Asset Reconstruction Company (India) Ltd IPO
Status: Closed
Overview
IPO date
09 Sept 2026 to 11 Sept 2026
Face value
₹ 0 per share
Price
₹ 132 to ₹139 per share
Issue Size
52,731,946 shares
(aggregating up to ₹ 732.97 Cr)
(aggregating up to ₹ 732.97 Cr)
Allotment Date
15 Sept 2026
Listing at
NSE
Issue type
Book Building
Sector
Finance
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T&C*
Strengths vs Risks of Asset Reconstruction Company (India) Ltd
Know the pros & cons
Strengths
- India's First ARC with the second Largest AUM.
- Expertise in Acquiring Stressed Assets with increasing investment in SRs.
- Our Ability to Implement Resolution Strategies and a Robust Collections Framework
- Track Record of Consistent Financial and Operational Performance.
- Experienced Board of Directors, Management Team and Marquee Investors.
Risks
- Our 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.
- We bid for stressed assets through a competitive bidding process including the Swiss challenge and anchor process. If we are unable to source and acquire a sufficient amount of stressed assets at appropriate prices, our growth, competitive position, financial condition and results of operations may be adversely affected.
- Our inability to recover outstanding amounts from the stressed assets we acquire and manage in a timely manner, or at all, could adversely affect our business, results of operations, financial condition or cash flows.
- A significant portion of the company's stressed assets are under its corporate loans business vertical (representing 68.75%, 75.48% and 78.51% of the company AUM as of March 31, 2026, March 31, 2025, March 31, 2024, respectively). Any factors impacting stressed assets in the corporate loan vertical may have an adverse impact on its business, cash flows, financial condition and results of operations.
- An inability to make accurate stressed asset acquisition decisions could adversely impact the company's business, financial condition and cash flows.
- The company relies significantly on its information technology systems for the company's business and operations. A failures, inadequacy or security breach in its information technology and telecommunication systems may adversely affect the company's business, results of operations, financial condition and cash flows.
- The company may have to comply with stricter regulations and guidelines issued by regulatory authorities in India, including the RBI, which may increase the company's compliance costs, divert the attention of its management and subject the company to penalties.
- The company's business is subject to seasonality, which may contribute to fluctuations in its results of operations and financial condition.
- The company's Restated Consolidated Financial Information comprises the financial statements of the Company consolidated with those trusts which have been identified as subsidiaries and associates, in accordance with applicable accounting policies. The assets and liabilities of these trusts are distinct from the Company's assets and liabilities and are held for the benefit of the SR holders. Hence, investors must read its Restated Consolidated Financial Information together with the company's Restated Standalone Financial Information.
- If the company fails to identify, monitor and manage risks and effectively implement its risk management policies, it could have an adverse affect on the company's business, financial condition, results of operations and cash flows.
- The company relies on third party service providers for certain aspects of its business, who may not perform their obligations satisfactorily or in compliance with law. Any disruption, negligence, fraud or inefficiency in the services provided by such third parties could adversely affect the company's business, results of operation, financial condition and cash flows.
- The company requires substantial capital for its business and any disruption in the company's sources of capital could have an adverse effect on its business, results of operations, cash flows and financial condition.
- If the collaterals or guarantees securing the stressed assets which the company has acquired are not sufficient, or if the company is not able to recover the full value of the collateral or guarantee in a timely manner or at all, it will adversely affect the company's business, financial condition, results of operations and cash flows.
- Any non-compliance with mandatory anti-money laundering ("AML"), know your client ("KYC") and anti-terrorist financing ("ATF") rules, regulations and guidelines applicable to the company issued by regulatory and government authorities could result in criminal and regulatory fines and reputational damage.
- The company has in the past received observations from its internal auditors on certain matters. Failures in internal control systems could cause operational errors which may have an adverse impact on the company's business.
- The Company, Subsidiaries, Promoters, Directors, Key Managerial Personnel and Senior Management are involved in certain legal and regulatory proceedings. Any adverse decision in such proceedings may have an adverse effect on its reputation, business, result of operations, financial condition and cash flows.
- The company operations are dependent on its ability to attract and retain qualified personnel, including the company's Key Managerial Personnel and Senior Management and any inability on its part to do so, could adversely affect the company's business, results of operations, financial condition and cash flows.
- The bankruptcy code in India and other related laws may affect the company's right to recover amounts from stressed assets.
- The company's branch offices are not located on land owned by it and the company has only leasehold rights. In the event its lose or are unable to renew such leasehold rights, the company's business, results of operations, financial condition and cash flows may be adversely affected.
- Any downgrade in the company's credit ratings may increase interest rates for raising new debt, refinancing its outstanding debt, which would increase the company's financing costs, and adversely affect its future ability to borrow on a competitive basis.
- The asset reconstruction industry in India faces various challenges. If these challenges were to materialize, it may have an adverse effect on the company's business, financial condition, cash flows and results of operations.
- The company has incurred indebtedness and an inability to obtain further financing or to comply with repayment and other covenants in its financing agreements could adversely affect the company's business, results of operations, financial condition and cash flows.
- As part of the company's resolution strategies its can act as a resolution applicant under the Insolvency and Bankruptcy Code, 2016 and are subject to various risks in the company's capacity as resolution applicant which may adversely affect its business, financial condition and results of operations.
- The company's inability to effectively manage its growth or implement the company's growth strategies may have an adverse effect on its business, results of operations, financial condition and cash flows.
- The asset reconstruction industry is highly competitive and if the company is not able to compete effectively, it could adversely affect its business and results of operations.
- Failures to obtain or renew approvals, licenses, registrations and permits to operates the company's business in a timely manner, or at all, may adversely affect its business, financial condition, results of operations and cash flows.
- Internal or external fraud or misconduct by the company's employees could adversely affect its reputation and the company's results of operations.
- If the company fails to protect or incur significant costs in defending its intellectual property or if the company infringe the intellectual property rights of others, its business, results of operation, financial condition and cash flows could be adversely affected.
- Negative publicity of the company or the asset reconstruction services sector could damage its reputation and may adversely impact the company's reputation, business and financial results.
- The company has not been able to obtain records of the educational qualification for one of its Senior Management and have relied on a reply from the University to the email written by the respective Senior Management to their university for details of their profile included in this Red Herring Prospectus.
- The company is unable to trace certain of its historical records. The company cannot assure you that no legal proceedings or regulatory actions will be initiated against the Company in the future in relation to the untraceable filings and corporate records, which may impact its financial condition and reputation.
- There have been certain instances of delays in payment of statutory dues by the company in the past. Any delay in payment of statutory dues by it in future, may result in the imposition of penalties and in turn may have an adverse effect on the company's business, financial condition, results of operation and cash flows.
- Bombay Rayon Fashions Limited and SKS Ispat and Power Limited have been exempted from being identified as members of the Promoter Group of SBI, one of the company's Promoters, for the purposes of the Offer pursuant to the letter received by the Company from SEBI dated August 5, 2026 and bearing reference number HO/49/11/11(247)2026-CFD-RAC-DIL2.
- One of its business strategies is to increase the proportion of the company's Retail loans in its AUM. If the company is unable to successfully execute its business strategy, the company's business, financial condition and results of operations may be adversely affected.
- The company has in the past entered into related party transactions and may continue to do so in the future, which may potentially involve conflicts of interest with the equity shareholders.
- Some of the company's Directors are or were not directors of listed companies and hence lack of adequate experience to address complexities associated with listed companies, could have an adverse impact on its business and operations.
- After the completion of the Offer, the company's Promoters will continue to collectively hold majority of the shareholding in the Company, which will allow them to influence the outcome of matters requiring shareholder approval.
- The company has certain contingent liabilities that have been disclosed in the Restated Consolidated Financial Information (Rs. 20.00 million as of March 31, 2026), which if they materialize, may adversely affect its business, results of operations, financial condition and cash flows.
- Certain sections of this Red Herring Prospectus disclose information from the CRISIL Report which is a paid report and commissioned and paid for by the company exclusively in connection with the Offer and any reliance on such information for making an investment decision in the Offer is subject to inherent risks.
- Failures or significant weakness in internal control systems could cause operational errors which may have an adverse effect on the company's reputation, business, results of operations, financial condition and cash flows.
- Grant of stock options under the company ESOP 2025 may result in a charge to its statement of profit and loss, and to that extent, affect the company's financial condition.
- The company has included in this Red Herring Prospectus certain non-GAAP financial measures and certain other industry measures related to its operations and financial performance. These non-GAAP financial measures and industry measures may vary from any standard methodology that is applicable across the industry, and therefore may not be comparable with financial or industry related statistical information of similar nomenclature computed and presented by other companies.
- The company's insurance coverage may not be adequate or its may incur uninsured losses or losses in excess of the company's insurance coverage which could have an adverse impact on its business, results of operations, financial condition and cash flows.
- Any future issuance of Equity Shares, or convertible securities or other equity linked instruments by the company may dilute your shareholding and sale of Equity Shares by shareholders with significant shareholding may adversely affect the trading price of the Equity Shares.
- The Company may not be able to pay dividends in the future. Its ability to pay dividends in the future will depends upon the company's future earnings, financial condition, profit after tax available for distribution, cash flows, working capital requirements and capital expenditure and the terms of its financing arrangements.
- QIBs and Non-Institutional Bidders are not permitted to withdraw or lower their Bids (in terms of quantity of Equity Shares or the Bid Amount) at any stage after the submission of their Bid, and Retail Individual Bidders are not permitted to withdraw their Bids after closure of the Bid/ Offer Closing Date.
- Investors may be restricted in their ability to exercise pre-emptive rights under Indian law and thereby may suffer future dilution of their ownership position.
- The company expect to be classified as a passive foreign investment company ("PFIC"), which could result in adverse U.S. federal income tax consequences to U.S. investors that hold Equity Shares.
- The Company is not, and does not intends to become, regulated as an investment company under the U.S. Investment Company Act and related rules. The Volcker Rule may affect the ability of certain types of entities to purchase the Equity Shares.
- Rights of shareholders of companies under Indian law may be more limited than under the laws of other jurisdictions.
- The Company will not receive any proceeds from the Offer.
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The IPO opens on 09 Sept 2026 & closes on 11 Sept 2026.
Asset Reconstruction Company India Limited (Arcil) is the first Asset Reconstruction Company in India registered with Reserve Bank of India (RBI) to carry the business of securitization or asset reconstruction. The company provides asset reconstruction services in India. It engages in the acquisition of non-performing financial assets from Indian banks and financial institutions. The company was incorporated as a public limited company on February 11, 2002.
During the year 2004-2005, the company set up of various trusts for the purpose of securitization, acquired total dues of Rs 8,978 crore from banks \ financial institution (sellers) at an acquisition price of Rs 1,934 crore. During the same year, the company acquired finacial assets from 24 sellers and in the same year, it acquired 366 assets with total dues of Rs 15,365 crore from 24 banks at a price of Rs 3,549 crore.
During the year 2006-2007, the company acquired 316 NPA accounts from 23 banks /financial institutions (sellers) involving total dues of Rs 5,955 crore for an aggregate acquisition value of Rs 2,233 crore and in the process, established first time relationship with seven sellers.
During the year 2007-2008, the company acquired from 40 banks \ financial institution (sellers) involving total dues of Rs 10,664 crore for an aggregate SR value of Rs 2,516 crore and in the process established first time relationship with 12 sellers. During the year, the company engaged in business with 51 India Banks and financial institution and acquired from NPAs with total dues of Rs 37,795 crore.
During the year 2008-2009, the company started buying non-performing retail loans, including home loans. The company launched the new service under a new division called 'Arms'.
Asset Reconstruction Company (India) Ltd IPO will close on 11 Sept 2026.
- India's First ARC with the second Largest AUM.
- Expertise in Acquiring Stressed Assets with increasing investment in SRs.
- Our Ability to Implement Resolution Strategies and a Robust Collections Framework
- Track Record of Consistent Financial and Operational Performance.
- Experienced Board of Directors, Management Team and Marquee Investors.
| S.No | Promoters Name | Pre Issue Shares | Pre Issue Percentage | Post Issue Shares | Post Issue Percentage |
|---|---|---|---|---|---|
| 1 | Avenue India Resurgence Pte. L | 222609431 | 68.52 | 197785521 | 60.88 |
| 2 | State Bank of India | 64816980 | 19.95 | 53853918 | 16.58 |
- Our 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.
- We bid for stressed assets through a competitive bidding process including the Swiss challenge and anchor process. If we are unable to source and acquire a sufficient amount of stressed assets at appropriate prices, our growth, competitive position, financial condition and results of operations may be adversely affected.
- Our inability to recover outstanding amounts from the stressed assets we acquire and manage in a timely manner, or at all, could adversely affect our business, results of operations, financial condition or cash flows.
- A significant portion of the company's stressed assets are under its corporate loans business vertical (representing 68.75%, 75.48% and 78.51% of the company AUM as of March 31, 2026, March 31, 2025, March 31, 2024, respectively). Any factors impacting stressed assets in the corporate loan vertical may have an adverse impact on its business, cash flows, financial condition and results of operations.
- An inability to make accurate stressed asset acquisition decisions could adversely impact the company's business, financial condition and cash flows.
- The company relies significantly on its information technology systems for the company's business and operations. A failures, inadequacy or security breach in its information technology and telecommunication systems may adversely affect the company's business, results of operations, financial condition and cash flows.
- The company may have to comply with stricter regulations and guidelines issued by regulatory authorities in India, including the RBI, which may increase the company's compliance costs, divert the attention of its management and subject the company to penalties.
- The company's business is subject to seasonality, which may contribute to fluctuations in its results of operations and financial condition.
- The company's Restated Consolidated Financial Information comprises the financial statements of the Company consolidated with those trusts which have been identified as subsidiaries and associates, in accordance with applicable accounting policies. The assets and liabilities of these trusts are distinct from the Company's assets and liabilities and are held for the benefit of the SR holders. Hence, investors must read its Restated Consolidated Financial Information together with the company's Restated Standalone Financial Information.
- If the company fails to identify, monitor and manage risks and effectively implement its risk management policies, it could have an adverse affect on the company's business, financial condition, results of operations and cash flows.
- The company relies on third party service providers for certain aspects of its business, who may not perform their obligations satisfactorily or in compliance with law. Any disruption, negligence, fraud or inefficiency in the services provided by such third parties could adversely affect the company's business, results of operation, financial condition and cash flows.
- The company requires substantial capital for its business and any disruption in the company's sources of capital could have an adverse effect on its business, results of operations, cash flows and financial condition.
- If the collaterals or guarantees securing the stressed assets which the company has acquired are not sufficient, or if the company is not able to recover the full value of the collateral or guarantee in a timely manner or at all, it will adversely affect the company's business, financial condition, results of operations and cash flows.
- Any non-compliance with mandatory anti-money laundering ("AML"), know your client ("KYC") and anti-terrorist financing ("ATF") rules, regulations and guidelines applicable to the company issued by regulatory and government authorities could result in criminal and regulatory fines and reputational damage.
- The company has in the past received observations from its internal auditors on certain matters. Failures in internal control systems could cause operational errors which may have an adverse impact on the company's business.
- The Company, Subsidiaries, Promoters, Directors, Key Managerial Personnel and Senior Management are involved in certain legal and regulatory proceedings. Any adverse decision in such proceedings may have an adverse effect on its reputation, business, result of operations, financial condition and cash flows.
- The company operations are dependent on its ability to attract and retain qualified personnel, including the company's Key Managerial Personnel and Senior Management and any inability on its part to do so, could adversely affect the company's business, results of operations, financial condition and cash flows.
- The bankruptcy code in India and other related laws may affect the company's right to recover amounts from stressed assets.
- The company's branch offices are not located on land owned by it and the company has only leasehold rights. In the event its lose or are unable to renew such leasehold rights, the company's business, results of operations, financial condition and cash flows may be adversely affected.
- Any downgrade in the company's credit ratings may increase interest rates for raising new debt, refinancing its outstanding debt, which would increase the company's financing costs, and adversely affect its future ability to borrow on a competitive basis.
- The asset reconstruction industry in India faces various challenges. If these challenges were to materialize, it may have an adverse effect on the company's business, financial condition, cash flows and results of operations.
- The company has incurred indebtedness and an inability to obtain further financing or to comply with repayment and other covenants in its financing agreements could adversely affect the company's business, results of operations, financial condition and cash flows.
- As part of the company's resolution strategies its can act as a resolution applicant under the Insolvency and Bankruptcy Code, 2016 and are subject to various risks in the company's capacity as resolution applicant which may adversely affect its business, financial condition and results of operations.
- The company's inability to effectively manage its growth or implement the company's growth strategies may have an adverse effect on its business, results of operations, financial condition and cash flows.
- The asset reconstruction industry is highly competitive and if the company is not able to compete effectively, it could adversely affect its business and results of operations.
- Failures to obtain or renew approvals, licenses, registrations and permits to operates the company's business in a timely manner, or at all, may adversely affect its business, financial condition, results of operations and cash flows.
- Internal or external fraud or misconduct by the company's employees could adversely affect its reputation and the company's results of operations.
- If the company fails to protect or incur significant costs in defending its intellectual property or if the company infringe the intellectual property rights of others, its business, results of operation, financial condition and cash flows could be adversely affected.
- Negative publicity of the company or the asset reconstruction services sector could damage its reputation and may adversely impact the company's reputation, business and financial results.
- The company has not been able to obtain records of the educational qualification for one of its Senior Management and have relied on a reply from the University to the email written by the respective Senior Management to their university for details of their profile included in this Red Herring Prospectus.
- The company is unable to trace certain of its historical records. The company cannot assure you that no legal proceedings or regulatory actions will be initiated against the Company in the future in relation to the untraceable filings and corporate records, which may impact its financial condition and reputation.
- There have been certain instances of delays in payment of statutory dues by the company in the past. Any delay in payment of statutory dues by it in future, may result in the imposition of penalties and in turn may have an adverse effect on the company's business, financial condition, results of operation and cash flows.
- Bombay Rayon Fashions Limited and SKS Ispat and Power Limited have been exempted from being identified as members of the Promoter Group of SBI, one of the company's Promoters, for the purposes of the Offer pursuant to the letter received by the Company from SEBI dated August 5, 2026 and bearing reference number HO/49/11/11(247)2026-CFD-RAC-DIL2.
- One of its business strategies is to increase the proportion of the company's Retail loans in its AUM. If the company is unable to successfully execute its business strategy, the company's business, financial condition and results of operations may be adversely affected.
- The company has in the past entered into related party transactions and may continue to do so in the future, which may potentially involve conflicts of interest with the equity shareholders.
- Some of the company's Directors are or were not directors of listed companies and hence lack of adequate experience to address complexities associated with listed companies, could have an adverse impact on its business and operations.
- After the completion of the Offer, the company's Promoters will continue to collectively hold majority of the shareholding in the Company, which will allow them to influence the outcome of matters requiring shareholder approval.
- The company has certain contingent liabilities that have been disclosed in the Restated Consolidated Financial Information (Rs. 20.00 million as of March 31, 2026), which if they materialize, may adversely affect its business, results of operations, financial condition and cash flows.
- Certain sections of this Red Herring Prospectus disclose information from the CRISIL Report which is a paid report and commissioned and paid for by the company exclusively in connection with the Offer and any reliance on such information for making an investment decision in the Offer is subject to inherent risks.
- Failures or significant weakness in internal control systems could cause operational errors which may have an adverse effect on the company's reputation, business, results of operations, financial condition and cash flows.
- Grant of stock options under the company ESOP 2025 may result in a charge to its statement of profit and loss, and to that extent, affect the company's financial condition.
- The company has included in this Red Herring Prospectus certain non-GAAP financial measures and certain other industry measures related to its operations and financial performance. These non-GAAP financial measures and industry measures may vary from any standard methodology that is applicable across the industry, and therefore may not be comparable with financial or industry related statistical information of similar nomenclature computed and presented by other companies.
- The company's insurance coverage may not be adequate or its may incur uninsured losses or losses in excess of the company's insurance coverage which could have an adverse impact on its business, results of operations, financial condition and cash flows.
- Any future issuance of Equity Shares, or convertible securities or other equity linked instruments by the company may dilute your shareholding and sale of Equity Shares by shareholders with significant shareholding may adversely affect the trading price of the Equity Shares.
- The Company may not be able to pay dividends in the future. Its ability to pay dividends in the future will depends upon the company's future earnings, financial condition, profit after tax available for distribution, cash flows, working capital requirements and capital expenditure and the terms of its financing arrangements.
- QIBs and Non-Institutional Bidders are not permitted to withdraw or lower their Bids (in terms of quantity of Equity Shares or the Bid Amount) at any stage after the submission of their Bid, and Retail Individual Bidders are not permitted to withdraw their Bids after closure of the Bid/ Offer Closing Date.
- Investors may be restricted in their ability to exercise pre-emptive rights under Indian law and thereby may suffer future dilution of their ownership position.
- The company expect to be classified as a passive foreign investment company ("PFIC"), which could result in adverse U.S. federal income tax consequences to U.S. investors that hold Equity Shares.
- The Company is not, and does not intends to become, regulated as an investment company under the U.S. Investment Company Act and related rules. The Volcker Rule may affect the ability of certain types of entities to purchase the Equity Shares.
- Rights of shareholders of companies under Indian law may be more limited than under the laws of other jurisdictions.
- The Company will not receive any proceeds from the Offer.
The Issue type of Asset Reconstruction Company (India) Ltd is Book Building.
The minimum application for shares of Asset Reconstruction Company (India) Ltd is 107.
The total shares issue of Asset Reconstruction Company (India) Ltd is 52731946.
Initial public offering of up to 52,731,946 equity shares of face value of Rs. 10 each ("Equity Shares") of Asset Reconstruction Company (India) Limited ("Company" or the "Issuer") for cash at a price of Rs. 139 per equity share (Including a share premium of Rs. 129 per equity share) ("Offer Price") aggregating up to Rs. 732.97 Crores (the "Offer"). The offer comprises of an offer for sale of up to 52,731,946 equity shares of face value of Rs. 10 each (the "Offered Shares") aggregating up to Rs. 732.97 Crores (the "Offer for Sale"), comprising up to 24,823,910 equity shares aggregating up to Rs. 345.05 Crores by Avenue India Resurgence pte. ltd., up to 10,963,062 equity shares aggregating up to Rs. 152.39 Crores by State Bank of India (Together Referred to as "Promoter Selling Shareholders"), up to 16,244,858 equity shares aggregating up to Rs. 225.80 Crores by Lathe Investment Pte. Ltd. ("Investor Selling Shareholder") and up to 700,116 equity shares aggregating up to Rs. 9.73 Crores by The Federal Bank Limited ("Other Selling Shareholder", and along with the promoter selling shareholders and investor selling shareholder, the "Selling Shareholders"). The offer shall constitute [*] % of the post-offer paid-up equity share capital of the company.
Price Band: Rs. 139/- per equity share of face value of Rs. 10 each.
The floor price 13.90 times the face value of the equity shares, respectively.
Bids can made for a minimum of 107 equity shares of face value of Rs. 10 each and in multiples of 107 equity shares of face value of Rs. 10 each thereafter.