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Northern Arc Capital IPO
Price Band
₹249.0–263.0
Issue Size
₹777.0 Cr
Lot Size
57 shares
Min Investment
₹14,991
GMP
+₹131.0 (49.81%)
Issue Price
₹263.0
Subject to Sauda
₹5700
Paid only if allotted
Northern Arc Capital IPO AI Summary
- Northern Arc Capital IPO is listed on BSE, NSE in the Non Banking Financial Company (NBFC) sector.
- Price band: ₹249.0–₹263.0 per share, lot size 57 shares (min. investment ₹14,991).
- Subscription window: 16 Sep–19 Sep 2024, listing on 24 Sep 2024.
- Current GMP is +₹131.0 (49.81%), an estimated listing price of ₹394 — unofficial and can change daily.
Northern Arc Capital Limited is a diversified NBFC focused on retail lending, with a strong track record and innovative technology solutions. The IPO aims to raise funds for future lending needs, and the company shows promising growth in revenue and profitability.
TopFund is not SEBI-registered — this is educational analysis, not personalized investment advice.
Northern Arc Capital IPO — Third-Party Research Views
Reviews below reflect analyst calls made before this IPO closed on 19 Sep 2024 — not a current signal.
13 of 13 reviewers say Positive
Recommendations are sourced from third-party research firms and are not TopFund's own investment advice.
Important Dates
Subscription Status
Subscription data unavailable
Northern Arc Capital IPO Grey Market Premium (GMP) Today
GMP
+₹131.0
GMP %
+49.81%
Est. Listing
₹394.0
Updated: 25 Jul 2026 14:03
About the Company
Northern Arc Capital Limited was founded in 2009 and offers retail loans to underserved households and businesses in India. Northern Arc Capital's business model is diversified across different offerings, sectors, products, geographies, and borrower categories. As of March 31, 2024, the company has facilitated over Rs. 1.73 trillion worth of financing, reaching out to over 101.82 million people across India. The company has expertise in lending across various focus sectors in India, especially in micro, small, and medium enterprise (MSME) finance, microfinance (MFI), consumer finance, vehicle finance, affordable housing finance, and agriculture finance. The company has been active in MSME finance for over 14 years, MFI finance for 15 years and consumer finance for nine years. The company serves the retail lending market through a multi-channel approach that includes: Lending: Extending financing from the company's balance sheet (Lending) to originator partners in the form of loans or investments in their debt to enable on-lending to retail customers (Intermediate Retail Lending) and directly to underserved households and businesses (Direct-to-Customer Lending) either in collaboration with retail lending partners or through the branch network to offer rural finance and MSME loans, with AUM of Rs. 117,100.19 million across 671 districts, 28 states and seven union territories in India, as of March 31, 2024; Placements: Enabling loans to originator partners through various financing products (placements) with a total AUM of Rs. 1,019,038.92 million as of March 31, 2024; and Fund Management: Managing debenture funds and providing portfolio management services (fund management) with a total volume of Rs. 120,785.58 million spread across 10 alternative investment funds (AIFs) and three portfolio management service funds (PMS) as of March 31, 2024. The company also has an end-to-end integrated technology product suite customized to multiple sectors. This includes an in-house technology stack consisting (i) Nimbus, a curated debt platform that enables end-to-end processing of debt transactions; (ii) nPOS, a co-lending and co-origination technology solution based on application programming interfaces (API); (iii) Nu Score, a customized machine learning based analytical module designed to assist originator partners in the loan underwriting process; and (iv) AltiFi, an alternative retail debt investment platform. As of March 31, 2024, the company had 2,695 permanent employees.
Company Financials (₹ Cr)
As of 2024-03-31
| Period Ended | 31 Mar 2024 | 31 Mar 2023 | 31 Mar 2022 |
|---|---|---|---|
| Assets | 11,707.66 | 9,371.57 | 7,974.12 |
| Total Income | 1,906.03 | 1,311.20 | 916.55 |
| Profit After Tax | 317.69 | 242.21 | 181.94 |
| NET Worth | 2,314.35 | 1,955.39 | 1,739.04 |
| Reserves and Surplus | 2,123.37 | 1,784.22 | 1,555.30 |
| Total Borrowing | 9,047.76 | 7,034.57 | 5,982.96 |
Key Ratios
EPS
₹22.32
NAV
₹177.06
RoNW
13.32%
P/B Value
1.49
P/E Ratio
11.78
Market Cap
₹4242.86 Cr
Debt/Equity
3.90
Peer Comparison
| Company | NAV | RoNW | P/E (x) | EPS Basic | EPS Diluted |
|---|---|---|---|---|---|
| Mas Financial Services Ltd | 108.71 | 14.08% | 18.55 | 15.31 | 15.31 |
| Poonawalla Fincorp Limited | 105.44 | 20.6% | 17.81 | 21.89 | 21.63 |
| Cholamandalam Investment And Finance Company Ltd | 233.26 | 17.46% | 36.22 | 41.17 | 41.06 |
| Bajaj Finance Limited | 1239.03 | 18.84% | 30.93 | 236.89 | 235.98 |
| Fusion Micro Finance Ltd | 281.93 | 17.74% | 6.21 | 50.3 | 50.11 |
| Creditaccess Grameen Ltd | 1809.93 | 5.01% | 13.12 | 90.88 | 90.41 |
| SBFC Finance Limited | 25.87 | 8.53% | 36.64 | 2.35 | 2.3 |
| Five-star Business Finance Ltd | 177.68 | 16.09% | 26.76 | 28.64 | 28.39 |
| Northern Arc Capital Limited This IPO | 177.06 | 13.32% | — | 34.61 | 23.4 |
Promoters
No Identifiable Promoter
Objects of the Issue
The Company proposes to utilise the Net Proceeds from the Issue towards the following objects: # Issue Objects Est Amt (₹ Cr.) 1 Future capital requirements towards onward lending. 500.00
IPO Evaluation
Generated 23 Sep 2026Revenue Trend
Total income was ₹916.55 Cr in the year ending 31 Mar 2022, rising to ₹1,311.20 Cr by 31 Mar 2023, and further increasing to ₹1,906.03 Cr by 31 Mar 2024. This shows a consistent upward trend in revenue over the periods.
Profit Trend
Profit after tax was ₹181.94 Cr for the year ending 31 Mar 2022, increasing to ₹242.21 Cr by 31 Mar 2023, and reaching ₹317.69 Cr by 31 Mar 2024. This indicates a positive growth in profitability across the reported periods.
Valuation
Northern Arc Capital's implied P/E at the issue price of ₹263 is approximately 11.78, compared to peers trading at a P/E range of 6.21 to 36.64.
Grey Market Premium, Explained
The Grey Market Premium (GMP) is an indicator of the expected listing price of an IPO. It reflects the difference between the issue price and the price at which the shares are traded in the grey market before the official listing. A higher GMP suggests strong demand for the shares, while a lower GMP may indicate weaker interest.
Who This IPO Suits
Investors comfortable with short-term volatility and a long-term horizon typically weigh IPOs like this against their overall investment strategy and risk tolerance. Consideration of the company's growth prospects and market conditions is essential.
Who May Want to Wait
Investors with a low risk tolerance or those seeking guaranteed short-term returns may want to avoid IPOs, as they can be subject to market fluctuations and uncertainties.
Listing Gains — The Risk
Listing gains refer to the potential profits an investor can make if the stock trades above the issue price on its first day of trading. However, these gains are not guaranteed and can be influenced by market conditions, investor sentiment, and overall demand for the stock. It is important for investors to be aware of the risks associated with relying solely on listing gains.
This evaluation is generated from Northern Arc Capital's own public IPO filing data for educational purposes and is not investment advice or a recommendation to apply, subscribe to, or avoid this issue — see Broker Recommendations below for named third-party research views (clearly attributed, not TopFund's own). TopFund is not a SEBI-registered investment adviser — see our Disclaimer.
Frequently Asked Questions
What is Northern Arc Capital IPO GMP today?
Northern Arc Capital IPO GMP today is +₹131.0 (49.81%), indicating an estimated listing price of ₹394. GMP is an unofficial grey-market indicator and can change daily.
What is the price band of Northern Arc Capital IPO?
The price band of Northern Arc Capital IPO is ₹249.0–₹263.0 per share.
When does Northern Arc Capital IPO open and close?
Northern Arc Capital IPO opens on 16 September 2024 and closes on 19 September 2024.
When does Northern Arc Capital IPO list on the stock exchange?
Northern Arc Capital IPO listed on 24 September 2024 at ₹394.0.
What is the lot size for Northern Arc Capital IPO?
The lot size for Northern Arc Capital IPO is 57 shares, requiring a minimum investment of ₹14,991.
What is the price band for the IPO?
The price band for the IPO is ₹249.0 to ₹263.0.
What is the minimum investment required?
The minimum investment required is ₹14,991.0.
What is the lot size for the IPO?
The lot size for the IPO is 57 shares.
When does the IPO open and close?
The IPO opens on September 16, 2024, and closes on September 19, 2024.
What does GMP mean?
GMP stands for Grey Market Premium, which indicates the expected listing price of the shares in the grey market.
Issue Details
Investor Allocation
Registrar
Lead Managers / Book Running
IPO Timeline
Open
16 Sep 2024
Close
19 Sep 2024
Allotment
20 Sep 2024
Listing
24 Sep 2024
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