Arcil Sets The Stage For ₹733 Crore IPO, Raises ₹220 Crore From Anchor Investors Ahead Of Subscription

New Delhi: Asset Reconstruction Company (India) Ltd, popularly known as Arcil, has raised ₹220 crore from anchor investors ahead of its ₹733 crore Initial Public Offering (IPO), which opened for subscription on Wednesday, September 9.

The company allotted 1.58 crore equity shares at ₹139 apiece to anchor investors, the upper end of the IPO price band, according to a stock exchange circular.

Big Investors Back Arcil IPO

The anchor book attracted Goldman Sachs India Asset Management Company, WhiteOak Capital, Bandhan Mutual Fund, Tata Mutual Fund, Aditya Birla Sun Life Mutual Fund, Groww Mutual Fund and JM Financial Mutual Fund.

Bajaj Life Insurance, Societe Generale and BofA Securities Europe SA were also among the anchor investors.

Of the total anchor allocation, 81.29 lakh shares, or 51.39%, went to six domestic mutual funds through 12 schemes.

Arcil IPO Price Band and Dates

The Arcil IPO price band has been fixed at ₹132-139 per share. The three-day public issue will remain open from September 9 to September 11.

The IPO is entirely an Offer for Sale (OFS) of 5.27 crore equity shares. At the upper end of the price band, the issue is valued at around ₹733 crore, while at the lower end it is worth about ₹696 crore.

Selling shareholders include Avenue India Resurgence Pte Ltd, State Bank of India, Lathe Investment Pte Ltd and The Federal Bank Ltd.

Since there is no fresh issue, Arcil will not receive any IPO proceeds. The money will go to the selling shareholders.

Arcil Listing Date

Arcil said the listing would improve its visibility and provide liquidity to existing shareholders.

The company acquires stressed assets from banks and financial institutions and works on their resolution through restructuring, settlements and enforcement of security rights.

Arcil shares are scheduled to list on the BSE and NSE on September 17.