New Delhi, 17 September (H.S.): The shares of Asset Reconstruction Company (India) Limited (Arcil), which is engaged in resolving banks’ non-performing assets (NPAs), disposing of assets pledged against NPAs and facilitating debt restructuring, made a flat debut on the stock market on Wednesday, disappointing its IPO investors. The company had issued its shares at an IPO price of Rs 139 apiece. On Wednesday, the shares were listed on both the BSE and NSE at Rs 139, with no change from the issue price.
After the flat listing, the shares initially climbed to Rs 141.50, supported by buying interest. However, profit-booking subsequently triggered a decline, with the stock falling to Rs 130.73. Following the day’s trading activity, the shares closed at Rs 137.05. Consequently, IPO investors incurred a loss of Rs 1.95 per share, or 1.40 percent, on the first day of trading.
The company’s Rs 732.97-crore IPO was open for subscription from September 9 to 11. The issue received a strong response from investors and was subscribed 20.10 times overall. The portion reserved for Qualified Institutional Buyers (QIBs) was subscribed 52.65 times, excluding the anchor allocation. Similarly, the portion reserved for Non-Institutional Investors (NIIs) received 15.69 times subscription, while the retail portion was subscribed 3.39 times.
Under the IPO, a total of 5,27,31,946 equity shares with a face value of Rs 10 each were offered for sale. Since the issue did not include any fresh shares, the company did not receive any proceeds from the IPO. Instead, the entire proceeds went to the existing shareholders selling their shares through the Offer for Sale (OFS) route.
According to the claims made in the Draft Red Herring Prospectus (DRHP) filed with capital market regulator SEBI, Arcil’s financial position remained strong during the period under review. The company reported a net profit of Rs 305.34 crore in financial year 2023-24, which increased to Rs 355.32 crore in 2024-25. In 2025-26, its net profit rose further to Rs 407.84 crore.
During the same period, the company’s revenue also increased consistently. Arcil reported total revenue of Rs 574.11 crore in 2023-24, which increased to Rs 623.40 crore in 2024-25. In the following financial year, 2025-26, revenue rose sharply to Rs 785.08 crore.
The company’s debt burden also increased steadily during this period. At the end of financial year 2023-24, the company had outstanding debt of Rs 149.95 crore, which increased to Rs 305.93 crore in 2024-25. In 2025-26, the debt burden surged substantially to Rs 1,205.50 crore.
The company also recorded an increase in its reserves and surplus. At the end of 2023-24, its reserves and surplus stood at Rs 2,135.20 crore, rising to Rs 2,439.19 crore in 2024-25 and further to Rs 2,751.18 crore in 2025-26.
Arcil’s net worth also increased during the period. The company’s net worth stood at Rs 2,462.51 crore in 2023-24 and rose to Rs 2,767.80 crore in 2024-25. In 2025-26, its net worth increased further to Rs 3,079.39 crore.
The company’s EBITDA (Earnings Before Interest, Taxes, Depreciation and Amortisation) stood at Rs 416.36 crore in 2023-24. It increased to Rs 491.88 crore in 2024-25 and further rose to Rs 588.93 crore in 2025-26.
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Hindusthan Samachar / Jun Sarkar
