The third day of bidding, the Arkade Developers initial public offering (IPO), saw a strong response from investors on September 18, with the issue having been subscribed 23.24 times thus far.
Out of the 2,37,75,719 shares offered in the initial public offering, bids were received for 55,26,12,390 equity shares.
Total subscription across categories
The subscription rate for the non-institutional investors (NIIs) portion was 43.60 times higher than that of the retail investors category, which was 27.50 times higher. 46 per cent of qualified institutional buyers (QIBs) subscribed to the quota.
Anchor investment
Real estate company Arkade Developers Limited had raised Rs 122.4 crore from anchor investors prior to the IPO.
Price band of IPO
On September 19, the initial share sale, with a price range of Rs 121–Rs 128 per equity share, will come to an end.
IPO size and structure
The Rs 410 crore initial public offering (IPO) comprises only a new issue of equity shares totalling Rs 410 crore, without any offer-for-sale (OFS) element.
BREAKING IPO KING News
Arkade Developer Limited filed RHP with SEBI on 5-Sep-2024 for IPO
Issue Date : 16-Sep to 19-Sep, 2024#IPO #IPOAlert #IPOKing #IPOTracker #ArkadeDevelperIPO https://t.co/OP7BdyFdka pic.twitter.com/1tyWTfRVTp
— IPO King (@ipo_in) September 6, 2024
Utilisation of IPO proceeds
The funds raised will be used for general corporate purposes, as well as for the development of the company’s current and future projects and the purchase of future real estate projects.
The company’s ongoing and future projects, as well as general corporate purposes and the purchase of future real estate projects, will be developed with the proceeds from the issue.
Book running lead manager
Unistone Capital is the only book-running lead manager (BRLM) for this issue. It is expected that the company will list its equity shares on the BSE and NSE on September 24.
Completed projects and company financials
Between 2017 and Q1 2023, the company launched 1,040 residential units throughout the Mumbai Metropolitan Region (MMR) in Maharashtra, and sold 792 residential units in various markets.
Arkade Developers reported revenue of Rs 224.01 crore, Rs 237.18 crore, and Rs 113.18 crore for the fiscal years 2023, 2022, and 2021, respectively.
