Arkade Developers Raises Rs 122 Crore From Anchor Investors
BNP Paribas Financial Markets got the highest allocation of 20.43%.
Arkade Developers Ltd. raised Rs 122.40 crore from anchor investors on Friday ahead of its initial public offering. The company allotted 95.62 lakh shares at Rs 128 apiece to nine anchor investors.
BNP Paribas Financial Markets got the highest allocation of 20.43%. Intuitive Alpha Investment Fund PCC-Cell-1, Saint Capital Fund and Stern Global Fund VCC-Stern Multi Stratergy Fund got the second highest allotment of 16.34%.
While Societe Generale-ODI mopped up an 8.17% stake, Gagandeep Credit Capital Pvt got a 9.53% stake in the real estate firm.
Unistone Capital Private Ltd. is the book-running lead manager for the issue and Bigshare Services Pvt. is the registrar of the issue.
Arkade Developers will launch its initial public offering on Monday to raise up to Rs 410 crore. It has set a price band of Rs 121–128 per share for its three-day IPO, which comprises a fresh issue of equity shares worth Rs 410 crore. The minimum application lot size is 110 shares.
The offer, which concludes on Wednesday, is set to list on the BSE and the National Stock Exchange.
The IPO proceeds will be used for development of the company's ongoing as well as upcoming projects, funding acquisition of future real estate projects and general corporate purposes.
Arkade Developers is a fast-growing real estate development company with a significant presence in Mumbai. By July 31, 2023, the company had developed 1.80 million square feet of residential space, including projects through joint ventures where Arkade holds a controlling interest.
