Northern ARC Capital
Book Building issueMainboard₹777 Cr issue
+33.46%
Listing gain over issue price
Issue size
₹777 Cr
1 lot at cut-off
₹14,991
Lot size
57shares
Open
16 Sep 2024
Close
19 Sep 2024
Allotment
20 Sep 2024
Listing
24 Sep 2024
Listing performance
Issue price
₹263
Listed at
₹351
Listing-day close
₹323.60
Latest price
₹247.45
Close on 23 Oct 2026
Listing gain
+33.46%
Return since issue
-5.91%
Scheduled dates
Tentative timetable — a past date is not confirmation the step completed
Issue details
- IPO date
- 16 Sep 2024 – 19 Sep 2024
- Listing date
- 24 Sep 2024
- Face value
- ₹10 per share
- Issue price
- ₹263 per share
- Lot size
- 57 shares
- Issue type
- Book Building issue
- Total issue size
- ₹777 Cr
- Market cap at offer price
- ₹4,243 Cr
- ISIN
- INE850M01015
- Registrar
- Kfin Technologies Ltd.
- Lead managers
- ICICI Securities Ltd.
- Registered office
- No.1, Kanagam Village 10th Floor, 10th Floor, IITM Research Park Taramani, Tamil Nadu
Reservation and application size
How the issue is split between investor categories, and what each may bid
| Investor category | Shares | % of net | % of total |
|---|---|---|---|
| Anchor investor · within QIB | 87,02,031 | — | — |
| Market maker | 0 | — | — |
Application size
Minimum 57 shares per lot, in multiples, at ₹263
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 1 | 57 | ₹14,991 |
| Retail (max) | 13 | 741 | ₹1,94,883 |
| S-HNI (min) | 14 | 798 | ₹2,09,874 |
| S-HNI (max) | 66 | 3,762 | ₹9,89,406 |
| B-HNI (min) | 67 | 3,819 | ₹10,04,397 |
Category limits
| Category | Bid size | Cut-off |
|---|---|---|
| Retail (RII) | Up to ₹2 lakh | Yes |
| Small HNI (sNII) | ₹2 lakh – ₹10 lakh | No |
| Big HNI (bNII) | Above ₹10 lakh | No |
| Employee | Up to ₹5 lakh | Yes |
Bidding at cut-off means accepting the final issue price without naming one. Only retail and employee applicants may do so.
Anchor investors
Institutional allocation placed a day before the issue opens, carved out of the QIB portion and locked in after listing.
Shares allocated
87,02,031
Anchor portion
₹229 Cr
at ₹263 per share
Valuation and performance
Valuation at offer price
₹263 per share
| Metric | Pre-issue | Post-issue |
|---|---|---|
| EPS (₹) | 22.32 | 19.69 |
| P/E (×) | 11.78 | 13.36 |
| Price to book (×) | 1.49 | — |
| Market cap | — | ₹4,243 Cr |
Key performance indicators
Latest reported period
- Return on net worth
- 13.32%
- Debt / equity
- 3.90
- NAV per share
- ₹177.06
- Price to book
- 1.49
Single period as reported. Year-on-year movement is in the financials table below, where every period is published.
About Northern ARC Capital
Northern Arc Capital Limited, incorporated in 1989 and registered with RBI as a non-banking financial company (NBFC) not accepting public deposits, is a financial services platform with a mission to cater to retail credit requirements of underserved households and businesses in India. Since 2009, the company has facilitated financing of over ₹1.73 trillion impacting over 101.82 million lives as of March 31, 2024. The company operates through three primary channels: Lending (extending financing from balance sheet to Originator Partners and directly to customers), Placements (syndication of financing through Investor Partners), and Fund Management (managing debt funds and providing portfolio management services). The company generates revenue primarily through interest income from its lending channel, professional fees from placements, and management fees from fund management activities.
Company Analysis
from RHPNorthern Arc Capital Limited is a diversified NBFC-ND-SI that facilitates retail credit across MSME financing, microfinance, consumer finance, vehicle finance, affordable housing, and agriculture through lending, placements, and fund management channels.
Northern Arc Capital Limited, incorporated in 1989 and registered with RBI as a non-banking financial company (NBFC) not accepting public deposits, is a financial services platform with a mission to cater to retail credit requirements of underserved households and businesses in India. Since 2009, the company has facilitated financing of over ₹1.73 trillion impacting over 101.82 million lives as of March 31, 2024. The company operates through three primary channels: Lending (extending financing from balance sheet to Originator Partners and directly to customers), Placements (syndication of financing through Investor Partners), and Fund Management (managing debt funds and providing portfolio management services). The company generates revenue primarily through interest income from its lending channel, professional fees from placements, and management fees from fund management activities.
MSME financingMicrofinanceConsumer financeVehicle financeAffordable housing financeAgricultural finance
Objects of the Issue
- Onward lending in focused sectors - MSME financing, MFI, consumer finance, vehicle finance, affordable housing finance and agricultural finance, and to ensure compliance with RBI regulations on capital adequacy ₹5,000.00 million (Fresh Issue) less offer related expenses (to be finalized) p.24
- Primarily use the Net Proceeds of the Fresh Issue for to meet future capital requirements towards onward lending p.91
- Meet future capital requirements towards onward lending ₹5,000.00 million (Net Proceeds after deducting Offer related expenses) p.164
- MSME finance sector disbursement ₹1,500.00 million p.166
- Microfinance sector disbursement ₹1,500.00 million p.166
- Consumer finance sector disbursement ₹1,500.00 million p.166
- Vehicle finance sector disbursement ₹250.00 million p.166
- Affordable housing finance sector disbursement ₹50.00 million p.166
- Agricultural finance sector disbursement ₹200.00 million p.166
- Not provided in this document section p.21
- Not specified in this part of the document
- Not specified in this part
Issue Structure
- Total Issue
- Up to [●] Equity Shares of face value ₹10 each aggregating up to ₹[●] million
- Fresh Issue
- Up to [●] Equity Shares of face value ₹10 each aggregating up to ₹5,000.00 million
- Offer for Sale
- Up to 10,532,320 Equity Shares of face value ₹10 each aggregating up to ₹[●] million by Selling Shareholders
- Price Band
- [●] per Equity Share (Floor Price and Cap Price to be determined; Cap Price shall be at least 105% and not more than 120% of Floor Price)
- Lot Size
- [●] Equity Shares (minimum bid lot and multiples to be determined)
- Face Value
- ₹10 each
Business Model
The company operates a multi-channel financial services platform. The Lending channel generates interest income from loans extended to Originator Partners (for intermediate retail lending) and directly to borrowers. The Placements channel generates professional fees by structuring and syndicating financing products to Investor Partners for onward lending by Originator Partners. The Fund Management channel generates management fees by managing debt funds and providing portfolio management services. The company engages with financial institution partners, technology platforms (fintechs), retail lending partners, investor networks, and direct borrowers across six focused sectors.
Business Segments
Extends financing from balance sheet to Originator Partners in the form of loans or investment in their debt to enable on-lending to retail customers
Extends financing directly to underserved households and businesses either in collaboration with Retail Lending Partners or through branch network for rural finance and MSME lending
Works with network of Investor Partners to structure and syndicate financing through variety of debt and credit-enhanced debt products for Originator Partners
Manages debt funds and provides portfolio management services
Extending financing from balance sheet to Originator Partners such as NBFCs, NBFC-MFIs, housing finance companies or other corporates, in the form of loans or investment in their debt to enable on-lending to the retail customer
Directly extending credit to under-served households and businesses either in collaboration with Retail Lending Partners or through branch network to offer rural finance and MSME lending
Enabling credit for Originator Partners through various financing products by connecting them with Investor Partners through syndication, securitisation and other financing structures
Managing debt funds (Alternative Investment Funds) and providing portfolio management services to investors
Provides financing to Micro, Small and Medium Enterprises
Provides microfinance lending
Provides consumer financing products
Provides financing for vehicle purchases
Provides financing for affordable housing
Provides agricultural financing
Extends loans to under-served MSME businesses and NBFCs engaged in MSME financing either directly or through Originator Partners. Facilitates debt financing for secured and unsecured small business lending, merchant financing, supply chain financing, school financing and support for micro and medium-sized corporations.
Offers microfinance loans to under-served individuals, either directly through dedicated rural finance partner subsidiary Pragati acting as business correspondent, or in collaboration with Retail Lending Partners and Originator Partners. Primary focus on joint liability group (JLG) lending format.
Extends financing to individuals from new to credit backgrounds and other under-served categories, encompassing both employed and self-employed individuals. Offers consumer durable loans, cash or personal loans, salary advance loans, and buy-now-pay-later financing for products and services through online and offline channels.
Primarily works with Originator Partners operating in the vehicle sector to lend to under-served individuals and businesses exploring financing for commercial vehicles, two-wheelers, electronic vehicles, and e-mobility companies.
Provides financing for affordable and mid-income housing segment with focus on low- and middle-income housing borrowers in both metro and non-metro regions.
Provides financing for agriculture value chain including pre-harvest finance, infrastructure finance, allied activities financing, and post-harvest finance including warehouse receipt finance and food/agro processing loans.
Provides loans to self-employed customers, wholesale and retail dealers, merchants, builders, small and medium scale manufacturing concerns and service providers with typical loan amounts of ₹50,000 to ₹50 million and tenor of two to seven years
Provides microfinance loans to micro-entrepreneurs in joint liability group format with typical loan amounts of ₹10,000 to ₹125,000 and tenor up to two years
Provides personal loans to salaried, self-employed (professional and non-professional) customers with typical loan amounts of ₹1,000 to ₹500,000 and tenor up to 48 months
Provides financing for two-wheelers (₹40,000 to ₹1,00,000), used commercial vehicles (₹250,000 to ₹1 million), and new commercial vehicles (₹0.8 million to ₹5 million including loans to operators) with tenor up to 5 years
Provides housing loans to salaried and self-employed individuals in rural and semi-urban areas with typical loan amounts of ₹200,000 to ₹5 million and tenor up to 15 years
Provides loans to farmers, farmer producer organizations, and community building organizations or collectives in rural and semi-urban areas with typical loan amounts of ₹100,000 to ₹30 million and tenor of three to 12 months
Provides technology-driven supply chain financing offering tailored credit solutions to various participants within enterprises' supply chain network in sectors such as agriculture, pharmaceuticals, electronics and metals
Addresses growth capital needs of medium enterprises through working capital loans, term loans and acquisition financing
Provides secured business loans directly through physical branches with LAP AUM of ₹6,144.00 million as of March 31, 2024 across 50 branches in seven states
Serves rural and semi-urban areas by providing small ticket loans through Pragati subsidiary using phygital (physical plus digital) delivery model, offering income-generating micro loans and household loans in ticket size range of ₹30,000 to ₹125,000
Lending business through partnership models
Lending to intermediate retail customers
Alternative investment funds and portfolio management
Microfinance lending to women from low-income households under joint liability group model
Arranging, facilitating, or providing finance through loans, investments, and guarantees to support microfinance institutions and other borrowers
Providing investment advisory and consulting services
Managing alternative investment funds and providing investment management services through subsidiaries
Providing portfolio management services
Financing for micro, small and medium enterprises
Microfinance lending operations
Consumer financing
Vehicle financing operations
Affordable housing finance operations
Agricultural finance operations
Extending financing from balance sheet to under-served households and businesses
Providing loans or investment in debt of Originator Partners to enable their on-lending to retail customers
Enabling credit for Originator Partners through various financing products
Managing debt funds and providing portfolio management services
Financing for MSME businesses
Microfinance lending
Consumer finance offerings
Vehicle financing
Affordable housing lending
Agricultural financing
SWOT Analysis
Strengths
- • Extensive reach and impact in under-served segments(p.24)
- • Low industry-wide credit costs among diversified NBFCs(p.24)
- • Diversified multi-channel business model across sectors(p.24)
- • Significant geographic and partner network expansion(p.44)
- • Strong financial growth trajectory(p.44)
- • RBI registration and regulatory compliance(p.24)
- • Significant loan portfolio growth trajectory(p.107)
- • Strong revenue growth from core lending operations(p.108)
- • Consistent profitability with expanding net margins(p.108)
- • Board-led, management-run governance without promoter concentration(p.148)
- • Large addressable and underpenetrated market with strong sectoral expertise(p.170)
- • Large ecosystem of partners and data technology platform creating strong network effects(p.170)
- • Proprietary technology product suite transforming the debt market ecosystem(p.170)
- • Robust risk management based on domain expertise, proprietary risk models and data repository(p.170)
- • Diversified sources of funding with established lender relationships and strong credit rating(p.170)
- • Low gross NPA ratio of 0.45% and net NPA of 0.08% among lowest in industry(p.217)
- • Significant AUM growth of 29.99% in FY2024(p.173)
- • Pioneering position in financial inclusion infrastructure with multi-channel platform(p.284)
- • Early mover advantage in securitization and structured finance products(p.288)
- • Strong proprietary technology platform integrating entire debt lifecycle(p.296)
- • Diversified revenue model across three channels reducing concentration risk(p.285)
- • Deep sector expertise and data analytics capabilities for risk assessment(p.294)
- • Significant scale with over ₹1 trillion in cumulative funding facilitated(p.287)
- • Strong credit ratings and access to diverse capital sources(p.298)
- • Diversified shareholder base with institutional investors(p.354)
- • No identifiable promoter, board-led management structure(p.330)
- • Experienced management team with established track records(p.340)
- • Strategic investments in growth platforms(p.331)
- • Access to multiple funding channels and investor networks(p.333)
- • Sophisticated ECL impairment framework with multi-stage credit risk assessment(p.376)
- • Robust derivative hedging capability for interest rate and foreign currency risk management(p.381)
- • Comprehensive lease accounting and ROU asset management under Ind AS 116(p.380)
- • Well-structured securitization program generating alternative funding sources(p.405)
- • Diversified loan portfolio with both term loans and structured cash credit instruments(p.386)
- • Leading diversified NBFC with strong AUM and low credit costs(p.452)
- • Excellent asset quality with very low NPAs(p.453)
- • Proprietary integrated technology stack enabling scale(p.453)
- • Substantial data repository supporting credit assessment(p.453)
- • Long operating history with deep sector expertise(p.453)
- • Significant impact and scale in financial inclusion(p.452)
- • Diversified and well-established funding sources(p.453)
- • Diversified financing operations across multiple channels and sectors(p.497)
- • Substantial growth in Gross Transaction Volume and Assets Under Management(p.499)
- • Strong collection efficiency and improving asset quality(p.510)
- • Healthy capital adequacy ratios exceeding regulatory requirements(p.500)
- • Diversified lender base reducing funding concentration risk(p.507)
- • Expanding geographic presence across multiple states and union territories(p.511)
Weaknesses
- • No identifiable promoter affecting governance(p.46)
- • Auditor qualifications and compliance matters(p.46)
- • High proportion of unsecured and subordinated exposures(p.48)
- • Covenant compliance violations in financing arrangements(p.49)
- • Stage 3 assets and write-offs indicating credit stress(p.45)
- • History of loan covenant breaches requiring waivers from lenders(p.49)
- • High attrition rates among key personnel and Senior Management(p.54)
- • Significant concentration of borrowings with key lenders(p.55)
- • Persistent negative operating cash flows(p.52)
- • High concentration of AUM in two sectors (MFI and Consumer finance)(p.61)
- • High concentration of AUM in top 5 states(p.62)
- • Untraceable corporate records relating to historical equity share allotments(p.53)
- • Past instances of defaults from major borrowers including fraud(p.57)
- • History of delays in payment of statutory dues(p.57)
- • Significant exposure to high credit risk borrowers and unrated Originator Partners(p.59)
- • High proportion of unsecured and subordinated loans(p.64)
- • Non-compliance instances with regulatory filing requirements and RBI observations(p.65)
- • Cyber attack incident with potential customer data breach(p.72)
- • Certain subsidiaries have incurred losses(p.79)
- • High impairment charges on financial instruments(p.108)
- • Significant leverage and high borrowing dependence(p.107)
- • Missing corporate records for historical share allotments(p.134)
- • Concentrated shareholder base with limited public holding(p.150)
- • Declining Tier II capital ratio from 0.62% to 0.19%(p.165)
- • Decreasing CRAR from 22.79% to 18.26% indicating capital pressure(p.165)
- • Rapid employee growth from 323 to 2,695 within three years(p.173)
- • Fund requirements not appraised by independent institutions(p.166)
- • High concentration of credit exposure to few key originator partners(p.286)
- • Significant reliance on indirect lending model with originator partner risk(p.284)
- • Past non-compliance with financing covenants creating regulatory risk(p.326)
- • Declining capital adequacy ratio indicating potential leverage constraints(p.292)
- • Exposure to portfolio stress from COVID-19 pandemic impacts on borrowers(p.287)
- • Significant exposure to customer concentration risk(p.328)
- • Substantial debt obligations from borrowing activities(p.365)
- • Audit qualifications regarding database audit trail controls(p.360)
- • Subsidiary concentration and operational dependency(p.332)
- • Significant impairment charges on financial instruments(p.366)
- • Significant exposure to impairment losses on financial assets across stages 1-3(p.386)
- • Concentration risk in debtors through guarantee exposure(p.406)
- • High dependence on subordinated and securitized debt funding with maturity concentration(p.405)
- • Intangible assets subject to impairment testing with accumulated impairment losses(p.391)
- • Significant undrawn loan commitments requiring ECL provisions(p.395)
- • High financial leverage with debt-to-equity ratio of 3.90x(p.493)
- • Significant concentration in Direct to Customer Lending with higher operating costs(p.456)
- • Rising finance costs impacting profitability(p.453)
- • High impairment on financial instruments showing asset quality deterioration(p.480)
- • Reliance on restrictive covenants in borrowing arrangements(p.450)
- • IT infrastructure gaps with servers not physically located in India(p.496)
- • Delays in depositing employee state insurance dues and outstanding liabilities(p.497)
- • Significant increase in credit costs and impairment allowances(p.500)
- • Rising Debt-to-Equity ratio indicating increasing leverage(p.500)
- • Declining CRAR ratio indicating reduced capital buffer(p.500)
- • Pending regulatory compliance matters with FIU-IND(p.521)
- • Cyber security incidents and data breaches(p.521)
- • Misappropriation and fraud cases involving subsidiary employee and agents(p.522)
Opportunities
- • Rapid growth in Indian retail credit market(p.24)
- • Strong growth in NBFC lending across focused sectors(p.24)
- • Vast untapped rural credit market opportunity(p.24)
- • Expansion of technology platforms and digital lending(p.19)
- • Significant growth in Direct to Customer Lending channel(p.66)
- • Expansion of branch network for rural finance operations(p.87)
- • Growing portfolio in Consumer Finance and MSME sectors(p.60)
- • Expansion of Fund Management channel(p.77)
- • Growing Placements channel with expanding Investor Partner base(p.66)
- • Development of proprietary technology platforms(p.82)
- • Expansion of lending operations through capital raise(p.103)
- • Growing market for financial services in India(p.120)
- • Sector-wise growth deployment across MSME, MFI, consumer, vehicle, housing and agriculture finance(p.165)
- • NBFC retail credit expected to grow at 16-18% CAGR between Fiscals 2024-2026(p.210)
- • Strong growth in Middle India households from 102.7 million to projected 181 million by FY30(p.200)
- • Retail credit market to grow at 17-18% CAGR to reach ₹100.9 trillion by FY2026(p.201)
- • NBFCs expected to require incremental funding of ₹10.2 trillion during FY25-27(p.218)
- • Rural India accounts for 47% of GDP but only 9% of credit indicating vast untapped opportunity(p.209)
- • Co-lending model with banks enabling operational leverage and capital optimization(p.220)
- • Expansion through inorganic growth and strategic acquisitions(p.284)
- • Growing direct retail lending presence across underserved geographies(p.285)
- • Scaling of innovative supply chain and MSME financing products(p.286)
- • Penetration of emerging segments: women entrepreneurs and ESG-aligned lending(p.292)
- • Digital lending platform expansion through nPOS and co-lending partnerships(p.297)
- • Growing fund management and investment platform capabilities(p.289)
- • Expansion of lending and advisory services(p.370)
- • Growth in microfinance segment through acquisition(p.332)
- • Alternative investment fund management and portfolio services(p.351)
- • Digital and technology-enabled financial services platform(p.350)
- • Growth through credit enhancement and guarantee solutions(p.355)
- • Expansion of securitization program to fund growing loan portfolio(p.405)
- • Growth in strategic investment portfolio through FVOCI instruments(p.387)
- • Expansion of alternative investment fund (AIF) exposure through wholly-owned subsidiary(p.388)
- • Increased commercial paper issuance for short-term funding(p.397)
- • Growing term lending volume through expanded bank relationship program(p.398)
- • Large and growing retail credit market in India(p.453)
- • Strategic expansion of Direct to Customer Lending with branch network(p.456)
- • Monetization potential of technology platforms(p.457)
- • Extending financing to Originator Partners for scaling(p.457)
- • Broad-based growth across MSME, MFI and consumer finance sectors(p.478)
- • Expansion into direct-to-customer lending channel with high growth rates(p.505)
- • Growing consumer finance market with expanding AUM(p.505)
- • Increasing penetration in affordable housing finance segment(p.506)
- • Expansion of technology platforms and investor/partner networks(p.511)
- • Growing fund management business with increasing investor base(p.512)
Threats
- • Borrower default risks in under-served segments(p.44)
- • Regulatory and compliance risks from RBI(p.40)
- • Economic cyclicality affecting credit performance(p.45)
- • Sector-specific risks in focused lending areas(p.40)
- • Intense competition in NBFC and lending sectors(p.40)
- • Funding and liquidity disruption risks(p.40)
- • Concentration risk from high borrower/sector exposure(p.40)
- • Highly competitive lending industry with large institutional competitors(p.49)
- • Liquidity and refinancing risks in debt markets(p.51)
- • Risk of property lease non-renewal and disputes with landlords(p.52)
- • Natural disasters affecting operations in vulnerable regions(p.53)
- • Regulatory observations from RBI requiring corrective measures(p.54)
- • Intense competition for skilled professionals in financial services(p.54)
- • Exposure to macroeconomic conditions and inflation affecting borrower repayment capacity(p.94)
- • Regulatory changes affecting lending practices and digital lending(p.94)
- • Geopolitical tensions and global economic uncertainty(p.94)
- • Regulatory changes to tax treatment and exemptions(p.95)
- • Inflation and inability to pass costs to customers(p.96)
- • Unfavorable Indian tax policy changes on shareholder returns(p.95)
- • Post-listing surveillance measures may restrict trading(p.95)
- • Foreign exchange volatility affecting returns to foreign investors(p.101)
- • Systemic risk in Indian financial system(p.97)
- • Competition law enforcement risks(p.97)
- • Objects of Fresh Issue not appraised and utilization may be rescheduled at management discretion(p.166)
- • GDP growth expected to slow to 6.8% in FY2025 from 8.2% in FY2024(p.200)
- • RBI expected to maintain pause on rate cuts until Q4 FY25(p.199)
- • Elevated interest rates could tighten financial conditions for economy segments(p.199)
- • Retail credit normalization and RBI risk weight circular impacting growth(p.201)
- • Risk of varying utilization requiring shareholders' approval and compliance burden(p.166)
- • Intense competition from banks, NBFCs and digital lending platforms(p.299)
- • Regulatory changes increasing capital and compliance burden(p.301)
- • Increased risk weights on consumer credit reducing leverage capacity(p.313)
- • Macroeconomic and sector-specific downturns impacting borrower repayment capacity(p.287)
- • Concentration risk in geographic regions vulnerable to socio-political stress(p.287)
- • Cyber security and data breach risks affecting operations and reputation(p.300)
- • Interest rate volatility and liquidity market fluctuations affecting funding costs(p.295)
- • Regulatory changes in NBFC sector and RBI compliance requirements(p.357)
- • Interest rate and macroeconomic volatility(p.357)
- • Credit risk from loan portfolio deterioration(p.367)
- • Competitive pressure in lending and financial services market(p.372)
- • Shareholder control and governance restrictions post-IPO(p.335)
- • Regulatory credit risk through RBI restrictions on AIF investments(p.388)
- • Credit risk escalation in guarantee portfolio with stage transfers(p.406)
- • Counterparty risk on derivative instruments with investment banks(p.393)
- • Interest rate risk on fixed-rate debt obligations amid volatile rate environment(p.383)
- • Foreign currency exposure on cross-currency swap positions(p.383)
- • Intense competition in retail lending from banks and other NBFCs(p.457)
- • Increased competition from Direct to Customer Lending competitors(p.457)
- • Regulatory changes affecting NBFC operations and lending(p.456)
- • Economic slowdown and macroeconomic risks impacting borrowers(p.456)
- • Rising interest rates impacting cost of borrowings and asset quality(p.454)
- • Risk of non-compliance with borrowing covenants(p.449)
- • Expected intensification of competition in financing industry(p.497)
- • Economic changes and market uncertainties affecting business operations(p.497)
- • Dependence on technology platforms with risks of disruption and security failures(p.521)
- • Large portfolio exposure through top 10 states with concentration risk(p.512)
- • Material litigation risks from borrower defaults and frauds(p.522)
Promoters
| Name | Role | Pre-Issue | Post-Issue |
|---|---|---|---|
| LeapFrog Financial Inclusion India (II) Ltd | Investor Selling Shareholder | 20.67% | — |
| Eight Roads Investments Mauritius II Limited (formerly known as FIL Capital Investments (Mauritius) II Limited) | Investor Selling Shareholder | 9.39% | — |
| Dvara Trust (represented by its corporate trustee, Dvara Holdings) | Investor Selling Shareholder | 6.66% | — |
| Accion Africa-Asia Investment Company | Investor Selling Shareholder | 5.31% | — |
| Sumitomo Mitsui Banking Corporation | Investor Selling Shareholder | 4.83% | — |
| 360 ONE Special Opportunities Fund (formerly known as IIFL Special Opportunities Fund) | Investor Selling Shareholder | 3.03% | — |
| IFMR Trust (now Dvara Trust) | Promoter/Promoter Group | — | — |
| Not provided in this document section | Not provided in this document section | — | — |
| IFMR Trust | Promoter | — | — |
| Dvara Trust (via Dvara Holdings) | Shareholder/Investor | 4.06% | — |
| LeapFrog Financial Inclusion India (II) Ltd | Shareholder | 20.67% | — |
| Augusta Investments II Pte. Ltd | Shareholder | 17.87% | — |
| 360 ONE Funds | Shareholder | 21.69% | — |
| Leapfrog Financial Inclusion India (II) Limited | Promoter Group | 33.51% | — |
| Augusta Investments Pte II Ltd | Promoter Group | 25.32% | — |
| Dvara Trust | Promoter Group | 11.11% | — |
| Accion Africa Asia Investment Company | Promoter Group | 8.61% | — |
| Sumitomo Mitsui Banking Corporation | Promoter Group | 7.84% | — |
| Dvara Trust | Selling Shareholder | — | — |
| Accion Africa-Asia Investment Company | Selling Shareholder | — | — |
| LeapFrog Financial Inclusion India (II) Ltd | Selling Shareholder | — | — |
| Eight Roads Investments Mauritius II Limited | Selling Shareholder | — | — |
| 360 ONE Special Opportunities Fund | Selling Shareholder | — | — |
| Sumitomo Mitsui Banking Corporation | Selling Shareholder | — | — |
Leadership
Ashish Mehrotra · Managing Director and Chief Executive Officer
Atul Tibrewal · Chief Financial Officer
Prakash Chandra Panda · Company Secretary and Compliance Officer
Dr. Kshama Fernandes · Non-Executive Director and Vice-Chairperson
Auto-extracted from the company's RHP using AI, with each fact linked to its source passage (hover any row to see the quote & page). Provided for research only, not investment advice — verify against the official RHP before relying on it.
Northern ARC Capital IPO FAQs
What is the lot size of Northern ARC Capital IPO?
The minimum lot size of Northern ARC Capital IPO is 57 shares. One lot costs ₹14,991 at the cut-off price.
When does Northern ARC Capital IPO open and close?
Northern ARC Capital IPO opened for subscription on 16 Sep 2024 and closed on 19 Sep 2024.
What is the listing date of Northern ARC Capital IPO?
Northern ARC Capital IPO listed on 24 Sep 2024.