New Delhi: Arkade Developers Ltd announced on Tuesday that they have set a price range of Rs 121 to Rs 128 per share for their Rs 410-crore IPO. The first public subscription for the share sale will start on September 16 and end on September 19, with bidding for anchor investors set to open on September 13 for a single day, as per the company's announcement. The initial public offering comprises only new equity shares totaling Rs 410 crore, without any offer-for-sale (OFS) portion.
Brokerage firms have estimated the company's value to be more than Rs 2,300 crore after the issue. Money raised from selling shares will go towards developing current and future projects, as well as acquiring funding for upcoming real estate ventures and general corporate needs.
Arkade Developers is a rapidly expanding real estate development firm that has a strong presence in Mumbai. By July 31, 2023, Arkade has constructed 1.80 million square feet of residential property in collaboration with entities where Arkade has the controlling interest. From 2017 to Q1 2023, the company debuted 1,040 residential units and vended 792 homes in various MMR markets in Maharashtra.
In fiscal years 2021, 2022, and 2023, Arkade Developers earned Rs 113.18 crore, Rs 237.18 crore, and Rs 224.01 crore, respectively. Half of the total offering has been set aside for eligible institutional buyers, 35 percent is dedicated to retail investors, and the remaining 15 percent is allocated for non-institutional investors, as stated by the company. Additionally, investors have the option to bid for at least 110 shares and in increments of that amount. Unistone Capital is the only book-running lead manager (BRLM) responsible for the issue. The company's equity shares are set to be listed on both the BSE and NSE on September 24.
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