Arkade Developers IPO: The offer received bids for 254 crore shares as against 2.37 crore shares on offer.
The initial public offer (IPO) of Arkade Developers received bids for 2,54,00,26,280 shares as against 2,37,75,719 shares on offer. The issue was subscribed 106.83 times.
The Qualified Institutional Buyers (QIBs) category was subscribed 163.16 times. The Non Institutional Investors (NIIs) category was subscribed 163.02 times. The Retail Individual Investors (RIIs) category was subscribed 51.39 times.
The issue opened for bidding on 16 September 2024 and it closed on 19 September 2024. The price band of the IPO was fixed between Rs 121 to 128 per share.
The IPO comprised 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, Indias 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.