Arkade Developers IPO 2024: Key Highlights, Allotment Status, GMP, and Listing Date
The initial public offering (IPO) of Arkade Developers, a real estate development company, has garnered strong demand from investors. Here are the key highlights, allotment status, GMP, and listing date.
Arkade Developers IpoIpo Allotment StatusGmpListing DateReal Estate Development CompanyReal Estate NewsSep 21, 2024
The shares are set to be credited to the demat accounts of successful bidders on September 23, with refunds issued to rejected applicants on the same day. The IPO listing date is scheduled for September 24.
Prior to the IPO, the company’s promoter held 85.58% of the shares. Following the IPO, the promoter's shareholding will decrease to 70.82%.
The IPO size is Rs 410 crores as a book-build issue, with a face value of Rs 10 per equity share. The lot size for the IPO application is 110 shares per lot, with an issuance price range between Rs 121 and Rs 128.
Arkade Developers reported revenues of Rs 224.01 crore in FY2023, Rs 237.18 crore in FY2022, and Rs113.18 crore in FY2021.
The company is set to be listed on the BSE and NSE on September 24, according to the tentative schedule. The IPO price band is set between Rs 121 and Rs 128 per equity share, with a minimum investment for retail buyers at Rs 14,080 for a lot of 110 shares.
The estimated listing price is Rs 189, reflecting a 47.66% rise from the initial IPO price of Rs 128, as of 3 27 PM on September 20, 2024. The highest estimated listing price to date was Rs 214 on September 16 and 17.
Arkade Developers' IPO has a current gray market premium (GMP) of Rs 63 as of September 21, 2024, at 1 26 PM. With a price band set at Rs 128, the estimated listing price is projected to be Rs 191 (calculated as the cap price plus today’s GMP). This indicates an expected gain of approximately 49.22% per share upon listing.
The initial share sale of Arkade Developers was subscribed 106.40 times on its final day, on Thursday. The Rs 410-crore offering received bids for 25,297,382,200 shares, compared to the 2,377,571 shares available, according to NSE data.
The company has allocated 9,562,500 shares to anchor investors at Rs 128 per share, totaling Rs 122.40 crore.
Proceeds from the issue of Arkade IPO will be used to develop both ongoing and upcoming projects, fund the acquisition of future real estate ventures, and cover general corporate expenses.
Arkade Developers is a rapidly expanding real estate development company with a strong presence in Mumbai. As of July 31, 2023, the company has developed 1.80 million square feet of residential properties, including those through partnerships where Arkade holds a majority stake.
Between 2017 and the first quarter of 2023, the company launched 1,040 residential units and successfully sold 792 units across various markets in the Mumbai Metropolitan Region (MMR) in Maharashtra.
Frequently Asked Questions
What is the IPO allotment status of Arkade Developers?
The allotment status of Arkade Developers IPO has been finalized and can be checked on the BSE website or the official portal of the IPO registrar, Bigshare Services.
What is the listing date of Arkade Developers IPO?
The listing date of Arkade Developers IPO is scheduled for September 24.
What is the estimated listing price of Arkade Developers IPO?
The estimated listing price of Arkade Developers IPO is Rs 189, reflecting a 47.66% rise from the initial IPO price of Rs 128.
What is the gray market premium (GMP) of Arkade Developers IPO?
The current gray market premium (GMP) of Arkade Developers IPO is Rs 63 as of September 21, 2024, at 1:26 PM.
What is the use of proceeds from the Arkade Developers IPO?
Proceeds from the issue of Arkade IPO will be used to develop both ongoing and upcoming projects, fund the acquisition of future real estate ventures, and cover general corporate expenses.
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