Fri Sep 20 07:45:36 UTC 2024: ## Arkade Developers IPO Oversubscribed by 106 Times, Strong Demand from Institutional and Retail Investors

**Mumbai, India** – Arkade Developers Ltd.’s initial public offering (IPO) concluded on Thursday, September 19th, with an overwhelming response from investors. The IPO, which aimed to raise Rs 410 crore (approximately $52 million), was subscribed a staggering 106.83 times, indicating strong investor confidence in the Mumbai-based realty player.

The high demand was driven by both institutional and non-institutional investors. The quota for non-institutional investors was subscribed 163 times, while qualified institutional buyers (QIBs) showed significant interest, subscribing 163.16 times. Retail individual investors (RIIs) also demonstrated strong support, garnering 51.39 times subscription.

Arkade Developers’ IPO, a fresh issue of 3.2 crore shares, concluded after a 4-day subscription period. The company’s allotment is set to be finalized on Friday, September 20th, with the listing on the BSE and National Stock Exchange scheduled for Tuesday, September 24th.

Investors can check their allotment status on the BSE and Bigshare Services Ltd. websites, using their application number, PAN, or Beneficiary ID.

The grey market premium (GMP) for Arkade Developers stands at Rs 60, suggesting a potential listing price of Rs 188 per share, indicating a 46.88% gain over the IPO price. However, GMP is based on speculation and is not an official price quote.

Arkade Developers priced its IPO at Rs 121-128 per share, with a face value of Rs 10. The company raised Rs 122.4 crore from anchor investors ahead of the IPO. Proceeds from the issue will be utilized for financing ongoing projects, acquiring land for future real estate projects, and general corporate purposes.

**Investors are advised to consult with financial advisors and thoroughly read the red herring prospectus before making investment decisions.**

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