Arkade Developers IPO Sees Unprecedented Response, Subscribed 29.42 Times
Arkade Developers, a fast-growing real estate development company, has received an overwhelming response to its IPO, with subscription rates soaring to 29.42 times on day three. The company has a significant presence in Mumbai and is known for its housing
Arkade DevelopersIpoReal EstateHousing MarketMumbaiReal Estate NewsSep 18, 2024
According to NSE data, the issue received bids for 69,94,46,440 shares against 2,37,75,719 shares on offer. The quota for non-institutional investors was subscribed 58.80 times, while the Retail Individual Investors (RIIs) portion got subscribed 33.26 times. The Qualified Institutional Buyers (QIBs) segment received 61 per cent subscription.
The IPO, which is entirely a fresh issue of equity shares worth Rs 410 crore with no offer-for-sale (OFS) component, has been a huge success. The company has fixed a price band of Rs 121-128 per share for the issue.
Arkade Developers has raised Rs 122.40 crore from anchor investors and plans to use the proceeds from the issue for the development of its ongoing and upcoming projects, funding the acquisition of future real estate projects, and general corporate purposes.
The company has a significant presence in Mumbai and is known for its expertise in the housing market. Unistone Capital Private Ltd is the manager to the offer.
The success of the IPO is a testament to the growing demand for real estate stocks in the market. With the government's push for affordable housing and the increasing demand for housing in urban areas, companies like Arkade Developers are well-positioned to benefit from this trend.
The company's strong track record, coupled with its significant presence in Mumbai, has made it an attractive investment opportunity for investors.
As the IPO market continues to witness a surge in activity, Arkade Developers' success is likely to encourage more companies to tap the market for funds.
The company's listing on the stock exchange is expected to provide a boost to its brand visibility and credibility, which in turn is expected to drive business growth.
With the real estate sector expected to grow significantly in the coming years, companies like Arkade Developers are likely to be at the forefront of this growth.
The company's focus on affordable housing and its strong execution capabilities make it an attractive investment opportunity for investors looking to tap into the growing demand for housing in India.
As the company continues to grow and expand its presence in the market, investors can expect strong returns on their investment.
With the IPO market continuing to witness a surge in activity, Arkade Developers' success is likely to encourage more companies to tap the market for funds.
About Arkade Developers
Arkade Developers is a fast-growing real estate development company with a significant presence in Mumbai. The company is known for its expertise in the housing market and has a strong track record of delivering quality projects.
About Unistone Capital Private Ltd
Unistone Capital Private Ltd is a leading investment bank that provides a range of services, including IPO management, to its clients. The company has a strong track record of managing successful IPOs and has helped several companies raise funds from the market.
Frequently Asked Questions
What is the price band for the Arkade Developers IPO?
The price band for the Arkade Developers IPO is Rs 121-128 per share.
How much has the company raised from anchor investors?
The company has raised Rs 122.40 crore from anchor investors.
What is the purpose of the IPO?
The proceeds from the issue will be used for the development of the company's ongoing and 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.
When is the IPO set to conclude?
The IPO is set to conclude on September 19.
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