Arkade Development IPO : Oversubscribed 63.60 Times by Day 2 of Bidding

                The initial public offer of Arkade Developers 
Ltd received 16.20 times subscription on the 
second day of bidding on Tuesday.
The initial share sale received bids for 
3,851,04,390 shares against 23,775,719 shares 
on offer, as per NSE data.
The portion for non-institutional investors 
attracted 28.26 times subscription while the 
category for Retail Individual Investors (RIIs) 
got subscribed 19.99 times. The quota for 
Qualified 
Institutional Buyers (QIBs) fetched 44 per cent 
subscription.
The initial public offer of Arkade Developers 
Ltd got fully subscribed on the first day of the 
share sale on Monday and ended the day with 
5.79 times subscription.
 
Realty firm Arkade Developers Ltd has raised 
Rs 122.40 crore from anchor investors.
The company has fixed a price band of Rs 121-
128 per share for its Rs 410-crore initial public 
offering.
The initial share sale will conclude on 
September 19.
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 the 
development of the company's ongoing as well 
as upcoming projects, funding the 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.
Unistone Capital Private Ltd is the manager to 
the offer.


Source : Economic Times