Mon Sep 16 19:30:19 UTC 2024: ## Arkade Developers IPO Oversubscribed on First Day, Strong Demand From Retail Investors
**Mumbai, September 16:** Arkade Developers, a leading real estate company in Mumbai, witnessed an overwhelming response to its initial public offering (IPO) on its first day of subscription, with bids exceeding the offered shares by 5.80 times.
The retail portion of the IPO garnered the most significant interest, receiving 8.60 times subscription. Non-Institutional Investors (NIIs) also showed strong interest with 7.90 times subscription, while the Qualified Institutional Buyer (QIB) portion received 0.24 times subscription.
Arkade Developers, which has developed 1.80 million square feet of residential space in Mumbai, is offering 410 crore worth of shares at a price range of ₹121 to ₹128 per share. The IPO will remain open for subscription until September 19.
The strong demand for the IPO is reflected in the grey market premium (GMP), which currently stands at +86. This indicates investors are willing to pay ₹86 above the IPO price for Arkade Developers shares, suggesting an estimated listing price of ₹208, representing a 67.19% increase over the IPO price.
Unistone Capital Pvt Ltd is serving as the book running lead manager for the IPO, while Bigshare Services Pvt Ltd is the registrar.
The oversubscription on the first day points towards investor confidence in the company’s growth prospects and strong presence in the Mumbai real estate market. The IPO is expected to see continued strong demand throughout the subscription period.
First Piper 