Sat Sep 21 00:51:06 UTC 2024: ## Arkade Developers IPO Over-Subscribed, Expected to List on September 24

**Mumbai, September 20, 2024:** Mumbai-based real estate developer Arkade Developers has seen a strong response to its recent Initial Public Offering (IPO), which closed on September 19. The issue was oversubscribed 106.83 times, with strong demand from qualified institutional bidders (QIBs) and non-institutional investors (NIIs).

The IPO, which aimed to raise Rs 410 crore through a fresh share sale, was priced at Rs 121-128 per share. Arkade Developers is known for its high-end residential developments in Mumbai, focusing on both fresh construction and redevelopment projects.

The basis of allotment is expected to be finalized on Friday, September 20. Investors will receive messages, alerts, or emails regarding the debit of their funds or revocation of their IPO mandate over the weekend or by Monday, September 23.

While the grey market premium (GMP) saw a correction from Rs 85 per share to Rs 60 per share, suggesting a listing pop of around 48%, analysts remain positive about the company’s future, citing its strong presence in the Mumbai and MMR market and its track record of time-bound deliveries.

However, concerns remain around ongoing litigations, rising costs, and reliance on third-party contractors.

Arkade Developers’ shares are scheduled to be listed on both BSE and NSE on September 24. Investors can check their allotment status on the BSE website or through the online portal of Bigshare Services Limited, the registrar for the issue.

**Key Highlights:**

* Arkade Developers IPO oversubscribed 106.83 times.
* Strong demand from QIBs and NIIs.
* IPO aimed to raise Rs 410 crore through fresh share sale.
* Basis of allotment expected on September 20.
* Listing date: September 24.
* GMP currently stands at Rs 60 per share, indicating a potential listing pop of 48%.

**For Investors:**

Investors can check their allotment status on:

* BSE website: https://www.bseindia.com/investors/appli_check.aspx
* Bigshare Services Limited: https://ipo.bigshareonline.com/IPO_Status.html

Read More