Asset Reconstruction Company (India) made a muted debut on Thursday, listing at par with its ₹139 issue price despite a grey-market premium that had signalled a stronger opening.
The Listing
- Listed at ₹139, matching the issue price exactly
- Grey-market premium ahead of listing: ₹12 (8.63%), implying an expected open near ₹151
- Post-listing: edged up to ₹140 on the NSE, a 0.74% gain over issue price
How the IPO was Subscribed
| Investor Category | Subscription |
| Retail | 2.29x |
| Non-institutional investors | 14.21x |
| Qualified institutional buyers | 27.87x |
| Overall | 12.15x |
Bidding ran September 9-11; the offer received bids for 448.5 million shares against 36.9 million on offer, at a price band of ₹132-139.
About the Offer and the Company
- Raised ₹733 crore, entirely an offer for sale (no fresh issue)
- Business: acquiring stressed assets from banks/financial institutions and recovering value
- AUM grew at a 15% CAGR, FY24-FY26, to ₹20,150 crore
- Loan mix shift: retail loans rose from 12.75% of AUM (FY24) to 23.55% (FY26); corporate loans fell from 78.51% to 68.75% over the same period; SME/other held near 7.70% in FY26
- Network: 13 offices across 12 states; 206 employees as of March 31, 2026
Also Read: Rupee Slides Past 96 to a Dollar After Fed Rate Hike
Reading the Flat Debut
A listing that matches the issue price exactly, after a grey-market premium had suggested a stronger open, typically points to institutional demand softening closer to listing day even where headline subscription numbers (12.15x overall, nearly 28x among QIBs) looked strong on paper.
