Sat Sep 21 07:22:26 UTC 2024: ## Arkade Developers IPO Over-Subscribed, Set for Listing on September 24
**Mumbai, India – September 20, 2024** – The initial public offering (IPO) of Arkade Developers, a Mumbai-based real estate development company, has seen overwhelming response from investors, being oversubscribed by 114 times. The IPO, which opened for subscription from September 16 to 19, saw bids for over 25 billion shares against the 2.3 million shares offered.
The IPO was fully subscribed on the very first day, with the retail segment alone receiving 54 times the allotted shares. This strong demand is attributed to the company’s strong growth prospects and stable financial performance, particularly in the growing Mumbai real estate market.
Arkade Developers is set to list on the BSE and NSE on September 24. The IPO price band was set between Rs 121 and Rs 128 per equity share, with a minimum investment for retail buyers at Rs 14,080 for a lot of 110 shares. The company raised Rs 410 crore through the fresh issue of equity shares.
The company reported revenues of Rs 224.01 crore in FY2023, Rs 237.18 crore in FY2022, and Rs 113.18 crore in FY2021. Arkade Developers has developed over 1.80 million square feet of residential properties in Mumbai, including those through partnerships where they hold a majority stake.
Proceeds from the IPO will be used to fund ongoing and upcoming projects, future real estate acquisitions, and general corporate expenses.
Anand Rathi Research, in an IPO note, suggests a long-term subscription to the IPO, highlighting the company’s fairly priced valuation and strong growth potential.
The grey market is indicating a premium of 48% for the shares, suggesting high investor confidence in the company’s performance post-listing.
First Piper 