Arkade Developers IPO Sees Strong Response on Day 2, Subscribed 24.23 Times
The real estate company's public offer has received a strong response from investors, with the issue being subscribed 24.23 times so far.
Arkade Developers IpoReal EstateMumbai Metropolitan RegionMaharashtraUnistone CapitalReal Estate MaharashtraSep 18, 2024
Out of the 2,37,75,719 shares offered in the initial public offering, bids were received for 55,26,12,390 equity shares.
The subscription rate for the non-institutional investors (NIIs) portion was 43.60 times higher than that of the retail investors category, which was 27.50 times higher. 46 per cent of qualified institutional buyers (QIBs) subscribed to the quota.
Arkade Developers Limited had raised Rs 122.4 crore from anchor investors prior to the IPO. The price band of the IPO is Rs 121–Rs 128 per equity share, and the issue will come to an end on September 19.
The Rs 410 crore initial public offering (IPO) comprises only a new issue of equity shares totalling Rs 410 crore, without any offer-for-sale (OFS) element. The funds raised will be used for general corporate purposes, as well as for the development of the company's current and future projects and the purchase of future real estate projects.
Unistone Capital is the only book-running lead manager (BRLM) for this issue. It is expected that the company will list its equity shares on the BSE and NSE on September 24.
Between 2017 and Q1 2023, the company launched 1,040 residential units throughout the Mumbai Metropolitan Region (MMR) in Maharashtra, and sold 792 residential units in various markets. Arkade Developers reported revenue of Rs 224.01 crore, Rs 237.18 crore, and Rs 113.18 crore for the fiscal years 2023, 2022, and 2021, respectively.
Information
Arkade Developers is a real estate company that operates in the Mumbai Metropolitan Region (MMR) in Maharashtra. The company has launched several residential projects in the region and has reported significant revenue growth in recent years.Unistone Capital is a leading investment bank that provides a range of financial services, including IPO management, equity research, and mergers and acquisitions advisory.
Frequently Asked Questions
What is the price band of the Arkade Developers IPO?
The price band of the IPO is Rs 121–Rs 128 per equity share.
How many shares are being offered in the IPO?
2,37,75,719 shares are being offered in the initial public offering.
What is the subscription rate for the non-institutional investors (NIIs) portion?
The subscription rate for the NIIs portion is 43.60 times higher than that of the retail investors category.
How much has Arkade Developers raised from anchor investors?
Arkade Developers has raised Rs 122.4 crore from anchor investors prior to the IPO.
When is the issue expected to list on the BSE and NSE?
The issue is expected to list on the BSE and NSE on September 24.
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