Arkade Developers Rs 410-Crore IPO To Open On Sept. 16
The maiden public issue is entirely through a fresh issue of equity shares worth, with no offer-for-sale component.
Real estate developer Arkade Developers Ltd. is set to float its Rs 410-crore initial public offering on Sept. 16.
The initial share sale will conclude on Sept. 19, and the bidding for anchor investors will open for a day on Sept. 13, according to the red herring prospectus.
The maiden public issue is entirely through a fresh issue of equity shares worth Rs 410 crore with no offer-for-sale component.
The company has already raised Rs 20 crore through a pre-IPO placement round.
Proceeds from the issue will be used for the development of the company's ongoing as well as upcoming projects and funding the 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. As of July 31, 2023, it has developed 1.80 million square feet of residential property, including through partnership entities in which Arkade holds the majority stake.
Between 2017 and Q1 2023, the company launched 1,040 residential units and sold 792 residential units in different markets in the Mumbai Metropolitan Region in Maharashtra.
Arkade Developer's revenue in fiscal 2023, 2022 and 2021 stood at Rs 224.01 crore, Rs 237.18 crore and Rs 113.18 crore, respectively.
Unistone Capital is the sole book-running lead manager to the issue. The equity shares of the company will be listed on BSE and NSE.
