Tue Sep 24 18:46:36 UTC 2024: ## Arkade Developers Makes Strong Debut on Stock Markets, Despite Below-Expected Premium

**Mumbai, India:** Shares of Arkade Developers, a Mumbai-based real estate company, enjoyed a strong debut on the National Stock Exchange (NSE) and Bombay Stock Exchange (BSE) on Tuesday. The stock opened at Rs 175.90 on NSE, a 37.42% premium over its issue price of Rs 128. Similarly, the stock was listed at Rs 175 on BSE, representing a 36.72% premium.

While the debut was positive, the listing premium fell short of initial expectations. Ahead of the IPO, Arkade Developers commanded a grey market premium (GMP) of Rs 60 per share, suggesting a potential listing pop of around 50%. However, the GMP settled at Rs 60 per share when the bidding for the IPO closed.

Arkade Developers raised approximately Rs 410 crore from its initial public offering (IPO) through a fresh share sale of 3,20,310,250 equity shares. The IPO was subscribed 106.83 times, with strong support from qualified institutional bidders (QIBs) and non-institutional investors (NIIs) whose quotas were booked 163.16 times and 163.02 times, respectively. Retail investors and employees also participated strongly, subscribing 51.39 times and 50.49 times, respectively.

Arkade Developers specializes in developing high-end residential projects in Mumbai. Their business comprises fresh construction of residential buildings on acquired land and redevelopment of existing structures.

Unistone Capital acted as the sole book running lead manager for the Arkade Developers IPO, while Bigshare Services served as the registrar. Shares of the company are now listed on both BSE and NSE.

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