Arkade Developers Surges with Excitement: Raises Rs 122 Cr from Anchor Investors Ahead of Monumental IPO

Arkade Developers Raises Rs 122.40 Crore from Anchor Investors Ahead of IPO

Realty firm Arkade Developers Ltd has successfully raised Rs 122.40 crore from anchor investors ahead of its Rs 410-crore initial public offering (IPO). The company set the IPO price band at Rs 121-128 per share, and public subscriptions will open from September 16 to September 19.

In a regulatory filing, Arkade Developers disclosed it issued 95,62,500 shares to anchor investors at Rs 128 per share. Prominent anchor investors include BNP Paribas Financial Markets, Societe Generale-ODI, and Saint Capital Fund.

The IPO consists entirely of a fresh issue of equity shares amounting to Rs 410 crore, with no offer-for-sale component. Proceeds will be allocated for developing ongoing and upcoming projects, acquiring future real estate projects, and general corporate purposes.

Arkade Developers, an emergent player in Mumbai’s real estate market, has developed 1.80 million square feet of residential property as of July 31, 2023. From 2017 to Q1 2023, it launched 1,040 residential units and sold 792 units in the Mumbai Metropolitan Region.

Revenue for Arkade Developers in fiscal years 2023, 2022, and 2021 stood at Rs 224.01 crore, Rs 237.18 crore, and Rs 113.18 crore, respectively. The IPO reserves 50% for qualified institutional buyers, 35% for retail investors, and 15% for non-institutional investors, with a minimum bid requirement of 110 shares.

First Published: Sep 13, 2024 | 9:56 PM IST
Last Updated: Sep 13, 2024 | 9:56 PM IST

Original Story https://www.business-standard.com/markets/ipo/arkade-developers-raises-rs-122-cr-from-anchor-investors-ahead-of-ipo-124091301284_1.html
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