Arkade Developer IPO Opens Tomorrow: Allotment Date, GMP, Price Band & Key Details Inside

Arkade Developers, a real estate development company, is launching its initial public offering (IPO) on Monday, September 16. The IPO will stay open for subscription until Wednesday, September 19.

Arkade Developers Ltd. is a growing real estate company with a strong presence in Mumbai. As of July 2023, they have developed 1.80 million square feet of residential space. Between 2017 and the first quarter of 2023, they launched 1,040 homes in the Mumbai Metropolitan Region (MMR), selling 792 of them.

The money raised from the IPO will be used for developing existing and upcoming projects, acquiring new ones, and general corporate needs.

Here are 10 key things to know before subscribing to Arkade Developers IPO:

1. IPO Dates: The IPO opens on September 16 and closes on September 19.
2. Price Range: The price band is set between ₹121 and ₹128 per share.
3. Issue Size: Arkade plans to raise ₹410 crore through a fresh issue of 3.2 crore shares.
4. Lot Size: The minimum lot size is 110 shares, with a minimum investment of ₹14,080 for retail investors.
5. Promoter: Amit Mangilal Jain is the promoter of the company.
6. Allotment Date: Shares will likely be allotted on Friday, September 20.
7. Listing Date: The shares are expected to list on the BSE and NSE on Tuesday, September 24.
8. Lead Manager: Unistone Capital Pvt Ltd is the book-running lead manager for the issue.
9. Registrar: Bigshare Services is the registrar for the IPO.
10. GMP: As per reports, Arkade shares are trading at a grey market premium (GMP) of ₹70, indicating a possible listing price of ₹198.

IPO Review:

Choice Broking has given a ‘subscribe’ rating to Arkade Developers IPO, noting strong growth prospects. They mentioned that Arkade is expanding beyond the western suburbs of Mumbai and is nearly debt-free. The company’s strategy and consistent on-time project completion make it well-positioned for future growth.