Shares of Arkade Developers will be listed at the bourses today. The IPO was subscribed 106.40 times, attracting all categories of investors. The company has fixed the issue price as ₹128, at the upper end of the price band of ₹121-128.
The ₹410-crore IPO was entirely a fresh issue. According to Shivani Nyati, Head of Wealth, Swastika Investmart Ltd, Arkade Developers Ltd, a real estate developer focused on premium residential projects in Mumbai, is set for a strong stock market listing. The IPO has garnered significant investor interest, evidenced by a robust subscription and a substantial grey market premium (GMP) of ₹63 (49.22%).
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The portion reserved for qualified institutional buyers was subscribed 163.16 times, while the quota for non-institutional investors was subscribed 162.75 times and retail investors by 50.65 times.
The initial public offering (IPO) of Arkade Developers Ltd was fully subscribed on the first day of the share sale on Monday, and ended the day with 5.79 times subscription.
The realty firm has raised ₹122.40 crore from anchor investors, ahead of the IPO.
Proceeds from the issue will be used to develop the company’s ongoing as well as upcoming projects, funding the acquisition of future real estate projects and for general corporate purposes.
Arkade Developers is a fast-growing real estate development company with a significant presence in Mumbai. The IPO’s valuation appears competitive and fair, further enhancing its appeal to investors. Given the company’s strong fundamentals, strategic focus, and robust investor response, Arkade Developers is well-positioned for a successful listing and potential long-term growth, she added.
Unistone Capital Pvt Ltd is the manager to the offer.