Asset Reconstruction IPO Day 3: The Rs 732.97 crore initial public offering (IPO) of Asset Reconstruction Company (India) Limited enters its final day of bidding on Thursday, September 11, with the issue still short of full subscription after two sessions.
The IPO was 0.87 times subscribed by 5 pm on Day 2, with retail and NII demand crossing the one-time mark, while institutional participation remained subdued.
Investors will now watch whether QIB demand picks up on the final day and pushes the issue into oversubscription.
Asset Reconstruction IPO Subscription Status
The Asset Reconstruction IPO saw 0.87 times subscription till 5:00 pm on Day 2.
Among the investor categories, NIIs subscribed 1.03 times, while retail investors subscribed 1.24 times. The QIB portion was subscribed 0.10 times.
With the issue entering its final day, the key focus will be on whether qualified institutional buyers step up their participation and help the IPO cross the full-subscription mark before bidding closes.
Asset Reconstruction IPO Issue Details
Asset Reconstruction Company (India) is looking to raise Rs 732.97 crore through the IPO. The issue is entirely an OFS of 5.27 crore shares aggregating to Rs 732.97 crore.
Since the IPO is entirely an offer for sale, the company will not receive any proceeds from the issue. The proceeds from the OFS will accrue to the selling shareholders.
The IPO is a book-building issue and the shares are proposed to be listed on both the NSE and BSE.
IIFL Capital Services Ltd. is the book-running lead manager to the issue, while MUFG Intime India Pvt. Ltd. is the registrar.
Asset Reconstruction IPO Lot Size
The lot size is 107 shares. A retail investor can bid for a minimum of one lot, or 107 shares, requiring an investment of Rs 14,873 at the upper price band.
The maximum retail application is 13 lots, or 1,391 shares, requiring an investment of Rs 1,93,349.
For small HNI investors, the minimum application is 14 lots, or 1,498 shares, requiring Rs 2,08,222 at the upper price band. The maximum S-HNI application is 67 lots, or 7,169 shares, requiring Rs 9,96,491.
The minimum application for big HNI investors is 68 lots, or 7,276 shares, requiring Rs 10,11,364.
Asset Reconstruction IPO GMP
In the grey market, Asset Reconstruction IPO shares are commanding a premium of around Rs 14 over the upper end of the IPO price band, according to the latest available market indications.
At the upper price band of Rs 139, a GMP of Rs 14 would imply an estimated listing price of around Rs 153. This indicates a potential listing gain of approximately 10.07% over the issue price.
However, the grey market premium is an unofficial indicator and can change before listing. It should not be treated as a guarantee of the stock's actual listing price.
Asset Reconstruction IPO Allotment
The Asset Reconstruction IPO allotment is expected to be finalised on Tuesday, September 15, 2026.
Investors whose bids are not accepted are expected to receive refunds on Wednesday, September 16. Shares allotted to successful bidders are also expected to be credited to their demat accounts on the same day.
Asset Reconstruction IPO Listing
Asset Reconstruction Company (India) shares are likely to list on the NSE and BSE on Thursday, September 17, 2026, on a tentative basis.
Asset Reconstruction IPO: About the Company
Asset Reconstruction Company (India) Limited is an asset reconstruction company (ARC) engaged in acquiring stressed assets from banks and financial institutions and implementing resolution strategies to maximise recoveries and optimise the value of such assets.
Incorporated in February 2002, the company received its certificate of registration from the Reserve Bank of India (RBI) in August 2003 to commence securitisation and asset reconstruction operations. It is recognised as the first ARC incorporated in India.
The company operates across three key business verticals — Corporate Loans, SME and Other Loans, and Retail Loans. It acquires single-credit and portfolio-based stressed secured and unsecured assets and uses resolution, restructuring, enforcement, settlement and collection strategies depending on the nature of the underlying assets.
Asset Reconstruction IPO Financials
Asset Reconstruction Company (India) reported steady growth in its financial performance in FY26.
The company's total income rose 26% to Rs 785.08 crore in FY26 from Rs 623.40 crore in FY25. Profit after tax (PAT) increased 15% to Rs 407.84 crore from Rs 355.32 crore during the same period.
EBITDA rose to Rs 588.93 crore in FY26 from Rs 491.88 crore in FY25.
The company's total assets stood at Rs 4,460.85 crore as of March 31, 2026, compared with Rs 3,263.82 crore a year earlier. Net worth increased to Rs 3,079.39 crore from Rs 2,767.80 crore during the same period.
Asset Reconstruction IPO: Competitive Strengths
Asset Reconstruction Company's key strengths include its established nationwide operational network and its position as one of India's prominent players in the stressed-asset resolution market.
The company has a long operating track record, strong relationships with banks and financial institutions and a growing focus on the retail stressed-assets segment.
Its expertise spans the acquisition, valuation and resolution of stressed assets, while its collection framework and use of legal mechanisms and data analytics support recovery efforts.
The company also has an established operational presence across multiple states and a network of registered valuers, collection agents and empanelled lawyers.
Asset Reconstruction IPO: Should You Subscribe?
SBI Securities has assigned a “Neutral” rating to the Asset Reconstruction IPO. The brokerage highlighted that ARCIL is the largest private ARC in India, with a significant presence across corporate, SME and retail loans. The company has also been increasing its exposure to the retail stressed-assets segment in line with industry trends.
SBI Securities noted that ARCIL is expanding into two new verticals — offering collection services for retail loans to banks and purchasing stressed assets from MFIs. Given its existing resolution and collection framework, the brokerage believes these new ventures could support future growth.
At the upper price band, ARCIL is valued at a FY26 price-to-book multiple of 1.5x. The company would also become the first listed ARC in India.
However, SBI Securities noted that the business is lumpy in nature and is not a steady compounding financial services business. ARC profitability depends on multiple factors, including stressed-asset acquisition, resolution timelines, recovery rates and economic conditions.
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