Arkade Developers IPO Oversubscribed on Day 1

New Delhi, Sep 16 (PTI) 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.

The initial share sale received bids for 13,76,23,090 shares against 2,37,75,719 shares on offer, according to data available with the NSE.

The portion meant for Retail Individual Investors (RIIs) got subscribed 8.03 times while the quota for non-institutional investors received 7.89 times subscription. The category for Qualified Institutional Buyers (QIBs) attracted 24 per cent 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. As of July 31, 2023, it has developed 1.80 million square feet of residential property, including through partnership entities in which Arkade holds the majority stake.

Between 2017 and Q1 2023, the company launched 1,040 residential units and sold 792 residential units in different markets in the Mumbai Metropolitan Region (MMR) in Maharashtra.

Unistone Capital Private Ltd is the manager to the offer.