Mon Sep 16 16:13:00 UTC 2024: ## Arkade Developers IPO Receives Overwhelming Response on Day 1
**Mumbai, September 16th, 2024** – Arkade Developers, a Mumbai-based real estate company, witnessed a strong opening to its initial public offering (IPO) today. Investors flocked to the issue, subscribing 5.8 times the IPO size on the first day of bidding.
The IPO, valued at Rs 410 crore, consists solely of fresh shares. The price band has been fixed at Rs 121-128 per share, with the issue closing on September 19th. The company has already raised Rs 20 crore through a pre-IPO placement, bringing the total IPO size down to Rs 410 crore from an initial Rs 430 crore.
Retail investors were particularly enthusiastic, subscribing 8.06 times their allocated portion. Non-institutional investors also showed significant interest, subscribing 7.9 times their quota. However, qualified institutional buyers (QIBs) showed less enthusiasm, subscribing only 0.24 times their allotted portion.
Arkade Developers plans to utilize Rs 250 crore of the IPO proceeds for the development of ongoing projects. The remaining funds will be used for acquiring new land for future real estate projects and general corporate purposes.
The company, which focuses on developing premium residential properties in Mumbai, has developed 2.2 million square feet of residential property by June 2024. It has completed 28 projects in the Mumbai Metropolitan Region (MMR) over the past two decades.
The equity shares are expected to be listed on the BSE and the NSE next week. Unistone Capital is the sole merchant banker to the issue, while Bigshare Services is the registrar.
**The strong response to Arkade Developers’ IPO reflects the growing investor interest in the Indian real estate sector.** With a strong track record and a focus on premium properties, Arkade Developers appears poised for continued growth.
First Piper 