Arkade Developers IPO Subscribed 44% Times So Far On Day One

The initial public offering of Arkade Developers Ltd. will open for bidding on Monday. The Mumbai-based realty player's maiden issue consists completely of a fresh issue of 3.

20 crore shares aggregating 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. The minimum application lot size is 110 shares.



At the upper price band, the market cap of Arkade stands at over Rs 2,376 crore, according to NDTV Profit's calculations. The company raised Rs 122.40 crore from anchor investors, ahead of its initial public offering.

It allotted 95.62 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. Arkade Developers Ltd. is a real estate development company with a significant presence in Mumbai, Maharashtra.

The company’s operations are strategically located in the western suburbs of Mumbai Metropolitan Region, and 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 was subscribed 0.44 times or 44% as of 10:33 a.

m. on Monday. Institutional investors: nil.

Non-institutional investors: 0.37 times or 37%. Retail investors: 0.

73 times or 73%. Employee reserved: 0.38 times or 38%.

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..