc Capital Ltd saw its shares surge by 23 percent on its market debut, ending at Rs 323.60 on the BSE, up from the issue price of Rs 263. The company's IPO received heavy subscription, and the proceeds will be used for onward lending.

Shares of non-banking financial institution Northern Arc Capital Ltd ended 23 percent higher in their market debut on Tuesday, closing at Rs 323.60 on the BSE, significantly above the issue price of Rs 263.

The company's stock was listed at Rs 351, marking an initial surge of 33.46 percent. At NSE, the stock ended at Rs 322.30, a 22.54 percent increase.

Northern Arc Capital's IPO, with a price range of Rs 249-263 per share, was highly successful, receiving 110.71 times subscription. The proceeds from the Rs 777-crore IPO will be utilized to meet future capital requirements for onward lending.

(With inputs from agencies.)