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19 Nov 2024
Northern Arc Capital, which submitted its draft prospectus in February, plans to launch an IPO that includes a fresh equity sale of Rs 500 crore and an offer for sale (OFS) of 2.1 crore shares. The company aims to use the proceeds for future capital needs, primarily for onward lending.
Northern Arc is a diversified financial services platform focused on meeting the retail credit needs of underserved households and businesses in India.
It specializes in credit across sectors such as MSMEs, microfinance, consumer finance, vehicle finance, affordable housing finance, and agricultural finance. For the six months ending September 2023, Northern Arc reported operational revenue of Rs 838 crore and a profit of about Rs 150 crore.
Shree Tirupati Balajee Agro Trading's IPO includes a fresh issue of 1.3 crore shares and an OFS of 36.4 lakh shares by promoter Binod Kumar Agarwal.
The company manufactures and supplies flexible intermediate bulk container (FIBC) jumbo bags, container liner bags, recycled PP bags, specialized PP woven bags, and BOPP printed small bags for various customer needs. The net proceeds will be used for debt repayment, funding working capital, and general corporate purposes.
ICICI Securities, Axis Capital, and Citigroup Global Markets India are the lead managers for Northern Arc's IPO, while PNB Investment Services and Unistone Capital are managing Shree Tirupati Balajee Agro Trading's IPO.
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