Arkade Developers IPO Records 27x Subscriptions

18 Sep 2024 , 03:38 PM

Arkade Developers’ initial public offering (IPO) received 27.03 subscriptions on Wednesday, the third day of bidding. According to provisional market data, the IPO received bids for 64.27 crore shares as of 15:35 PM, compared to 2.4 crore shares offered.

The sections earmarked for qualified institutional buyers (QIBs) and non-institutional investors (NIIs) were subscribed for 0.46 and 53.17 times, respectively. The parts intended for retail investors and employees were booked 31.01 and 27.68 times, respectively.

Arkade Developers received Rs 122.4 crore from anchor investors before the subscription window opened. The IPO was completely subscribed on the first day of bidding.

Arkade Developers’ IPO includes a new issue of Rs 410 crore, implying that the whole proceeds of the offering will go to the business. The real estate company intends to use the funds collected to purchase new land and complete existing projects. It does not plan to utilise the money to pay down debt.

Arkade Developers specialised in the development of high-end residential complexes in Mumbai. Their operations include new residential project development and construction, as well as property renovation.

According to the prospectus, the company has constructed 2.2 million square feet of residential space and has a track record of meeting project deadlines.

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