fbpx

Arkade Developers IPO: Mumbai Developer Secures ₹122 Crore from 9 Anchor Investors Ahead of Debut

Mumbai-based Arkade Developers has raised ₹122.40 crore from nine anchor investors ahead of its IPO, which will open for subscription on Monday, September 16. On Friday, the company allocated over 95.62 lakh equity shares to these investors at ₹128 per share.

Anchor Investors and Share Allocation

The shares were distributed to nine investors, with BNP Paribas Financial Markets ODI receiving the largest share of 20.43%. Intuitive Alpha Investment Fund PCC-Cell 1, Saint Capital Fund, and Stern Global Fund VCC-Stern Multi Strategy Fund each received 16.34%. Other investors included Societe Generale, Gagandeep Credit Capital Private Limited, Rajasthan Global Securities Private Limited, NAV Capital VCC, and Visionary Value Fund.

About Arkade Developers

Arkade Developers is a prominent real estate developer in Mumbai, focusing on high-end residential projects. As of July 31, 2023, they have developed 1.80 million square feet of residential space. They have launched 1,040 residential units and sold 792 units between 2017 and Q1 2023. Their completed projects include nine redevelopment projects in Mumbai’s western suburbs and one in the south-central region.

Details of the IPO

The IPO, which is a fresh equity issue, will raise ₹410 crore and will close on September 18. The price band for the shares is set at ₹121-128 per share. The IPO allocation is divided into 50% for qualified institutional buyers, 35% for retail investors, and 15% for non-institutional investors.

Use of Proceeds

The funds raised from the IPO will be used to develop ongoing and upcoming projects, acquire future real estate projects, and for general corporate purposes.

Financial Performance

In FY24, Arkade Developers’ revenue increased by 189% to ₹635 crore, and their net profit more than doubled to ₹123 crore.

IPO Lead Manager

Unistone Capital is the sole Book Running Lead Manager (BRLM) for the IPO. The company’s shares will be listed on both the BSE and NSE.

Disclaimer: The views and investment tips expressed by investment experts on Sharepriceindia.com are their own and not those of the website or its management. Sharepriceindia.com advises users to check with certified experts before taking any investment decisions.​​

We will be happy to hear your thoughts

      Leave a reply

      Share Price India News
      Logo