The initial public offer of Asset Reconstruction Company (India) received bids for 3.20 crore shares as against 3.69 crore shares on offer, according to stock exchange data at 10:25 AM on September 10, 2026. The issue was subscribed 0.47 times on the second day of bidding. The IPO opened for bidding on 9 September 2026 and will close on 11 September 2026. Among investor categories, NIIs subscribed 0.74 times, retail investors subscribed 1.02 times, while QIB subscription stood at 0.10 times as of 10:25 AM on Day 2. The issue had a measured start with limited participation, running at only around 0.03 times through Day 1, with retail and non-institutional bids each in low single digit percentages of their reserved portions.
The initial public offer consists entirely of offer for sales (OFS) of 5.27 crore equity shares to raise ₹732.97 crore with a price band of ₹132-139 per share of face value of ₹10. An investor can bid for a minimum of 107 equity shares and multiples thereof. The promoters, Avenue India Resurgence Pte, are selling 2.5 crore equity shares and State Bank of India is selling 1.1 crore equity shares. Since the IPO is entirely an OFS, the company will not receive any proceeds from the issue, with all proceeds accruing to the selling shareholders. The issue is entirely a book built mainboard issue, with QIBs holding half the book, making institutional participation in the closing session the key driver of the final subscription figure.
The promoter shareholding in the company will decline to 78.67% post-IPO from 89.68% pre-IPO. Among the selling shareholders, Lathe Investment Pte is selling 1.6 crore equity shares and The Federal Bank is selling 0.1 crore equity shares through OFS. The firm reported a consolidated net profit of ₹228.76 crore and sales of ₹4,311.98 crore for the twelve months ended on 31 March 2026.
In the grey market, Asset Reconstruction Company (India) shares are commanding a premium of around ₹24 over the upper end of the IPO price band, according to latest market indications. At the upper price band of ₹139, a GMP of ₹24 would imply an estimated listing price of around ₹163, indicating a potential listing gain of approximately 17.27% over the issue price. The company is expected to list on both NSE and BSE on Thursday, September 17, 2026, on a tentative basis. The IPO allotment is expected to be finalised on Tuesday, September 15, 2026, with refunds for unsuccessful bidders on Wednesday, September 16. IIFL Capital Services Ltd. is the book-running lead manager and MUFG Intime India Pvt. Ltd. is the registrar.
Asset Reconstruction Company (India) reported steady growth in its financial performance in FY26. The company's total income rose 26% to ₹785.08 crore in FY26 from ₹623.40 crore in FY25. Profit after tax (PAT) increased 15% to ₹407.84 crore from ₹355.32 crore during the same period. EBITDA rose to ₹588.93 crore in FY26 from ₹491.88 crore in FY25. The company's total assets stood at ₹4,460.85 crore as of March 31, 2026, compared with ₹3,263.82 crore a year earlier, while net worth increased to ₹3,079.39 crore from ₹2,767.80 crore during the same period. However, total borrowings increased sharply to ₹1,205.50 crore in FY26 from ₹305.93 crore in FY25 and ₹149.95 crore in FY24**.
