Real Estate
Arkade Developers Sets IPO Price Band at Rs 121-128/Share, Aims to Raise Rs 410 Crore
By GeoSquare News Desk · Published 2024-09-10
Arkade Developers Ltd has announced the price range for its Rs 410-crore initial public offering (IPO) at Rs 121 to Rs 128 per share. The IPO will open for public subscription on September 16 and close on September 19, with anchor investor bidding set to take place on September 13.
The company plans to use the funds raised from the IPO to develop its current and future projects, as well as acquire funding for upcoming real estate ventures and general corporate needs. Arkade Developers is a rapidly expanding real estate development firm with a strong presence in Mumbai.
As of July 31, 2023, the company has constructed 1.80 million square feet of residential property in collaboration with entities where Arkade has the controlling interest. In the past, the company has debuted 1,040 residential units and sold 792 homes in various MMR markets in Maharashtra.
In fiscal years 2021, 2022, and 2023, Arkade Developers earned Rs 113.18 crore, Rs 237.18 crore, and Rs 224.01 crore, respectively. The company has allocated 50% of the total offering to eligible institutional buyers, 35% to retail investors, and 15% to non-institutional investors.
Investors can bid for at least 110 shares and in increments of that amount. Unistone Capital is the sole book-running lead manager (BRLM) responsible for the issue. The company's equity shares are set to be listed on both the BSE and NSE on September 24.
Brokerage firms have estimated the company's value to be more than Rs 2,300 crore after the issue.
About Arkade Developers Ltd
Arkade Developers Ltd is a real estate development company with a strong presence in Mumbai. The company has a proven track record of developing residential properties and has a strong pipeline of upcoming projects.
About Unistone Capital
Unistone Capital is a leading investment banking firm that provides a range of services including equity capital markets, debt capital markets, and M&A advisory.