Subscription & GMP
Subscription is live from NSE + BSE bid data. GMP is an unofficial market indicator.
Snapshot & Timeline
Verified against RHP, cross-checked on NSE & BSE.
| Issue Structure | |
|---|---|
| Type | Mainboard · Book Built |
| Face Value | ₹10 |
| Fresh Issue | Nil |
| Offer for Sale | ₹732.97 Cr |
| Market Cap | ≈ ₹4,516.07 Cr |
| Reservation & Parties | |
|---|---|
| QIB (incl. anchor) | 50% |
| NII / HNI | 15% |
| Retail | 35% |
| Lead Managers | IIFL Capital, IDBI Capital, JM Financial |
| Registrar | MUFG Intime India |
FY24–FY26 Trend (₹ Cr)
Restated consolidated figures from the RHP.
| Metric | FY24 | FY25 | FY26 | YoY |
|---|---|---|---|---|
| Total Income | 574.11 | 623.40 | 785.08 | +26% |
| PAT | 305.34 | 355.32 | 407.84 | +15% |
| Net Worth | 2,462.51 | 2,767.80 | 3,079.39 | +11% |
| Total Borrowing | 149.95 | 305.93 | 1,205.50 | +294% |
Is the price fair?
From the RHP "Basis for Issue Price". Price (P/E) beside quality (ROE).
| Company | P/E | ROE | Net Margin |
|---|---|---|---|
| Asset Reconstruction Co. (India) | 11.1x | 13.95% | 52% |
| Aye Finance | 14.1x | — | — |
| Tata Capital | 36.0x | — | — |
Who runs it & where the money goes
| Promoters | |
|---|---|
| Promoters | Avenue India Resurgence Pte. Ltd., State Bank of India |
| Pre-issue | 89.68% |
| Post-issue | 78.67% |
| Objects of Issue | |
|---|---|
| 100% Offer for Sale — proceeds go to selling shareholders, not the company | ₹732.97 Cr |
Strengths & Risks
The part most sites skip — both sides, from the RHP.
- Established franchise — India's first/oldest ARC (since 2002), backed by State Bank of India and global PE (Avenue/Varde).
- Steady profit growth — PAT +15% in FY26 (₹305 → ₹408 Cr over three years); total income +26%.
- Reasonable valuation — ~11x P/E and ~1.5x book for a ~14% RoNW.
- Reasonably priced financial franchise — ~11x P/E and ~1.5x book, with a modest grey market (~₹10–14, ~7%).
- Diversified stressed-asset book across corporate, SME and retail loan pools.
- 100% Offer for Sale — the company raises no fresh capital; existing owners (incl. SBI and Avenue/Varde) are selling down.
- Sharply rising borrowings — up from ₹150 Cr to ₹1,206 Cr in two years to fund acquisitions.
- Moderate returns — RoNW ~14%; ARC earnings depend on lumpy, timing-dependent recoveries.
- Cyclical, regulation-sensitive model — dependent on the supply of stressed assets and the pace and quantum of recoveries.
- Just over 1x on the final day (~1.26x; QIB ~0.17x, arrives at the close) and a soft GMP (₹26 → ₹10–14); a specialised business many retail investors find hard to value.
Did the signal hold up? Updates after Sep 17
We close the loop — issue vs listing price, listing-day gain, and whether the call was right.
Asset Reconstruction Company (India) IPO FAQs
Common questions about the Asset Reconstruction Company (India) IPO — GMP, price, dates, allotment and more.
What is Asset Reconstruction Company (India) IPO GMP today?
As of the latest update (Subscription: Sep 11, 5:57 PM IST (Final, IPOJI) · GMP: Sep 11 (₹14 IPOJI ~10% @4:00PM / ₹14 InvestorGain ~10% @5:30PM)), the grey market premium (GMP) for Asset Reconstruction Company (India) IPO is around ₹14, implying an estimated listing price of about ≈ ₹153. GMP is unofficial & indicative
What is Asset Reconstruction Company (India) IPO price band?
The price band is ₹132 – ₹139 per share (face value ₹10).
What is Asset Reconstruction Company (India) IPO lot size?
The lot size is 107 · min ₹14,873 per application.
When is Asset Reconstruction Company (India) IPO allotment?
The tentative basis-of-allotment date is Sep 15.
When will Asset Reconstruction Company (India) IPO be listed?
The tentative listing date is Sep 17, 2026 on BSE · NSE.
What is the expected listing price of Asset Reconstruction Company (India) IPO?
Based on the current grey market premium of ₹14, the estimated listing price is around ≈ ₹153 — this is unofficial and not a guarantee of the actual listing price.
Should I apply for Asset Reconstruction Company (India) IPO?
Our view: Neutral · May Apply
In simple terms, this is India's oldest 'bad-loan' company — it buys stressed loans from banks cheaply and works to recover more than it paid. Its profits have grown steadily, the shares look reasonably priced (about 11 times earnings and ~1.5 times book value), and the grey market points to a small gain of about 10% (₹14). On demand, the final book closed strongly at about 20.10 times overall — retail ~3.4 times, wealthy investors ~15.7 times and the big institutions ~52.7 times. The things to weigh: the entire issue is existing owners — including State Bank of India and a private-equity backer — selling their shares, so the company itself raises no new money; its borrowings have risen sharply; and recoveries in this business can be lumpy. If you like a fairly-priced, established financial name and can accept those trade-offs it is worth a look, but the fading grey market means keeping listing-pop expectations modest. This is IPOSignal's research view, not investment advice.
What is Asset Reconstruction Company (India) IPO subscription status?
As of Final · Sep 11, 5:57 PM IST (IPOJI), the issue was subscribed 20.1× overall — QIB 52.7×, NII / HNI 15.7×, Retail 3.4×.
Who is the registrar of Asset Reconstruction Company (India) IPO?
The registrar is MUFG Intime India; the lead manager(s): IIFL Capital, IDBI Capital, JM Financial.