New Delhi: Arkade Developers Ltd, a real estate developer, is scheduled to launch its Rs 410 crore IPO on September 16. According to the red herring prospectus (RHP), the anchor investors will start bidding on September 13 for a day before the conclusion of the initial share sale on September 19.
The initial public offering consists solely of new equity shares valued at Rs 410 crore, with no offer-for-sale part. The company has raised Rs 20 crore already via a pre-IPO placement round. Funds raised from the issuance will go towards advancing both current and future projects, financing the purchase of upcoming real estate ventures, and supporting overall corporate goals.
Arkade Developers is a rapidly expanding real estate development firm that holds a strong presence in Mumbai. By July 31, 2023, Arkade has built 1.80 million square feet of housing, some of which was done in collaboration with other companies where Arkade has the largest ownership share. From 2017 to the first quarter of 2023, the company introduced 1,040 residential units and managed to sell 792 residential units in various markets within the Mumbai Metropolitan Region (MMR) of Maharashtra.
In fiscal years 2023, 2022, and 2021, Arkade Developer's revenue was Rs 224.01 crore, Rs 237.18 crore, and Rs 113.18 crore, respectively. Unistone Capital serves as the only book-running lead manager (BRLM) for the issuance. The company's equity shares will be listed on both BSE and NSE.
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