Arkade Developers’ Highly-Anticipated Rs 410 Crore IPO Set to Launch on Sep 16: Don’t Miss Out!
Arkade Developers Ltd Launches Rs 410-Crore IPO on September 16
Real estate developer Arkade Developers Ltd is gearing up to launch its Rs 410-crore initial public offering (IPO) on September 16. This IPO, which concludes on September 19, includes a day of bidding for anchor investors on September 13, as per the red herring prospectus (RHP).
Notably, the entire public issue is a fresh equity share issuance worth Rs 410 crore without any offer-for-sale (OFS) component.
Previously, the company raised Rs 20 crore via a pre-IPO placement round. Funds generated from the IPO will support Arkade’s ongoing and future projects, real estate acquisitions, and general corporate purposes.
Arkade Developers, with a major presence in Mumbai, has developed 1.80 million square feet of residential property as of July 31, 2023. From 2017 to Q1 2023, the company launched 1,040 residential units and sold 792 units in Maharashtra’s Mumbai Metropolitan Region (MMR).
In fiscal years 2023, 2022, and 2021, Arkade’s revenues were Rs 224.01 crore, Rs 237.18 crore, and Rs 113.18 crore, respectively.
Unistone Capital will serve as the sole book-running lead manager (BRLM) for this issue. The company’s equity shares will be listed on both BSE and NSE.
Original Story https://www.business-standard.com/markets/ipo/real-estate-firm-arkade-developers-set-to-open-rs-410-cr-ipo-on-sep-16-124090800377_1.html
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