Arkade Developers IPO: Strong Demand, High GMP – What to Expect Ahead of September 24 Listing
The Arkade Developers IPO has attracted strong demand from investors across all categories. The IPO opened for subscription on September 16 and closed on September 19.
The allotment of shares was finalised on September 20, and the listing of Arkade Developers on the stock market is expected on Tuesday, September 24.
The IPO saw high interest from investors. It was fully subscribed on the first day and continued to gain traction throughout. According to data from the BSE, the IPO was subscribed 106.83 times in total. The retail portion was subscribed 51.39 times, non-institutional investors (NII) bid 163.02 times, and the qualified institutional buyers (QIB) portion was subscribed 163.16 times.
Arkade Developers IPO grey market premium (GMP)
There is strong demand for Arkade Developers’ shares in the grey market, with the GMP at ₹63 per share. This means the shares are trading ₹63 above their issue price, suggesting a possible listing price of ₹191 per share, which would be a 49.22% premium over the IPO price of ₹128.
The grey market premium reflects the price investors are willing to pay above the official issue price.
Arkade Developers IPO details
Arkade Developers aimed to raise ₹410 crore through its IPO by issuing 3.2 crore fresh shares. The funds will be used to finance current projects, acquire land for new real estate developments, and for general corporate purposes.
The price range for the IPO was set between ₹121 and ₹128 per share. The subscription period started on Monday, September 16, and closed on Thursday, September 19.
Unistone Capital Pvt Ltd is managing the IPO, and Bigshare Services Pvt Ltd is handling the share allocation process.
Arkade Developers Ltd. is a growing real estate company, primarily active in Mumbai. As of July 31, 2023, the company has developed 1.80 million square feet of residential space. Between 2017 and the first quarter of FY 2023, Arkade launched 1,040 residential units in the Mumbai Metropolitan Region (MMR), with 792 of them already sold.
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