Arkade Developers IPO Oversubscribed 16.20 Times

New Delhi, Sep 17 (PTI) The initial public offer of Arkade Developers Ltd received 16.20 times subscription on the second day of bidding on Tuesday.

The initial share sale received bids for 38,51,04,390 shares against 2,37,75,719 shares on offer, as per NSE data.

The portion for non-institutional investors attracted 28.26 times subscription while the category for Retail Individual Investors (RIIs) got subscribed 19.99 times. The quota for Qualified Institutional Buyers (QIBs) fetched 44 per cent subscription.

The initial public offer of Arkade Developers Ltd got fully subscribed on the first day of the share sale on Monday and ended the day with 5.79 times subscription.

Realty firm Arkade Developers Ltd has raised Rs 122.40 crore from anchor investors.

The company has fixed a price band of Rs 121-128 per share for its Rs 410-crore initial public offering.

The initial share sale will conclude on September 19.

The IPO is entirely a fresh issue of equity shares worth Rs 410 crore with no offer-for-sale (OFS) component.

Proceeds from the issue will be used for the development of the company's ongoing as well as upcoming projects, funding the acquisition of future real estate projects and general corporate purposes.

Arkade Developers is a fast-growing real estate development company with a significant presence in Mumbai.

Unistone Capital Private Ltd is the manager to the offer.