Sun Sep 22 06:31:42 UTC 2024: ## Arkade Developers IPO Over-Subscribed, Listing Scheduled for September 24th

**Mumbai, September 21, 2024:** Arkade Developers, a Mumbai-based real estate company, saw a massive response to its initial public offering (IPO), which closed on September 19th. The IPO was oversubscribed by 106.40 times, with strong demand from both retail and institutional investors.

The IPO, which raised Rs 410 crore, saw bids for over 25 billion shares, compared to the 2.37 million shares available. The shares are scheduled to be listed on the Bombay Stock Exchange (BSE) and National Stock Exchange (NSE) on September 24th.

The company priced the IPO between Rs 121 and Rs 128 per share, with a minimum investment of Rs 14,080 for a lot of 110 shares. The allotment status has been finalized, and successful bidders will see the shares credited to their demat accounts on September 23rd. Rejected applicants will receive refunds on the same day.

Arkade Developers secured Rs 122.40 crore from anchor investors prior to the IPO. The company’s promoter held 85.58% of the shares before the IPO, which will decrease to 70.82% following the listing.

The IPO proceeds will be used for ongoing and upcoming project development, future real estate acquisitions, and general corporate expenses. The company has a strong presence in the Mumbai Metropolitan Region (MMR), with a track record of successful residential projects.

Analysts have expressed optimism about Arkade Developers’ future prospects, citing the company’s strong growth potential and stable financials. Anand Rathi Research suggests a long-term subscription to the IPO, noting the company’s favorable position in the expanding Mumbai real estate market.

**Investors can check their allotment status online through the BSE website or the official portal of the IPO registrar, Bigshare Services.**

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