The ARCIL IPO law firms — Trilegal, Cyril Amarchand Mangaldas, and Hogan Lovells Cadwalader — have advised on one of India’s most historically significant public offerings. Asset Reconstruction Company (India) Limited launched its ₹732.97 crore book-built IPO, comprising entirely an offer for sale. Once listed, ARCIL became the first asset reconstruction company in the country to be publicly traded.
Introduction
Asset Reconstruction Company (India) Limited is an asset reconstruction company engaged in acquiring stressed assets from banks and financial institutions and implementing resolution strategies to maximise recoveries and optimise the value of such assets. The IPO comprised an offer for sale by institutional investors including Avenue India, Federal Bank, Lathe Investment, and SBI, aggregating to INR 7,350 million. The IPO was open for subscription from September 9 to 11, 2026, on the BSE and NSE platforms, with a tentative listing date fixed as September 17, 2026.
The company received its certificate of registration from the Reserve Bank of India to commence securitisation and asset reconstruction operations in August 2003, and is recognised as the first ARC incorporated in India. As of March 31, 2025, ARCIL was the second-largest asset reconstruction company in India by AUM, with assets under management of ₹16,852.57 crore.
Deal Value
ARCIL raised ₹732.97 crore through the book-built IPO, structured entirely as an offer for sale, with a price band fixed at ₹132 to ₹139 per equity share, at a face value of ₹10 per share. The IPO was subscribed 20.10 times by September 11, 2026.
Legal Teams Involved
Three law firms advised across distinct mandates on this transaction. For a broader view of recent deal activity in the Indian legal market, see the Deal Meter.
Trilegal — Counsel to ARCIL (Issuer)
Trilegal advised ARCIL on this IPO. The transaction team included Bhakta Patnaik (Partner), Albin Thomas (Partner), Somya Jena (Senior Associate), and Associates Akanksha Goel, Tushar Chitlangia, and Adhish Mohanty.
Trilegal — Counsel to State Bank of India (Selling Shareholder)
Trilegal also advised State Bank of India in connection with its participation as a selling shareholder in the IPO. The transaction team consisted of Albin Thomas, Arsh Sinha (Senior Associate), and Adhish Mohanty (Associate).
Cyril Amarchand Mangaldas — Counsel to the Book Running Lead Managers
Cyril Amarchand Mangaldas advised the book running lead managers on this IPO. The transaction was led by Ravi Dubey (Partner, Regional Co-Head – Capital Markets – West), with support from Urmil Shah (Senior Associate), and Associates Zeb Burk, Akshita Dhawan, Gaurav Lalwani, Harsha Menon, Alok Antony, and Syamantak Sinha.
Hogan Lovells Cadwalader — International Counsel to the BRLMs
Hogan Lovells Cadwalader served as the international counsel for the BRLMs. The transaction was led by Biswajit Chatterjee (Head of the India Practice and Dubai Office Managing Partner), with support from Varun Jetly (Counsel) and Aditya Dsouza (Senior Associate).
Significance and Impact
The offer was a landmark transaction, being the first-ever initial public offering and listing of an asset reconstruction company in India. The transaction carries equal distinction on the global stage — ARCIL is also the world’s first publicly listed pure-play private-sector asset reconstruction company, bringing an entirely novel asset class to public capital markets.
ARCIL acquires stressed loans from banks and financial institutions and works towards their resolution through debt restructuring, security enforcement, negotiated settlements, and other recovery methods. Its listing opens this specialised business model to public market scrutiny and investor participation for the first time, setting a potential template for other ARCs globally. In FY25, ARCIL was the second most profitable private ARC, with a PAT of ₹355.32 crore, and had the highest PAT as a percentage of average AUM among the top seven ARCs at 2.22%.
The IPO’s pure offer-for-sale structure — with selling shareholders including Avenue India Resurgence, State Bank of India, Lathe Investments, and Federal Bank — means no fresh capital was raised by the company itself, with proceeds flowing entirely to the exiting shareholders.
The ARCIL IPO marks a defining moment for India’s stressed-asset resolution industry, establishing a new public market category and delivering a multi-firm legal mandate of considerable complexity. Trilegal navigated dual roles as counsel to both the issuer and a key selling shareholder, while Cyril Amarchand Mangaldas and Hogan Lovells Cadwalader anchored the BRLM-side advisory across domestic and international law. The transaction’s landmark status is likely to invite greater institutional attention to the ARC sector in the months ahead.
Disclaimer: This article is for informational purposes only and does not constitute legal advice. It is based on the details provided and publicly available sources.
