Arkade Developers Raises Funds for IPO

                Realty firm Arkade Developers Ltd has raised 
Rs 122.40 crore from anchor investors ahead 
of its initial public offering.
On Tuesday, the company had fixed a price 
band of Rs 121-128 per share for its Rs 410-
crore initial public offering.
The initial share sale will open for public 
subscription on September 16 and conclude 
on September 19.
According to a regulatory filing, the company 
has issued 95,62,500 shares to anchor 
investors at Rs 128 per share, aggregating to 
Rs 122.40 crore.
These investors include BNP Paribas Financial 
Markets -- ODI, Societe Generale-ODI and Saint 
Capital Fund.
The IPO is entirely a fresh issue of equity 
shares worth Rs 410 crore with no offer-for-
sale (OFS) component.
Proceeds from the issue will be used for 
development of the company's ongoing as well 
as upcoming projects, funding acquisition of 
future real estate projects and general 
corporate 
purposes.
Arkade Developers is a fast-growing real estate 
development company with a significant 
presence in Mumbai. As of July 31, 2023, it has 
developed 1.80 million square feet of 
residential 
property, including through partnership entities 
in which Arkade holds the majority stake.
Between 2017 and Q1 2023, the company 
launched 1,040 residential units and sold 792 
residential units in different markets in the 
Mumbai Metropolitan Region (MMR) in 
Maharashtra.
Arkade Developers' revenue in fiscals 2023, 
2022 and 2021 stood at Rs 224.01 crore, Rs 
237.18 crore and Rs 113.18 crore, respectively.
The company said that half of the issue size 
has been reserved for qualified institutional 
buyers, 35 per cent for retail investors and the 
remaining 15 per cent for non-institutional 
investors. Further, investors can bid for a 
minimum of 110 shares and in multiples 
thereof.


Source : Economic Times