Arkade Developers IPO Subscribed 23.35 Times So Far on Day 3

18 Sep 2024 , 01:41 PM

Arkade Developers launched its ₹410 Crore Initial Public Offering (IPO) on September 16, 2024. The IPO saw a robust subscription rate of over six times on its first day. The company raised approximately ₹122.40 Crore from anchor investors prior to the IPO. Anchor investors were allocated 95.62 lakh equity shares at ₹128 per share.

As of 1:26 pm on the third day of subscription, the IPO was subscribed 23.35 times overall. The retail portion was subscribed 27.64 times, the Non-Institutional Investors (NII) segment was subscribed 43.79 times, and the Qualified Institutional Buyers (QIB) segment was subscribed 0.46 times.

The IPO consists of a fresh issue of 3.2 Crore shares priced between ₹121 to ₹128 per share. The subscription period is from September 16 to September 19. Share allotment is expected on September 20, with listing anticipated on September 24.

The proceeds from the IPO will be used for funding ongoing projects, acquiring land for new real estate developments, and general corporate purposes.