Arkade Developers' IPO Sees Overwhelming Response, Subscribed 5.79 Times on Day 1
Arkade Developers' initial public offering (IPO) has received an overwhelming response, with the issue getting subscribed 5.79 times on the first day of the share sale. The IPO, which aims to raise Rs 410 crore, saw strong demand from retail individual in
Arkade DevelopersIpoReal EstateMumbaiUnistone Capital Private LtdReal Estate NewsSep 16, 2024
The portion meant for Retail Individual Investors (RIIs) got subscribed 8.03 times, while the quota for non-institutional investors received 7.89 times subscription. The category for Qualified Institutional Buyers (QIBs) attracted 24 per cent subscription.
Realty firm Arkade Developers Ltd has raised Rs 122.40 crore from anchor investors. The company has fixed a price band of Rs 121-128 per share for its Rs 410-crore initial public offering. The initial share sale will conclude on September 19.
The IPO is entirely a fresh issue of equity shares worth Rs 410 crore with no offer-for-sale (OFS) component. Proceeds from the issue will be used for the development of the company's ongoing as well as upcoming projects, funding the acquisition of future real estate projects, and general corporate purposes.
Arkade Developers is a fast-growing real estate development company with a significant presence in Mumbai. As of July 31, 2023, it has developed 1.80 million square feet of residential property, including through partnership entities in which Arkade holds the majority stake.
Between 2017 and Q1 2023, the company launched 1,040 residential units and sold 792 residential units in different markets in the Mumbai Metropolitan Region (MMR) in Maharashtra. Unistone Capital Private Ltd is the manager to the offer.
About Arkade Developers
Arkade Developers is a real estate development company that focuses on developing residential properties in the Mumbai Metropolitan Region. The company has a strong track record of delivering quality projects on time and has a significant presence in the Mumbai real estate market.
About Unistone Capital Private Ltd
Unistone Capital Private Ltd is a leading investment banking firm that provides a range of services, including IPO management, mergers and acquisitions, and capital raising. The firm has a strong track record of managing successful IPOs and has worked with several leading companies in the past.
Frequently Asked Questions
What is the size of Arkade Developers' IPO?
The IPO aims to raise Rs 410 crore.
What is the price band for the IPO?
The price band is fixed at Rs 121-128 per share.
How many shares are on offer?
2,37,75,719 shares are on offer.
What is the purpose of the IPO?
Proceeds from the issue will be used for the development of the company's ongoing as well as upcoming projects, funding the acquisition of future real estate projects, and general corporate purposes.
Who is the manager to the offer?
Unistone Capital Private Ltd is the manager to the offer.
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