Arkade Developers Ltd, a real estate company, is in the spotlight as its IPO progresses. The company, which is expanding in Mumbai, has seen strong interest from investors, with the IPO closing on September 19.
IPO Details:
- Price Range: ₹121-128 per share
- Total Issue Size: ₹410 crore
- Lot Size: 65 shares
Subscription Status:
- Overall Subscription: 16.21 times
- Retail Investors: 20.00 times
- Non-Institutional Investors: 28.27 times
- Qualified Institutional Buyers (QIBs): 44%
- Employee Shares: 19.25 times
Arkade Developers raised ₹122.40 crore from anchor investors before the IPO. The company plans to use the funds for ongoing and upcoming real estate projects.
IPO Review:
- SMIFS Ltd: Recommends subscribing to the IPO due to Arkade’s presence in a profitable real estate market and its strong financials. The company has shown impressive revenue growth and has favourable valuations at the issue price.
- GEPL Capital: Also advises subscribing, citing Arkade’s solid financial performance, reduced debt, and strong track record. The company’s growth in Mumbai’s real estate market is seen as promising.
Grey Market Premium (GMP):
- GMP Today: +₹86
- Expected Listing Price: ₹214 per share (based on the upper end of the IPO price and current GMP)
The GMP indicates a positive trend, suggesting that the shares may perform well on listing day.
For more updates on the Arkade Developers IPO, including subscription details and GMP, stay tuned to stock market news.
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