Arkade Developers IPO Oversubscribed 106.40 Times

New Delhi, Sep 19 (PTI) 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 received bids for 2,52,97,38,200 shares against 2,37,75,719 shares on offer, according to data available with the NSE.

Qualified institutional buyers subscribed the offer 163.16 times while the quota for non-institutional investors fetched 162.75 times subscription. The portion for retail individual investors received 50.65 times subscription.

The initial public offering (IPO) 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.

The realty firm 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 IPO, which 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 Pvt Ltd is the manager to the offer.