Tue Sep 24 20:41:19 UTC 2024: ## Arkade Developers Makes Strong Debut on Dalal Street, Shares Surge 37% on Listing

**Mumbai, India:** Arkade Developers, a leading real estate player, made a strong debut on the Indian stock market today, with its shares opening at a premium of around 37% over the initial public offering (IPO) price. The stock opened at Rs 175 on the Bombay Stock Exchange (BSE) and Rs 175.90 on the National Stock Exchange (NSE), reflecting a strong demand from investors.

The IPO, which was offered at a price band of Rs 121–128 per share, was oversubscribed by an impressive 113.49 times during its subscription period from September 16 to 19. This strong interest, particularly from retail investors (53.78 times oversubscription) and institutional investors (172.60 times and 172.22 times for QIB and NII respectively), showcases the confidence in the company’s future prospects.

While the listing premium fell short of the grey market premium (GMP) of Rs 60 per share, which had suggested potential gains of up to 50%, it still demonstrates a positive sentiment towards Arkade Developers.

Shivani Nyati, Head of Wealth at Swastika Investmart Ltd., attributed the strong performance to the company’s “robust position in Mumbai’s real estate market” and its focus on high-end residential developments in the city. Nyati also highlighted the company’s financial stability and growth potential as key factors driving investor interest.

Experts, however, advise investors to take a cautious approach. While the strong listing provides an opportunity to book partial profits, long-term investors who believe in the company’s prospects may hold onto their shares with a stop-loss at the issue price of Rs 128.

Arkade Developers, known for its upscale residential projects in Mumbai, is well-positioned to benefit from the growing demand for luxury housing in the city. With this successful listing, the company has further solidified its position in the market, and its future expansion plans remain promising.

**(Disclaimer: The views, opinions, recommendations, and suggestions expressed by experts/brokerages in this article are their own and do not reflect the views of the India Today Group. It is advisable to consult a qualified broker or financial advisor before making any actual investment or trading choices.)**

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