The initial public offering of Arkade Developers Ltd. was subscribed 5.8 times on the first day on Monday. The Mumbai-based realty player's maiden issue consists completely of a fresh issue of 3.2 crore shares aggregating to Rs 410 crore.
The company has set a price band of Rs 121–128 per share with a face value of Rs 10 apiece for the issue. At the upper price band, the market cap of Arkade stands at over Rs 2,376 crore, according to NDTV Profit's calculations.
The minimum application lot size is 110 shares. The company raised Rs 122.40 crore from anchor investors, ahead of its IPO. It allotted 95.6 lakh shares at Rs 128 apiece to nine anchor investors.
Proceeds from the issue will be used to finance the costs to be incurred in the development of ongoing projects. Part of the proceeds will also be used for acquisitions of yet-to-be identified land for real estate projects and general corporate purposes.
Also Read: Arkade Developers IPO: All You Need To Know
Issue Details
Issue opens: Sept. 16.
Issue closes: Sept. 19.
Issue price: Rs 121–128 per share.
Total issue size: Rs 410 crore.
Fresh issue: Rs 410 crore.
Bid lot: 110 shares.
Listing: BSE and NSE.
Business
The real estate development company’s operations are strategically located in the western suburbs of the Mumbai Metropolitan Region. It has also developed high-end luxury projects in south Mumbai and eastern suburbs.
In the last two decades, Arkade Group has completed 28 projects, aggregating more than 4.5 million square feet of development. Of the 28 completed projects, 17 were new projects and 11 were redevelopment projects.
Arkade Developers IPO: Subscription Status So Far
The IPO was subscribed 5.8 times as of 5 p.m. on Monday.
Institutional investors: 0.24 times or 24%.
Non-institutional investors: 7.9 times.
Retail investors: 8.06 times.
Employee reserved: 7.63 times.
Watch This Video To Know More:
Disclaimer: Investments in initial public offerings are subject to market risks. Please consult with financial advisors and read red herring prospectus thoroughly before placing bids.
RECOMMENDED FOR YOU
Apple Eyeing Smart Glasses Market, Reportedly Conducting Internal Surveys
Nov 11, 2024
House Of Hiranandani To Invest Rs 12,500 Crore To Develop Multiple Projects In Mumbai Region
Oct 30, 2024
Cabinet Approves Rs 2,642 Crore Varanasi-DDU Multi-Tracking Project
Oct 16, 2024
Ashoka Buildcon Wins Two Projects Worth Total Rs 2,591 Crore In Maharashtra
Oct 11, 2024
POPULAR