Arkade Developers Rs 410-cr IPO to open on Sep 16

New Delhi, Sep 8 (PTI) Real estate developer Arkade Developers Ltd is set to float its Rs 410-crore initial public offering (IPO) on September 16.

The initial share sale will conclude on September 19, and the bidding for anchor investors will open for a day on September 13, according to the red herring prospectus (RHP).

The maiden public issue is entirely through a fresh issue of equity shares worth Rs 410 crore with no offer-for-sale (OFS) component.

The company has already raised Rs 20 crore through a pre-IPO placement round.

Proceeds from the issue will be used for the development of the company’s ongoing as well as upcoming projects and funding the acquisition of future real estate projects and general corporate purposes.

Arkade Developers is a fast-growing real estate development company with a significant presence in Mumbai. As of July 31, 2023, it has developed 1.80 million square feet of residential property, including through partnership entities in which Arkade holds the majority stake.

Between 2017 and Q1 2023, the company launched 1,040 residential units and sold 792 residential units in different markets in the Mumbai Metropolitan Region (MMR) in Maharashtra.

Arkade Developer’s revenue in fiscal 2023, 2022 and 2021 stood at Rs 224.01 crore, Rs 237.18 crore and Rs 113.18 crore, respectively.

Unistone Capital is the sole book-running lead manager (BRLM) to the issue. The equity shares of the company will be listed on BSE and NSE.