The Asset Reconstruction Company (India) or ARCIL listed at the issue price. The company made a debut at Rs 139 per share. It slipped slightly lower in early trade soon after.

The ARCIL IPO was subscribed 210 times, and it was a 100% Offer for Sale (OFS). As a result, the company will not receive any proceeds of the IPO and the entire funds would go to the shareholders offloading stake in the IPO. It was a Rs 732.97 crore book-built issue.

Most brokerages had issued a Subscribe for the IPO and they see long-term value emerging for the company.

Anand Rathi believes that ARCIL’s established nationwide presence, strong relationships with banks and financial institutions, and first-mover advantage as India’s first ARC provide a strong platform for sustained growth in the stressed-asset resolution market.

According to them, “the company’s earnings remain sensitive to AUM composition and asset sourcing, with investment income contributing 46.5% of FY26 revenue and the top 5 sellers accounting for 67.2% of acquisitions, while decliningcollections and 34.9% of AUM ageing beyond 8 years could weigh on recoveries, cash flows and profitability.”

However, Anand Rathi believes that the company’s “expertise in acquiring stressed assets, supported by a diversified resolution strategy and robust collections framework, strengthens its ability to maximize recoveries and unlock value from distressed assets.”

Canara Bank Securities added that “The Indian ARC market is highly concentrated, with the top 7 players hold ing 74% of AUM. ARCIL is the second-largest ARC with a 12.6% market share (AUM Rs 16,852.57 cr as of Mar-31, 2025) and ranks as the most profitable private ARC by RoA (11.73% in FY25), while maintaining the lowest leverage and strongest capitalizationheadroom among standalone peers.”

ARCIL operates across 3 key segments Corporate Loans, SME & Other Loans and Retail Loans acquiring both single-credit and portfolio based stressed secured and unsecured assets. Depending on the underlying asset profile, it employs a range of resolution strategies, including restructuring, enforcement, settlement and collections. Its revenue is primarily generated through fee income and investment income.