Arkade Developers IPO Oversubscribed 29.42 Times

New Delhi, Sep 18 (PTI) The initial public offer of Arkade Developers got subscribed 29.42 times on Wednesday, day three of the share sale.

The Rs 410-crore initial share sale received bids for 69,94,46,440 shares against 2,37,75,719 shares on offer, according to NSE data.

The quota for non-institutional investors garnered 58.80 times subscription while the Retail Individual Investors (RIIs) part got subscribed 33.26 times. The portion for Qualified Institutional Buyers (QIBs) received 61 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.