India's Asset Reconstruction Company's (ARCIL) 7.33 billion rupee ($77.58 million) initial public offering was subscribed 10.67 times, as of 2:36 p.m. IST on Friday, the final day of bidding, exchange data showed.
Shares are likely to list on September 17, making ARCIL India's first listed asset reconstruction company.
Here are more details:
The company received orders for 393.96 million shares, against 36.9 million on offer.
Qualified institutional buyers bid for 29.22 times the shares set aside for them, while retail and non-institutional investors subscribed 5.7 times and 2.2 times, respectively
The IPO is entirely an offer for sale, where existing shareholders fully or partially offload their stake, of up to 52.73 million shares at a price band of 132 rupees-139 rupees per share, as per the red herring prospectus
• Co seeks valuation of 45.16 billion rupees at the upper end of the price band
Its top shareholders Avenue India Resurgence, owned by New York-headquartered investment firm Avenue Capital Group, and India's top lender State Bank of India plan to offload 24.82 million and 10.96 million shares, respectively
ARCIL, which was established in 2002, acquires stressed assets from banks and financial institutions and seeks to recover value through restructuring, settlements and enforcement processes.
Anchor investors, including Goldman Sachs India Asset Management, WhiteOak Capital and Bandhan Mutual Fund, invested 2.2 billion rupees in the IPO ahead of its public launch.
ARCIL's assets under management stood at 201.5 billion rupees as of March-end, while collections fell to 34.84 billion rupees in fiscal 2026 from 38.83 billion rupees a year earlier.