Arkade Developers IPO: A Rs 410-Crore Bet on Mumbai's Real Estate Market
The Mumbai-based real estate company's three-day IPO will open on September 16 and conclude on September 19. Anchor investors can bid on September 13.
Arkade DevelopersIpoReal EstateMumbaiUnistone CapitalReal EstateSep 06, 2024
The company's IPO is a fully fresh issue of equity shares worth Rs 410 crore, as per the Red Herring Prospectus (RHP). Arkade Developers proposes to utilize the net proceeds from the fresh issue to acquire unidentified land and for general corporate purposes.
The company's operations are mainly concentrated in Mumbai, and it is owned by Amit Mangilal Jain and his family. Unistone Capital is the merchant banker to the issue, while Bigshare Services Pvt Ltd is the registrar to the offer.
The shares of the mainboard issue will be listed on both the Bombay Stock Exchange (BSE) and National Stock Exchange (NSE).
In February this year, the company announced plans to invest around Rs 700 crore in three projects in Mumbai, which are expected to be completed over the next three to four years.
We have earmarked Rs 698 crore for three new projects in the city -- Arkade Nest in Mulund (West), Deep Shikhar C Unit in Goregaon (East), and Prachi in Vile Parle (East). Phase 1 of Arkade Nest is a luxury project and is already underway. Going forward, our focus is on a blended model of greenfield and redevelopment. The Goregaon and Malad projects are redevelopment units, said Amit Jain, Chairman and Managing Director of Arkade.
Other real estate players like Keystone Realtors and Signature Global have also gone public in recent years.
About Arkade Developers
Arkade Developers is a Mumbai-based real estate company that focuses on developing residential and commercial projects in the city.
About Unistone Capital
Unistone Capital is a merchant banking firm that provides financial services to companies looking to raise capital through IPOs, FPOs, and other means.
Frequently Asked Questions
What is the size of Arkade Developers' IPO?
The IPO is a fully fresh issue of equity shares worth Rs 410 crore.
When will the IPO open and close?
The IPO will open on September 16 and close on September 19.
What is the purpose of the IPO?
The company plans to use the net proceeds from the IPO to acquire unidentified land and for general corporate purposes.
Who is the merchant banker to the issue?
Unistone Capital is the merchant banker to the issue.
Where will the shares be listed?
The shares will be listed on both the Bombay Stock Exchange (BSE) and National Stock Exchange (NSE).
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