Fri Sep 20 08:09:53 UTC 2024: ## Arkade Developers IPO Allotment Expected Today, Strong Demand Drives Grey Market Premium

**Mumbai, September 20, 2023:** The highly anticipated initial public offering (IPO) of real estate development company Arkade Developers is expected to finalize its allotment today, September 20. The issue, which closed on September 19, witnessed overwhelming demand from investors, with subscription reaching a staggering 106.83 times.

The company is expected to announce the basis of allotment today, with successful bidders receiving their shares in their demat accounts on September 23. Unsuccessful applicants will be refunded on the same day.

Investors can check their Arkade Developers IPO allotment status online through the BSE website (https://www.bseindia.com/investors/appli_check.aspx) or the IPO registrar, Bigshare Services Pvt Ltd (https://ipo.bigshareonline.com/ipo_status.html).

The strong investor interest in Arkade Developers has also been reflected in the grey market premium (GMP). The grey market premium, which is the difference between the issue price and the unofficial trading price of shares before listing, currently stands at ₹86 per share. This suggests that the shares are expected to list at ₹214 per share, representing a 67% premium over the IPO price of ₹128 per share.

Arkade Developers raised ₹410 crore through the IPO, which consisted of a fresh issue of 3.2 crore equity shares. The IPO price band was set at ₹121 to ₹128 per share. The company’s shares will be listed on both the Bombay Stock Exchange (BSE) and National Stock Exchange (NSE) on September 24.

The strong demand for the IPO was driven by a combination of factors, including the company’s strong track record in the real estate sector and the growing demand for residential properties in India.

Unistone Capital Pvt Ltd acted as the book running lead manager for the IPO.

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