Arkade Developers Shares Surge 37% on Debut

New Delhi, Sep 24 (PTI) Shares of Arkade Developers Ltd on Tuesday listed with a premium of over 37 per cent against the issue price of Rs 128.

The stock began the trade at Rs 175.90, up 37.42 per cent from the issue price on the BSE. Later, it surged 48.43 per cent to Rs 190.

At the NSE, shares of the firm listed at Rs 175, reflecting a jump of 36.71 per cent.

The company's market valuation stood at Rs 3,232.40 crore.

The initial share sale of Arkade Developers got subscribed 106.40 times on the last day of the offer on Thursday.

The Rs 410-crore initial share sale had a price band of Rs 121-128 per share.

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.