Fri Sep 20 18:51:53 UTC 2024: ## Arkade Developers IPO Over-Subscribed, Set to List on September 24th

**Mumbai, India -** Arkade Developers, a Mumbai-based real estate company, successfully concluded its initial public offering (IPO) on September 19th, raising a total of Rs 410 crore. The IPO, which opened on September 16th, was oversubscribed 114 times, with the retail segment alone being subscribed 54 times. The company is set to list on the National Stock Exchange (NSE) and Bombay Stock Exchange (BSE) on September 24th.

Arkade Developers offered 3.2 crore shares in the price band of Rs 121 to Rs 128 per equity share. The company received strong interest from investors, with the IPO achieving full subscription on its very first day.

The IPO attracted a premium in the grey market, with the company’s shares fetching a premium of 48% ahead of the listing.

**Anand Rathi Research**, in its IPO note, stated that Arkade is fairly priced at the upper price band, targeting a price-to-earnings (PE) ratio of 19.3 and a price-to-book value (P/BV) of 3.2. The firm believes the company’s strong growth prospects and stable financials position it to benefit from the expanding real estate market in Mumbai.

Arkade Developers’ impressive sales growth of 188% in FY24, a significant recovery from a decline of 3.8% in FY23, further highlights its potential.

The IPO’s estimated listing price is Rs 189, representing a 47.66% increase from the initial IPO price.

**Key Dates for Arkade Developers IPO:**

* **IPO Opening Date:** September 16, 2024
* **IPO Closing Date:** September 19, 2024
* **Basis of Allotment Finalization:** September 20, 2024
* **Refund Initiation:** September 23, 2024
* **Credit of Shares:** September 23, 2024
* **IPO Listing Date:** September 24, 2024

**Note:** These dates are subject to change based on market conditions.

**Retail investors can access the IPO allotment status on the Bigshare Services website using their application number, beneficiary ID, or PAN number.**

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