Asset Reconstruction Company (India) Limited IPO
ListedMainboardFinance
20.10×
Subscribed
Price band
₹132 – ₹139
Lot size
107
1 lot = ₹14,873
Issue size
₹732.97 Cr
Open – close
09 Sept 2026
to 11 Sept 2026
Listing
17 Sept 2026
Listing gain
+0.00%
What the filing actually says
Our read of the offer document and the exchange data — not the issuer's summary of itself
Mixed5 of 7 dimensions read
A mixed but reasonable offering — 3 positive against 2 negative signals
Strength59/100
- Slow revenue growthRevenue compounding at only 9.1%
- Low return on equityROE of 10.9% — the business earns little on the capital it already has
- Conservative balance sheetDebt/equity of 0.41×
- Minimal related-party dealingsRelated-party transactions are only 3.6% of revenue
- Institutions bid heavilyQIB portion subscribed 52.65×
Every line above is arithmetic on a figure shown elsewhere on this page - no model, no opinion. It describes the quality of the offering as disclosed. It is not a prediction of the listing price, and it is not advice to apply.
Dates
The issuer's tentative timetable — a date passing is not confirmation the step completed
- Opens09 Sept 2026
- Closes11 Sept 2026
- Allotment15 Sept 2026
- Listing17 Sept 2026
Demand and your odds
How the book filled, and what that means for an application
Subscription by category
Qualified institutionalQIB52.65x
Non-institutionalNII / HNI15.69x
Big NIIabove ₹10L16.74x
Small NII₹2L – ₹10L13.58x
Retail individualRII3.39x
5,70,839 applications received — how many people bid, as opposed to how much money did. Exchange figures as of 11 Sept 2026.
Chance of allotment
Retail3.39× subscribed
~1 in 3.4
Minimum 1 lot · 107 shares · ₹14,873 blocked
Retail is 3.39× subscribed. Allotment is a lottery on a single lot, so roughly 1 in 3.4 applications gets one lot. Bidding for extra lots does not improve these odds.
HNI / NII15.69× subscribed
~1 in 15.7
Minimum 14 lots · 1,498 shares · ₹2,08,222 blocked
HNI is 15.69× subscribed. This category is allotted proportionately, so a bid receives roughly 1/15.7 of the shares applied for, subject to the minimum-lot draw.
Derived from SEBI's allotment mechanics and the subscription figures beside it. Retail allotment is a lottery on a single lot, so applying for more lots does not improve your chance of getting something.
The offering
Terms, structure and who is selling
Terms
Price band₹132 – ₹139
Face value₹10
Lot size107shares
Minimum application₹14,873at cut-off
Total issue size₹732.97 Cr
Listing atMainboard
Company & valuation
Return on equity10.92%
Debt / equity0.41×
Related-party3.65%of revenue
RoNW13.95%
PAT Margin51.95%
EBITDA Margin78.21%
NAV94.78
ISININ9148G01014
RegistrarMUFG Intime India Pvt Ltd
Who gets what
How the issue is split between investor categories, and what each may bid.
| Category | Shares | % of issue |
|---|---|---|
| QIB | 2,63,65,972 | — |
| Anchor Investor | 1,58,19,583 | — |
| QIB (Ex. Anchor) | 1,05,46,389 | — |
| NII (HNI) | 79,09,792 | — |
| bNII > ₹10L | 52,73,195 | 3520.00% |
| sNII < ₹10L | 26,36,597 | 1760.00% |
| Retail | 1,84,56,182 | 172487.00% |
Total issue 5,27,31,946 shares. Indented rows sit inside the category above them and are not added to it.
What each category may bid
Retail (Min)₹14,8731 lot · 107 sh
Retail (Max)₹1,93,34913 lots · 1,391 sh
S-HNI (Min)₹2,08,22214 lots · 1,498 sh
S-HNI (Max)₹9,96,49167 lots · 7,169 sh
B-HNI (Min)₹10,11,36468 lots · 7,276 sh
Lot size alone does not answer "how much do I need" — an S-HNI minimum is several lots, not one.
Anchor book
Shares allotted1,58,19,583
Anchor portion₹219.89 Cr
Bid date08 Sept 2026
Lock-in ends (50%)14 Oct 2026
Lock-in ends (rest)13 Dec 2026
Anchors are institutional money placed a day before bidding opens, against a lock-in. Those two dates are when that stock can first be sold — a supply event worth knowing if you still hold.
What the money is for
Stated use of the net proceeds
- 01to achieve the benefits of listing the Equity Shares on the Stock Exchanges and for the Offer for Sale of up to 52,731,946 Equity Shares of face value of ₹10 each aggregating up to ₹[●] million by the Selling Shareholdersnot stated
Objects with no stated amount — typically general corporate purposes — are funded from whatever remains, so the quantified figures do not sum to the whole issue.
Financials
Restated figures as reported in the offer document, ₹ crore
| Period | Revenue | EBITDA | PAT | Net worth | Debt |
|---|---|---|---|---|---|
| 2024 | 605.824 | — | 310.885 | 2,426.514 | — |
| 2025 | 581.757 | — | 309.239 | 2,663.14 | — |
| 2026 | 721.692 | — | 322.691 | 2,955.214 | — |
Revenue CAGR 9.1%PAT CAGR 1.9%
Risks worth reading
Ranked by our severity assessment, not by the order the prospectus prints them
mediumOur revenue and profits are largely dependent on the value and composition of our AUM, and any adverse change in our AUM may impact our revenue and profit.
mediumA decrease in our AUM may cause a decline in our fees and therefore our revenue from operations, and consequently, our profit.
mediumNon-compliance with RBI’s observations made during any inspection could expose us to penalties and restrictions.
Litigation
Except as stated below, there are no outstanding criminal proceedings, actions by regulatory or statutory authorities, claims relating to direct and indirect taxes, or other pending litigations involving the Company, Subsidiaries, Directors, or Promoters (excluding State Bank of India). There are no disciplinary actions including penalties imposed by SEBI or stock exchanges against Promoters in the last five Fiscals preceding this Red Herring Prospectus.
Positives the filing discloses (1)
Low leverage
Debt-to-equity of 0.41x.
What happened to comparable issues
The last 8 issues to list with a recorded opening price, most comparable first
Median listing gain
+6.1%
Listed up
6 of 8
Best
+65.7%
Tonbo Imaging India Limited
Worst
-2.3%
Vishal Nirmiti Limited
Bonfiglioli Transmissions Limitedsame segment
46.0× sub+0.0%
Zetwerk Manufacturing Businesses Limitedsame segment
3.1× sub+5.5%
Tonbo Imaging India Limitedsame segment
135.9× sub+65.7%
Sahajanand Medical Technologies Limitedsame segment
14.2× sub+7.9%
Fusion CX Limitedsame segment
4.5× sub+5.5%
HD Fire Protect Limitedsame segment
131.7× sub+23.6%
Nityas Gems and Jewellery Limitedsame segment
2.3× sub+6.7%
Vishal Nirmiti Limitedsame segment
1.7× sub-2.3%
Past issues are context, not a forecast — this issue is a different company at a different price. We show it because "how have issues like this one actually opened" is a question with a real answer, and grey-market premium is not that answer.
About Asset Reconstruction Company (India) Limited
Asset Reconstruction Company (India) Limited (ARCIL) is an asset reconstruction company engaged in acquiring stressed assets from banks and financial institutions and resolving them through restructuring, settlements, enforcement of security interests, and other recovery mechanisms. It operates across three business verticals – Corporate loans, SME and Other loans, and Retail loans. It acquires both single-credit and portfolios of secured and unsecured stressed assets. The company generates fee and investment income through various acquisition structures, including cash acquisitions, co-investor acquisitions, ordinary security receipt acquisitions, and structured acquisitions.
Founded 2002MD Mr Phanindranath KakarlaSector Finance
Offer documents
The primary sources everything above is drawn from
Common questions
How many times is the Asset Reconstruction Company (India) Limited IPO subscribed?
Asset Reconstruction Company (India) Limited is subscribed 20.10× overall (QIB 52.65×, NII 15.69×, retail 3.39×). Subscription keeps changing until the issue closes; the final basis of allotment is published by the registrar, MUFG Intime India Pvt Ltd.
What is the minimum investment in the Asset Reconstruction Company (India) Limited IPO?
One lot is 107 shares, so a retail application at the ₹139 cut-off price blocks ₹14,873. Retail applications are capped at ₹2,00,000; above that you bid in the HNI category, where allotment is proportionate rather than by lottery.
What are the chances of allotment in the Asset Reconstruction Company (India) Limited IPO?
The retail portion is subscribed 3.39×, so allotment is by lottery and the odds of receiving at least one lot are roughly 1 in 3. Applying for more lots does not improve the chance of getting something — every retail applicant competes for the same single minimum lot.
When is the Asset Reconstruction Company (India) Limited IPO allotment date?
Allotment is scheduled for 2026-09-15, with listing on 2026-09-17. These dates are the issuer's tentative timetable — a date passing is not confirmation that the step completed. Allotment status is published by the registrar, MUFG Intime India Pvt Ltd.
Disclaimer. Figures are compiled from the issuer's offer document and exchange-published bidding data. Subscription changes until the issue closes, and the final basis of allotment is published by the registrar. Grey-market premium is unofficial and is not a forecast. Nothing here is investment advice or a recommendation — read the offer document and consult a SEBI-registered adviser before applying.