1 day Ago By Divya Prata
The initial public offering of Arkade Developers Ltd. was subscribed 29.44 times on the third day of the issue, led by non-institutional investors.
The Mumbai-based realty player's maiden issue consists completely of a fresh issue of 3.2 crore shares, aggregating to Rs 410 crore. The company has set a price band of Rs 121–128 per share with a face value of Rs 10 apiece for the issue.
At the upper price band, the market cap of Arkade stands at over Rs 2,376 crore, according to NDTV Profit's calculations. The minimum application lot size is 110 shares. The company raised Rs 122.
4 crore from anchor investors ahead of its IPO. It allotted 95.6 lakh shares at Rs 128 apiece to nine anchor investors.
Proceeds from the issue will be used to finance the costs to be incurred in the development of ongoing projects. Part of the proceeds will also be used for acquisitions of yet-to-be identified land for real estate projects and general corporate purposes. Issue opens: Sept.
16. Issue closes: Sept. 19.
Issue price: Rs 121–128 per share. Total issue size: Rs 410 crore. Fresh issue: Rs 410 crore.
Bid lot: 110 shares. Listing: BSE and NSE. The real estate development company's operations are strategically located in the western suburbs of the Mumbai Metropolitan Region.
It has also developed high-end luxury projects in south Mumbai and eastern suburbs. In the last two decades, Arkade Group has completed 28 projects, aggregating more than 4.5 million square feet of development.
Of the 28 completed projects, 17 were new projects and 11 were redevelopment projects. The IPO has been subscribed 34.11 times as of 10:30 a.
m. on Thursday. Institutional investors: 0.
68 times or 68%. Non-institutional investors: 73.58 times.
Retail investors: 36.30 times. Employee reserved: 33.
19 times. The grey market premium of Arkade Developers was Rs 85 as of 9:56 a.m.
, implying a 66.41% gain over the IPO price, according to Chittorgarh's unit Investorgain. The estimated listing price based on the GMP is Rs 213 per share.
GMP is not an official price quote for the stock and is based on speculation. Disclaimer: Investments in initial public offerings are subject to market risks. Please consult with financial advisors and read red herring prospectus thoroughly before placing bids.
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