- Price band
- ₹132 – ₹139
- Issue size
- ₹733 Cr
- Lot size
- 107 sh
- Bidding
- 9 – 11 Sep
- Grey market
- —
Face value ₹10.00
0% fresh capital
Lists 17 Sep 2026
No quote recorded
Market data to 30 Oct 2026. Company figures are as filed, sourced 15 Oct 2026. Every figure’s origin is listed under Sources.
The question this issue poses
In one sentence
Arcil buys distressed loans from banks and other lenders and places them in trusts; the record states that 706 trusts had been formed by 31 March 2026, of which 487 were still open, and that assets under management stood at Rs 20,149.99 Cr at that date. Revenue was Rs 574.11 Cr in FY24, Rs 623.40 Cr in FY25 and Rs 785.08 Cr in FY26, with profit after tax of Rs 305.34 Cr, Rs 355.32 Cr and Rs 407.84 Cr across the same three years. The whole of the Rs 732.97 Cr issue was an offer for sale, the fresh issue being nil, and promoter holding moved from 88.47% before the offer to 77.45% after it. The book was subscribed 20.10 times on day three, the shares listed at Rs 139 against a band top of Rs 139, and they last traded at Rs 118.18 on 23 October 2026.
IPOVista score
How this issue scores, and why
Every pillar opens to show the raw metric, the curve it was mapped through, the sub-score and its weight. Disagree with the weighting if you like — the arithmetic is all here.
IPOVista score
Broadly well-balanced
63% of the scoring model was backed by disclosed data for Arcil, giving medium confidence. Weights for anything missing were redistributed rather than scored as zero.
How this score is builtBelow the line: market sentiment. Capped at 8 of 100 points so a hot grey market can tilt a score but never carry one.
Read this before the number
Entirely an offer for sale
None of the money raised reaches the company. Existing shareholders are selling down; the balance sheet is unchanged by the listing.
The IPOVista Score is a transparent summary of disclosed fundamentals and issue terms. It is research, not investment advice, and it cannot predict listing performance.
The company
What the business actually does
Founded 2002 · The Ruby, 10th Floor, 29 Senapati Bapat Marg, Dadar (West), Mumbai 400 028, Maharashtra, India · 206 employees
Arcil buys bad loans. Banks and other lenders sell it single-credit exposures and whole portfolios they have stopped collecting on; Arcil pays well under face value — ₹44,114.43 crore for ₹89,909.34 crore of principal debt acquired up to 31 March 2026, or 49.07% — then pursues recovery through insolvency proceedings under the IBC, enforcement under the SARFAESI Act, debt restructuring, or negotiated settlement with the borrower. Recoveries to that date were ₹31,914.78 crore. It was the first asset reconstruction company registered in India, licensed by the RBI on 29 August 2003, and held ₹20,149.99 crore of assets under management at 31 March 2026 — 68.75% corporate loans, 23.55% retail, 7.70% SME and other. It runs 13 offices across 12 states with 206 employees.
Arcil mostly does not hold the loans itself. It places them in trusts — 706 formed by 31 March 2026, of which 487 were still open — that issue security receipts, and earns chiefly three ways: a management or trusteeship fee of 0.25% to 5.00% of the trust's AUM, collection fees on recoveries, and its share of trust profits once recoveries exceed costs. The structural catch is vintage: management fees are charged only where the AUM is under eight years old, so earnings depend on replacing ageing assets. Running costs are light — FY26 standalone expenses of ₹235.35 crore against ₹785.08 crore of total income — but funding is no longer cheap: borrowings rose from ₹305.93 crore to ₹1,205.50 crore during FY26.
The company on paper
- Legal name
- Asset Reconstruction Company (India) Limited
- IncorporatedThe legal entity is often incorporated years before the brand you know, and may have traded under another name first
- 11 Feb 2002
- CINCorporate Identity Number — the unambiguous handle for looking this company up at the MCA
- U65999MH2002PLC134884
- Sector
- Financials · Asset reconstruction — buying and resolving distressed loans acquired from banks and financial institutions
- Employees
- 206
- Registered office
- The Ruby, 10th Floor, 29 Senapati Bapat Marg, Dadar (West), Mumbai 400 028, Maharashtra, India
- Promoters
- Avenue India Resurgence Pte. Ltd., State Bank of India
- Promoter holding, pre-issue
- 88.5%
- Promoter holding, post-issue
- 77.5%
- Website
- arcil.co.in
The numbers
Financial performance
Revenue has compounded at 16.9% a year across the 3 reported financial years.
Revenue and profit
Figures in ₹ crore, as reported in the prospectus. Interim quarters are not annualised.
- Revenue
- Profit after tax
Margin trend
Profit and operating margin as a percentage of revenue
- Net margin
- EBITDA margin
Net worth and borrowings
At each period end, in ₹ crore. Gearing below each period is borrowings over net worth, from these same figures.
- Net worth
- Total borrowings
The price
Valuation
What the issue asks for the business, set against what the business earns.
No valuation ratios are recorded for this issue. The price band and the reported financials above are what this record holds.
The terms
How the issue is structured
This is entirely an offer for sale: none of the money raised reaches the company.
- Fresh issueNew shares — proceeds go to the company
- ₹0
- Offer for saleExisting shares — proceeds go to the selling shareholders
- ₹733 Cr
- Total issue size
- ₹733 Cr
- Shares offered in the OFS
- —
- Pre-issue shares outstanding
- —
- Employee discount
- —
What the issue does to ownership
Share of paid-up equity before and after the offer. The promoters give up 11.0% of the company.
- Promoters
- Everyone else
Hover or focus a segment to see who it is. The two bars are the same company, measured before and after the offer.
Percentages are of paid-up equity, and the “after” column assumes the offer is fully subscribed, which is how the offer document states it. This record does not disclose a pre- and post-issue share count, so the part of the company actually changing hands is not split out — everyone who is not a promoter is shown together.
Demand
What the market is bidding
Subscription is hard exchange data. Grey-market premium is not — it is an unofficial quote, shown because readers want it and labelled because it deserves the label.
Subscription by category
Cumulative bid multiples at the end of day 3. Anchor allocations are excluded.
Hover or focus a category to see who bids in it.
A category subscribed above 1× is oversubscribed; allotment in that category then runs as a lottery or on a proportionate basis.
Grey market premium
Unofficial over-the-counter sentiment
No grey-market quotes have been recorded for this issue.
Outcome
How it actually listed
- Issue price
- ₹139.00
- Listed at
- ₹139.00
- Listing gain
- unchanged 0.0%
- Since listing
- down 13.5%
- Against the issue price
- down 13.5%
Trading at ₹120.20 on 30 Oct 2026
What an allotment is worth now, before costs
Work it out
What this means for one application
Three calculations, each stating the assumption it rests on.
What one application costs
Shares are applied for in whole lots at the cut-off price. The full amount is blocked in your bank account under ASBA, not debited, until allotment.
- Shares applied for
- 107
- At cut-off price
- ₹139.00
- Amount blocked
- ₹14,873
One lot is 107 shares at ₹14,873. Retail applications are capped at ₹2,00,000, which allows up to 13 lots here — apply for more and you are bidding as a non-institutional investor instead.
Odds of getting an allotment
When the retail category is oversubscribed, SEBI requires a lottery for the minimum lot. Every application has the same chance, whatever its size.
~29%
chance of one lot, per application
- Retail subscription
- 3.39×
- Applicants per share available
- 3.4× the retail quota
This is an estimate of a lottery, not a prediction. Actual odds depend on the final basis of allotment, how many applications were at the minimum lot, and rejections for technical reasons. Applying from multiple distinct PANs is the only legitimate way to hold more tickets in that lottery.
What it actually did
This issue has listed, so there is a real number instead of a prediction. The grey-market premium is shown beside it for comparison.
₹139.00
listed at, 0.0% against the issue price
- Issue price
- ₹139.00
- Premium said
- —
- If allotted 107 shares
- ₹0
Listing-day figures are as reported by the exchanges.
Our read
The case for and against
Grounded only in figures disclosed in the prospectus. This is analysis, not a recommendation.
What works
- Profit after tax rose in both change periods the record carries: Rs 305.34 Cr in FY24, Rs 355.32 Cr in FY25 (up 16.37%) and Rs 407.84 Cr in FY26 (up 14.78%).
- Net worth was Rs 2,462.51 Cr in FY24, Rs 2,767.80 Cr in FY25 and Rs 3,079.39 Cr in FY26 — rises of 12.40% and then 11.26%.
- The record puts FY26 standalone expenses at Rs 235.35 Cr against total income of Rs 785.08 Cr, or 29.98% of income; reported EBITDA of Rs 588.93 Cr on revenue of Rs 785.08 Cr is 75.02%.
- Day-three subscription was 52.65 times in the qualified-institutional category, 15.69 times non-institutional and 3.39 times retail, for 20.10 times overall.
What to weigh against it
- Borrowings were Rs 149.95 Cr at FY24, Rs 305.93 Cr at FY25 and Rs 1,205.50 Cr at FY26 — up 104.02% and then 294.04%. Against net worth of Rs 2,462.51 Cr, Rs 2,767.80 Cr and Rs 3,079.39 Cr, that is 0.06 times, 0.11 times and 0.39 times.
- Margins did not move in one direction across the three years on record. EBITDA was 72.52% of revenue in FY24 (Rs 416.36 Cr on Rs 574.11 Cr), 78.90% in FY25 (Rs 491.88 Cr on Rs 623.40 Cr) and 75.02% in FY26 (Rs 588.93 Cr on Rs 785.08 Cr); on the same revenues the profit-after-tax margin was 53.18%, 57.00% and 51.95%, so the FY26 figure sits below the FY24 one. In FY26 revenue rose 25.94% (Rs 623.40 Cr to Rs 785.08 Cr) while profit after tax rose 14.78% (Rs 355.32 Cr to Rs 407.84 Cr).
- The shares listed at Rs 139, the top of the Rs 132 to Rs 139 band, for a listing gain of 0%; they closed the first day at Rs 137.02 and stood at Rs 118.18 on 23 October 2026, which the record records as 14.98% below the issue price.
- The record states that the management or trusteeship fee of 0.25% to 5.00% of a trust's assets under management is charged only where that AUM is under eight years old.
Easy to miss in the prospectus
- Borrowings, which were Rs 1,205.50 Cr at 31 March 2026 against Rs 305.93 Cr a year earlier, set beside net worth of Rs 3,079.39 Cr.
- The cumulative acquisition and recovery figures the record gives to 31 March 2026: Rs 44,114.43 Cr paid for Rs 89,909.34 Cr of principal debt acquired, or 49.07%, with recoveries of Rs 31,914.78 Cr to that date.
- Assets under management of Rs 20,149.99 Cr at 31 March 2026, split 68.75% corporate loans, 23.55% retail and 7.70% SME and other, and the 487 of 706 trusts still open at that date.
Straight from the filing
Read it yourself
Every figure on this page comes out of these. Go and check them.
Served by the issuer, the exchange or the regulator — never a copy hosted here, so what you open is the filing itself.
The paperwork
Who is running the issue
- Lead managers
- IIFL Capital Services Limited, IDBI Capital Markets & Securities Limited, JM Financial Limited
- RegistrarAllotment status is checked on the registrar's own site
- MUFG Intime India Private Limited
How these figures were checked
Reconciled to Arcil's own prospectus and to exchange disclosures, then cross-checked against 6 other independently published compilations of the same filing. Where a stated ratio disagreed with the line items it should come from, the disagreement was settled against the prospectus itself.
- Arcil Red Herring Prospectus dated 1 September 2026 (arcil.co.in) — text extracted from PDF · read 15 Oct 2026
- Arcil final Prospectus (IIFL Capital) — offer price ₹139, pre/post-offer shareholding table, standalone KPI and EBITDA reconciliation · read 15 Oct 2026
The prospectus is the authoritative document. Check anything that matters against it before you act.
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