The initial public offering (IPO) of Arkade Developers opens for bidding today, that is, Monday, September 16. The realty player is offering its shares in the range of Rs 121-128 apiece, which can be subscribed till Thursday, September 19. Investors can apply for the issue, bidding for a minimum of 110 equity shares and its multiples thereafter.
Arkade Developers is a real estate development company focused on developing high-end, sophisticated lifestyle residential developments in Mumbai, Maharashtra. The company's business can be divided into two segments: fresh construction of residential buildings on land acquired by the company and redevelopment of existing buildings. The Rs 410 crore IPO of Arkade Developers entirely includes a sale of 3.
20 crore fresh equity shares. The net proceeds from the issue shall be utilized towards funding as part of the costs to be incurred in developing the Ongoing Projects and funding acquisition of yet-to-be-identified land for real estate projects and general corporate purposes. Ahead of its IPO, Arkade Developers has raised Rs 122.
40 crore from nine anchor investors as it issued 95,62,500 shares at Rs 128 per share. The anchor book included names like BNP Paribas Financial Markets -- ODI, Societe Generale-ODI and Saint Capital Fund. Arkade is involved in the development of new projects and the redevelopment of existing buildings.
The company launched 1,220 residential units and sold 1,045 residential units in various markets in MMR, Mahar.