Divya Delhi: Apply for Northern Arc Capital IPO? GMP, Review, Subscription Status.On Monday, Northern Arc Capital Ltd. launched its first public offering. IPO shares will cost Rs 249 to Rs 263 in the Rs 777-crore public sale. The IPO received a 0.70 times subscription on Monday, with bids for 1,41,91,746 shares versus 2,03,04,754 shares till 11:43 am. Non-institutional investors subscribed 0.78 times, while retail individual investors (RIIs) subscribed 1.05 times. The IPO will be offered for public subscription from September 16 to 19. Northern Arc Capital's IPO share allotment will likely be finished on September 20 and listed on BSE and NSE on September 24.The hotly anticipated Rs 777-crore IPO's price band is Rs 249 to Rs 263 per share. Market observers say Northern Arc Capital Ltd. unlisted shares are trading Rs 158 more than their issue price in the gray market. The grey market expects a 60.08 percent listing gain from the public issuance at Rs 158 GMP. The GMP changes with market mood. The ‘grey market premium’ demonstrates investors' willingness to pay over the issue price.