The initial public offer (IPO) of Arkade Developers received bids for 69,94,46,440 shares as against 2,37,75,719 shares on offer, according to stock exchange data at 17:00 IST on Wednesday (18 September 2024). The issue was subscribed 29.42 times.
The issue opened for bidding on Monday, 16 September 2024 and it will close on Thursday, 19 September 2024. The price band of the IPO was fixed between Rs 121 to 128 per share. An investor can bid for a minimum of 110 equity shares and in multiples thereof.
The IPO comprises fresh issue of equity shares, aggregating to Rs 410 crore.
Of the net proceeds from the fresh issue, about Rs 250 crore will be used for funding a part of the costs to be incurred in the development of its ongoing projects, and upcoming projects. The balance amount will be used for funding acquisition of yet-to-be identified land for real estate projects and general corporate purposes.
Ahead of the IPO, Arkade Developers on Friday, 13 September 2024, raised Rs 122.40 crore from anchor investors. The board allotted 95.62 lakh shares at Rs 128 each to 9 anchor investors.
Arkade Developers is a real estate development company concentrating on the development of premium aspirational lifestyle residential premises in Mumbai, Maharashtra, India’s commercial capital. The company is engaged in the development of new projects (development / construction of residential premises on land acquired by the company) and redevelopment of existing premises.
The firm reported a consolidated net profit of Rs 122.84 crore and sales of Rs 634.74 crore for the twelve months ended on 31 March 2024.