Arkade Developers IPO Subscription details on Day 2

17 Sep 2024 , 12:30 PM

Arkade Developers launched a ₹410 Crore Initial Public Offering (IPO) on Monday, September 16, which received a strong subscription of over six times on the first day.

Prior to the IPO, the company raised ₹122.40 Crore from anchor investors by allocating 95.62 lakh equity shares at ₹128 per share to nine anchor investors, with a face value of ₹10 per share.

At the time of writing on day 2 at 12:21 pm, the IPO saw a total subscription of 9.80 times. The retail investor segment was subscribed 13.31 times, the non-institutional investor (NII) portion was subscribed 14.80 times, while the Qualified Institutional Buyer (QIB) segment saw a subscription of 0.24 times.

Arkade Developers’ IPO consists of a fresh issue of 3.2 Crore shares to raise ₹410 Crore, with a price band set between ₹121 to ₹128 per share.

The subscription period for the IPO runs from Monday, September 16, to Thursday, September 19, with share allotments expected to be finalized on Friday, September 20. The stock is likely to be listed on Tuesday, September 24.

Proceeds from the IPO will be used to fund ongoing real estate projects, acquire land for future developments, and for general corporate purposes.