Mon Sep 16 09:10:26 UTC 2024: ## Arkade Developers IPO Opens Today: Investors Show Strong Interest

Mumbai, September 16, 2024 – Arkade Developers, a leading real estate player focusing on premium lifestyle residential projects in Mumbai, has opened its initial public offering (IPO) today, Monday, September 16. The IPO, which will run until Thursday, September 19, offers shares at a price range of Rs 121-128 apiece.

Investors can apply for the issue with a minimum bid of 110 equity shares. Arkade Developers’ Rs 410 crore IPO is entirely a fresh issue, with the company aiming to use the proceeds for funding ongoing projects, acquiring new land parcels, and for general corporate purposes.

Prior to the IPO, Arkade Developers successfully raised Rs 122.40 crore from nine anchor investors, including prominent names like BNP Paribas Financial Markets and Societe Generale, at a price of Rs 128 per share.

The company has a strong track record, having successfully completed 28 projects in the last two decades. It has developed 2.20 million square feet of residential properties and sold over 1,000 residential units in the Mumbai Metropolitan Region (MMR) since 2017. Arkade Developers boasts a robust financial performance, with a net profit of Rs 122.81 crore on a revenue of Rs 635.71 crore for the financial year ended March 31, 2024.

Several brokerage firms have expressed positive sentiments regarding the IPO, recommending investors to subscribe. Notably, analysts have cited Arkade’s impressive growth, strong brand recognition in the MMR, and its debt-free status as key factors in their favorable outlook. The issue is perceived as attractively priced compared to its peers in the real estate sector.

Shares of Arkade Developers will be listed on both BSE and NSE, with September 24 as the tentative date of listing.

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