Asset Reconstruction Company (India) IPO Lists Flat at ₹139 on NSE, BSE

Asset Reconstruction Company (India) shares made a flat stock market debut on September 17, 2026, listing at ₹139 per share on both the NSE and BSE, in line with the IPO issue price of ₹139 per share. The listing resulted in no premium or discount to the issue price.

The listing followed the company’s ₹732.97 crore IPO, which was open for subscription from September 9 to September 11, 2026. The issue witnessed moderate investor interest and was subscribed 20.10 times by the end of the bidding period.

Asset Reconstruction Company (India)’s IPO was entirely an offer for sale of up to ₹732.97 crore, with no fresh issue component.

Asset Reconstruction Company (India) Limited (ARCIL) acquires stressed loans from banks and financial institutions and works towards their resolution through debt restructuring, security enforcement, negotiated settlements and other recovery methods. As of March 31, 2025, ARCIL was the second-largest asset reconstruction company in India by AUM, with assets under management of ₹16,852.57 crore.

Asset Reconstruction Company (India) IPO Listing Details

Asset Reconstruction Company (India) launched its ₹732.97 crore book-built IPO, comprising entirely an offer for sale of up to ₹732.97 crore. The bidding window opened on September 9 and closed on September 11, 2026.

The IPO price band was fixed at ₹132 to ₹139 per equity share, with a face value of ₹10 per share. The minimum lot size was 107 shares, requiring a minimum investment of ₹14,873 at the upper end of the price band.

The IPO received an overall subscription of 20.10 times by the end of the bidding period. Qualified Institutional Buyers subscribed 52.65 times, Non-Institutional Investors 15.69 times and Retail Individual Investors 3.39 times.

Asset Reconstruction Company (India) subsequently made its stock market debut at ₹139 per share on both the NSE and BSE, equal to the issue price of ₹139 per share. This resulted in a flat listing with no premium or discount on either exchange.

• Issue Price: ₹139 per share
• NSE Listing Price: ₹139 per share
• NSE Listing Premium/Discount: 0.00%
• BSE Listing Price: ₹139 per share
• BSE Listing Premium/Discount: 0.00%
• IPO Size: Up to ₹732.97 crore
• Fresh Issue: Not Applicable
• Offer for Sale: Up to ₹732.97 crore
• Minimum Lot Size: 107 shares
• Minimum Investment: ₹14,873
• IPO Open Date: September 9, 2026
• IPO Close Date: September 11, 2026
• Listing Date: September 17, 2026
• Exchanges: BSE and NSE

First-Day Trading Performance

Listing Price: Asset Reconstruction Company (India) share price debuted at ₹139 per share on the NSE against the IPO issue price of ₹139, resulting in a flat listing with no premium or discount.

On the BSE, Asset Reconstruction Company (India) shares also opened at ₹139 per share, matching the IPO issue price.

The flat debut followed the company’s ₹732.97 crore IPO, which received an overall subscription of 20.10 times.

Investor demand was led by Qualified Institutional Buyers, whose portion was subscribed 52.65 times. The Non-Institutional Investor portion was subscribed 15.69 times, while the Retail Individual Investor category was subscribed 3.39 times.

The listing performance indicated that the stock entered the secondary market at the same price at which shares were offered to IPO investors at the upper end of the price band.

Growth Drivers and Challenges

Growth Drivers

Established Presence: Incorporated in 2003, ARCIL has more than two decades of experience in acquiring and resolving stressed financial assets.

Scale of Operations: As of March 31, 2025, ARCIL was the second-largest asset reconstruction company in India by AUM, with assets under management of ₹16,852.57 crore.

Profitability: The company reported profit after tax of ₹407.84 crore in FY26, compared with ₹355.32 crore in FY25 and ₹305.34 crore in FY24.

Revenue Growth: Revenue from operations increased to ₹753.04 crore in FY26 from ₹596.42 crore in FY25 and ₹570.14 crore in FY24.

Resolution Network: As of March 31, 2026, ARCIL had 13 offices across 12 states, supported by 206 employees, 218 registered valuers and 206 collection agencies.

Challenges

Recovery Uncertainty: The timing and amount of recoveries from stressed assets can vary depending on borrower circumstances, legal proceedings and resolution outcomes.

Regulatory Exposure: As an asset reconstruction company, ARCIL operates within a regulated framework and may be affected by changes in applicable regulations and recovery mechanisms.

Stressed Asset Dependence: Business performance depends on the availability, acquisition and successful resolution of stressed financial assets.

Resolution Timelines: Recovery and restructuring processes may involve lengthy negotiations, enforcement proceedings or litigation.

Competitive Environment: The company operates in an industry where asset reconstruction companies and other financial institutions compete for stressed asset acquisition and resolution opportunities.

Utilisation of IPO Proceeds

Asset Reconstruction Company (India)’s ₹732.97 crore IPO was entirely an offer for sale, with no fresh issue of equity shares.

As the IPO did not include a fresh issue component, the company will not receive any proceeds from the public offer. The proceeds from the offer for sale will be received by the selling shareholders after deducting applicable offer-related expenses and taxes.

The public issue comprised:

• Fresh Issue: Not Applicable
• Offer for Sale: Up to ₹732.97 crore
• Total IPO Size: Up to ₹732.97 crore

IIFL Capital Services Limited, IDBI Capital Markets & Securities Limited and JM Financial Limited managed the issue, while MUFG Intime India Private Limited acted as the registrar.

Business and IPO Overview

Incorporated in 2003, Asset Reconstruction Company (India) Limited (ARCIL) acquires stressed loans from banks and financial institutions and works towards their recovery and resolution through debt restructuring, security enforcement, negotiated settlements and other resolution methods.

As of March 31, 2025, ARCIL was the second-largest asset reconstruction company in India by AUM, with assets under management of ₹16,852.57 crore. It was also the second-most profitable private ARC in FY2025, reporting a standalone profit of ₹355.32 crore.

As of March 31, 2026, the company operated through 13 offices across 12 states. Its resolution network was supported by 206 employees, 218 registered valuers and 206 collection agencies.

ARCIL recorded revenue from operations of ₹753.04 crore in FY26, compared with ₹596.42 crore in FY25 and ₹570.14 crore in FY24.

EBITDA increased to ₹588.93 crore in FY26 from ₹491.88 crore in FY25 and ₹416.36 crore in FY24. Profit after tax rose to ₹407.84 crore in FY26 from ₹355.32 crore in FY25 and ₹305.34 crore in FY24.

Asset Reconstruction Company (India) entered the public markets through a ₹732.97 crore IPO comprising entirely an offer for sale. The issue opened on September 9 and closed on September 11, 2026, with a price band of ₹132 to ₹139 per share.

The IPO received an overall subscription of 20.10 times by the end of the bidding period, with the QIB portion subscribed 52.65 times, the NII portion 15.69 times and the retail portion 3.39 times.

Asset Reconstruction Company (India) made a flat stock market debut on September 17, 2026. Shares listed at ₹139 on both the NSE and BSE, matching the ₹139 issue price and resulting in no listing premium or discount.