Arcil IPO Subscribed 20.10 Times on Final Day Led by Massive Institutional Demand

The initial public offering (IPO) of Asset Reconstruction Company (India) Limited (Arcil) closed on Friday, September 11, 2026, receiving an enthusiastic response from investors with the issue subscribed 20.10 times on the third and final day of bidding.

The public offer received bids for 74,19,74,594 equity shares against the net issue size of 3,69,12,363 shares across the Bombay Stock Exchange (BSE) and National Stock Exchange (NSE). The momentum picked up significantly on the final day, following an overall booking of 0.87 times at the end of Day 2.

Category-Wise Subscription Breakdown

The final subscription figures showed widespread demand across all investor categories, with institutions leading the charge:

• Qualified Institutional Buyers (QIBs): The institutional quota saw aggressive bidding, getting booked 52.65 times with bids for 55.52 crore shares against the 1.05 crore shares on offer.
• Non-Institutional Investors (NIIs): The high-net-worth portion was subscribed 15.69 times. Within this segment, bids for amounts exceeding ₹10 lakh (bNII) were subscribed 16.74 times, while the small NII (sNII) portion stood subscribed 13.58 times.
• Retail Individual Investors (RIIs): The retail investor category recorded a subscription of 3.39 times, with demand amounting to 6.26 crore shares against the 1.84 crore shares set aside for retail participants.

Issue Details and Anchor Book

The ₹732.97-crore book-built issue had a fixed price band of ₹132 to ₹139 per equity share, with a lot size consisting of 107 shares (amounting to a minimum retail application value of ₹14,873 at the upper band).

The public offering was entirely an offer for sale (OFS) of 5,27,31,946 equity shares. Selling shareholders in the issue include Avenue India Resurgence (backed by Avenue Capital Group), State Bank of India, GIC-backed Lathe Investment, and Federal Bank. Because the offer is entirely secondary, the proceeds will go directly to the selling shareholders and not to the company.

Prior to the public issue opening on September 9, Arcil mobilised ₹219.89 crore from 21 institutional investors in its anchor book on September 8, 2026, at ₹139 per share. Domestic mutual funds secured 51.39% of the anchor allocation across 12 schemes.

Company Financial Highlights

For the financial year ended March 31, 2026 (FY26), Arcil posted solid operational expansion:

• Total income climbed 26% year-on-year to ₹785.08 crore, compared to ₹623.40 crore in FY25.
• Profit after tax (PAT) increased by 15% to ₹407.84 crore from ₹355.32 crore in the preceding fiscal.
• Earnings Before Interest, Taxes, Depreciation, and Amortisation (EBITDA) stood at ₹588.93 crore in FY26, up from ₹491.88 crore in FY25.
• Total assets expanded to ₹4,460.85 crore from ₹3,263.82 crore, while the company's net worth rose to ₹3,079.39 crore.

Key Dates and What Lies Ahead

With the bidding window now closed, investor attention turns to the allotment and secondary market listing:

• Basis of Allotment: The share allotment is scheduled to be finalised on Tuesday, September 15, 2026.
• Refunds and Demat Credit: Initiation of refunds and credit of equity shares to allottees' demat accounts will occur on Wednesday, September 16, 2026.
• Listing Date: Shares of Asset Reconstruction Company (India) Limited are scheduled to list on BSE and NSE on Thursday, September 17, 2026.

MUFG Intime India Pvt. Ltd. is acting as the registrar to the offer, where investors will be able to verify their allotment status once finalised.

Tags: Asset Reconstruction Company India Arcil IPO BSE NSE SEBI Banking and Financial Services