Arkade Developers initial public offerings (IPO) received a strong demand from investors across all the categories. The IPO had opened for subscription on September 16 and closed on September 19.
The allotment for the Arkade Developers IPO was finalized on September 20. Investors are eagerly awaiting its listing, which is tentatively scheduled for Tuesday, September 24.
The mainboard issue was fully subscribed on its first day, September 16, and continued to receive strong interest. According to data available on BSE, the issue had been subscribed 106.83 times overall. The retail portion was subscribed 51.39 times, the non-institutional investors (NII) segment 163.02 times, and the portion reserved for qualified institutional buyers (QIB) saw bids 163.16 times.
Arkade Developers IPO GMP
Arkade Developers shares are experiencing high demand in the unlisted market. The grey market premium (GMP) for Arkade Developers’ IPO today is ₹63 per share, indicating that the shares are trading ₹63 above their issue price in the grey market.
This trend suggests that the estimated listing price of Arkade Developers shares could be ₹191 per share, reflecting a 49.22 per cent premium over the IPO price of ₹128.
‘Grey market premium’ indicates investors’ readiness to pay more than the issue price.
Arkade Developers IPO details
Arkade Developers aimed to raise ₹410 crore through its IPO by issuing 3.2 crore fresh shares. The proceeds will be used to finance ongoing projects, acquire land for real estate developments, and support general corporate activities.
The price band for the issue is set between ₹121 and ₹128 per share. The subscription period opened on Monday, September 16, and closes today, Thursday, September 19.
Unistone Capital Pvt Ltd is serving as the book-running lead manager for the Arkade Developers IPO, while Bigshare Services Pvt Ltd is the issue’s registrar.
Arkade Developers Ltd. is a growing real estate company with a solid presence in Mumbai. As of July 31, 2023, the company has successfully developed 1.80 million square feet of residential space. Between 2017 and the first quarter of FY 2023, Arkade launched 1,040 residential units in the Mumbai Metropolitan Region (MMR), selling 792 of them.
