The Asset Reconstruction Company (India) Ltd (Arcil) IPO achieved exceptional investor response, with the issue being subscribed 200 times on the final day of bidding on September 11. According to NSE data, investors placed bids for 74.20 crore equity shares against the 3.69 crore shares on offer. The subscription pattern showed strong institutional demand, with qualified institutional buyers (QIBs) subscribing 52.65 times, while the non-institutional investor (NII) portion was subscribed 15.69 times and the retail category 3.39 times. As per latest reports, the allotment status is expected to be announced today, September 15, 2026, with investors able to check their status through NSE, BSE, and registrar MUFG Intime India's official websites. The ₹732.97 crore IPO was open for subscription from September 9 to September 11, with the price band fixed at ₹132-139 per share, consisting entirely of an offer-for-sale (OFS) of up to 5.27 crore shares.
The ARCIL IPO made a quiet debut at the issue price of ₹139 per share on September 17, 2026, with shares listing on both BSE and NSE. As per Business Standard, the stock was listed flat at ₹139 on both BSE and NSE, matching the initial public offer price. The stock was trading at ₹140 on the NSE, up 0.74% against the offer and listing price, showing modest early gains. The stock was trading at ₹151 in the unofficial market, a premium of ₹12 or 8.63%, as per Business Standard, indicating that the listing fell short of grey market expectations. The market capitalisation of the stock stood at ₹4,516.07 crore on the BSE. The ₹732.97 crore book-built issue was a 100% Offer for Sale (OFS) structure, meaning the company will not receive any proceeds from the public issue and the entire funds would go to the shareholders offloading their stakes. The shares are scheduled to list on the BSE and NSE on September 17, with the allotment basis scheduled for September 15 and refunds and credit of shares to successful applicants expected on September 16.
Most brokerages had issued a Subscribe rating for the IPO, with experts seeing long-term value emerging for the company. According to Anand Rathi, ARCIL's established nationwide presence, strong relationships with banks and financial institutions, and first-mover advantage as India's first ARC provide a strong platform for sustained growth in the stressed-asset resolution market. The company's AUM grew at a 15% CAGR during FY24-FY26 to ₹20,150 crore, demonstrating strong scalability. Canara Bank Securities noted that the Indian ARC market is highly concentrated, with the top 7 players holding 74% of AUM, while ARCIL is the second-largest ARC with a 12.6% market share (AUM ₹16,852.57 crore as of March 31, 2025) and ranks as the most profitable private ARC by RoA (11.73% in FY25). For retail investors, based on the grey market premium (GMP), an investor was expected to make a profit of ₹1,284 on a lot of 107 shares. However, investment experts now suggest that investors who received IPO allotment may consider booking partial gains after the listing while holding the remaining shares for the long term, as per Kantilal Chhaganlal Securities Pvt. Ltd.
Arcil reported revenue of around ₹785 crore in FY26, representing a compounded annual growth rate (CAGR) of around 16.9% from ₹574.1 crore in FY24. As reported by Moneycontrol, profit increased 14.8 percent to ₹407.8 crore in FY26 from ₹355.3 crore a year earlier. Operating EBITDA rose to ₹589 crore in FY26 from ₹416.4 crore in FY24. However, EBITDA margins have fluctuated over the period, increasing from 53.18% in FY24 to 57% in FY25 before declining to 51.95% in FY26. The company has been operating in India's asset reconstruction market since its incorporation in 2003, acquiring stressed financial assets from banks and working on their resolution through restructuring, settlements and enforcement of security interests. As of March 31, 2025, ARCIL was the second-largest asset reconstruction company in India by assets under management (AUM) with ₹168,525.70 million, and was also the second-most profitable private ARC in Fiscal 2025, reporting a standalone profit of ₹3,553.19 million. By March 31, 2026, the company operated 13 offices across 12 states and was supported by 206 employees, 218 registered valuers, and 206 collection agencies.
The selling shareholders in the OFS include Avenue India Resurgence Pte. Ltd. and State Bank of India, classified as promoters of the company, along with Lathe Investment Pte. Ltd. and Federal Bank, classified as investors. IIFL Capital Services, IDBI Capital Markets & Securities and JM Financial are serving as book-running lead managers, while MUFG Intime India Private Limited is the registrar to the issue. The company's shares are expected to make their debut on the BSE and NSE on September 17. As per latest reports, the allotment status is expected to be announced today, September 15, 2026, with investors able to check their allotment status through the official websites of NSE, BSE, and registrar MUFG Intime India. ARCIL does not have a direct listed peer in India, making a like-for-like valuation comparison difficult. The promoter shareholding in the company will decline to 78.67% post-IPO from 89.68% pre-IPO. Ahead of the IPO, ARCIL raised ₹219.89 crore from anchor investors on August 8, 2026, with the board allotting 1.58 crore shares at ₹139 each to 21 anchor investors.
