Asset Reconstruction Co.(India) IPO
Asset Reconstruction Co.(India) IPO is a mainboard IPO raising ₹733 Cr at ₹132 – ₹139 a share. It listed on 17 Sept 2026 at ₹139, 0.0% against its issue price of ₹139, and trades at ₹122 today (−12.0% since issue). It was subscribed 20× in total.
20.1 times more demand than shares on offer
populated partly populated we hold nothing here — the tab says why
Where your money goes
Only the fresh issue reaches the company. The offer for sale is existing shareholders selling their own stock — that money goes to them, not the business.
100% of this issue is existing shareholders cashing out. Only ₹0 Cr reaches the business.
A red herring prospectus is filed before the price is fixed, so it states share counts rather than rupee amounts. derived: shares x cut-off price Rs139 + fresh by subtraction from exchange total Rs733 Cr. Checked: exchange issue size Rs733 Cr vs derived Rs733 Cr (0.0% apart).
The price they’re asking
From the prospectus’s own “Basis for Issue Price” — the issuer’s earnings multiple against the peers it chose to compare itself with.
The issuer names no comparable listed companies: “There are no listed companies which are comparable in size to the Company in India or globally in the same industry. Publicly traded ARCs (operate under the name of Asset Management Companies) exist in other countries such as China Huarong Asset Management Co., Ltd in China and Bangkok Commercial Asset Management in Thailand. But a direct comparison with our Company is not feasible because these AMCs are either directly or indirectly backed by their respective governments, their establishment was driven by distinct circumstances, and the Chinese AMCs were involved in government programs such as debt-equity swap schemes which is not the case in respect of Indian ARCs. Thus, the regulatory framework (including acquisition of assets, operations of business and resolution methods) pertaining to distressed asset industries of other countries would be different to that of Indian ARCs. Accordingly, we have not provided a comparison of Industry P/E ratio and have not provided a comparison of accounting ratios with listed peers.”
derived: cut-off price Rs139 / stated EPS Rs10.82 (FY2026 (year ended March 31, 2026) diluted EPS from Restated Consolidated Financial Information). Peer figures are as printed in the prospectus — they date from its filing, not today. A multiple is one lens, not a verdict.
Terms of the issue
The mechanics of what is being sold. Held for every issue we track.
Not here yet
The anchor-investor allocation — which institutions were allotted shares before bidding opened — is still to be read out of its document.