New Delhi: Arkade Developers' first share sale was subscribed 106.40 times on Thursday, the final day of the offer. The Rs 410-crore IPO has received bids for 2,52,97,38,200 shares, surpassing the 2,37,75,719 shares available for sale, as per NSE data. The offer was subscribed by qualified institutional buyers 163.16 times, while non-institutional investors subscribed 162.75 times the quota. Retail individual investors subscribed 50.65 times more than the allocated portion.
Arkade Developers Ltd's IPO was fully subscribed on the first day of its share sale on Monday and closed with a 5.79 times subscription. The real estate company has secured Rs 122.40 crore from anchor investors. The company has set a price range of Rs 121-128 per share for its Rs 410-crore IPO, which consists solely of new equity shares totaling Rs 410 crore without any offer-for-sale (OFS) portion.
Money raised from the offering will go towards enhancing current and future projects, acquiring new properties, and covering general company expenses. Arkade Developers is a rapidly expanding real estate development company that has a notable presence in Mumbai. Unistone Capital Pvt Ltd acts as the offer's manager.
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