Asset Reconstruction Company (India) Ltd, better known as Arcil, has garnered Rs 220 crore from <a href="https://www.mid-day.com/business/business-news/article/horizon-industrial-parks-garners-rs-1168-crore-from-anchor-investors-ipo-opens-on-august-17-23644943" target="_blank" rel="none noopener">anchor investors </a>as its three-day initial share-sale opens for public subscription on Wednesday.
Arcil allotted 1.58 crore shares to anchor investors at Rs 139 apiece, the upper end of the IPO price band, according to a circular uploaded on stock exchanges.
The anchor investors included Goldman Sachs India Asset Management Company, WhiteOak Capital, Bandhan Mutual Fund, JM Financial Mutual Fund, Groww Mutual Fund, Tata Mutual Fund, Aditya Birla Sun Life Mutual Fund, Bajaj Life Insurance, Societe Generale, BofA Securities Europe SA and Integrated Core Strategies Asia, the circular showed.
Of the total anchor allocation, 81.29 lakh shares, or 51.39 per cent, were allotted to six domestic mutual funds through 12 schemes.
<a href="https://www.mid-day.com/business/business-news/article/arcils-rs-733-croreipo-to-open-on-september-9-price-band-set-at-rs-132139-23648128" target="_blank" rel="none noopener">Arcil's Rs 733 crore Initial Public Offering (IPO)</a> will open for public subscription on September 9 and close on September 11, with a price band of Rs 132-139 per equity share.
The IPO is entirely an Offer For Sale (OFS) of 5.27 crore equity shares. The shares will be sold by promoters Avenue India Resurgence Pte Ltd and State Bank of India, along with existing shareholders Lathe Investment Pte Ltd and The Federal Bank Ltd.
Since the issue comprises only an OFS, Arcil will not receive any proceeds from the IPO. The entire proceeds from the share sale will accrue to the selling shareholders.
Explaining the rationale for the listing, Arcil in its Red Herring Prospectus (RHP) stated the listing of equity shares will enhance its visibility and brand and provide liquidity to existing shareholders. It will also provide a public market for the company's equity shares in India.
At the upper end of the price band, the issue size is estimated at around Rs 733 crore, while at the lower end, it works out to Rs 696 crore.
Arcil operates as an asset reconstruction company and is engaged in acquiring stressed assets from banks and financial institutions and implementing resolution strategies through restructuring, enforcement of rights over underlying securities and settlement.
The company will be listed on the BSE and <a href="https://www.mid-day.com/business/business-news/article/nses-equity-options-market-share-reduces-over-22-per-cent-between-fy24-and-fy26-23641212" target="_blank" rel="none noopener">NSE</a> on September 17.
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The company allotted 1.58 crore shares to anchor investors at Rs 139 per share at the upper end of the price band

Arcil secures Rs 220 crore from anchor investors; IPO opens for subscription

Rupee falls 21 paise to 94.95 against US dollar amid soaring crude oil prices, US-Iran conflict

Arcil allotted 1.58 crore shares to anchor investors at Rs 139 apiece, the upper end of the IPO price band

Arcil garners Rs 220 crore from anchor investors; Rs 733 crore-IPO opens for subscription

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Home / Business / Business News / Article / Arcil garners Rs 220 crore from anchor investors; Rs 733 crore-IPO opens for subscription