Arkade Developers IPO Sees Overwhelming Response

                The initial public offer of Arkade Developers 
got subscribed 29.42 times on Wednesday, day 
three of the share sale.
The Rs 410-crore initial share sale received 
bids for 69,94,46,440 shares against 
2,37,75,719 shares on offer, according to NSE 
data.
The quota for non-institutional investors 
garnered 58.80 times subscription while the 
Retail Individual Investors (RIIs) part got 
subscribed 33.26 times. The portion for 
Qualified 
Institutional Buyers (QIBs) received 61 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 : Business Standard