Arkade Developers' shares take a surprising dive after strong debut

24 Sep 2024 , 03:38 AM

Arkade Developers made a strong start on the bourses on Tuesday, closing at a 37% premium to its issue price. This remarkable performance reflects the IPO’s 113-fold oversubscription.

Following the listing, the shares fell by 4.6% and closing at ₹165.86.

The firm is a real estate developer specialising in high-end, sophisticated lifestyle residential complexes in Mumbai, Maharashtra. The company’s sustained financial growth and development ambitions have positioned it well in the market.

The business intends to use the net proceeds to develop current and prospective projects, as well as to support the acquisition of future real estate projects and for other corporate reasons.

As of July 31, 2023, they had created 1.80 million square feet of residential property (including through partnership firms in which Arkade owned the controlling stake).

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