Arkade Developers Highlights: Arkade Developers has launched an initial public offering (IPO) valued at Rs 410 crores, consisting entirely of a fresh issue of 3.2 crore shares. The bidding period for the IPO ran from September 16 to September 19, 2024, with the allotment finalised on September 20, 2024. Shares from the Arkade Developers IPO are set to be listed on both the BSE and NSE, with a tentative listing date of September 24, 2024. The price band for the IPO is set between Rs 121 and Rs 128 per share. Retail investors must apply for a minimum lot size of 110 shares, which requires an investment of Rs 14,080. Unistone Capital Pvt Ltd is serving as the book-running lead manager for the IPO, with Bigshare Services Pvt Ltd acting as the registrar.
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Amit Mangilal Jain is the company promoter.
Arkade Developers Limited is a real estate company specializing in high-end residential projects in Mumbai, Maharashtra.
Its operations include two main segments:
1. Developing new residential buildings on acquired land.
2. Redeveloping existing properties.
From 2017 to Q1 2024, Arkade launched 1,220 residential units and sold 1,045 across Maharashtra. By June 2024, it developed 2.2 million square feet of residential space. Since 2003, the company has completed the redevelopment of 11 projects, covering 1 million square feet, mainly in Mumbai’s western suburbs and south-central areas.
Arkade Developers IPO offers 3,18,75,000 shares. 63,75,000 (20%) to QIB, 47,81,250 (15%) to NII, 1,11,56,250 (35%) to RII and 95,62,500 (30%) to Anchor investors.
Arkade Developers’ IPO has successfully raised Rs 122.40 crore from anchor investors, marking a strong start for the offering. This achievement sets a positive tone ahead of the IPO’s public subscription phase, as the company aims to strengthen its position in the market.
The listing date for the Arkade Developers IPO has not been officially confirmed. However, it is tentatively scheduled for Tuesday, September 24, 2024. Investors are eagerly awaiting further announcements regarding the exact listing date, as it marks an important milestone for the company following its public offering.
Arkade Developers is launching a main-board IPO consisting of 32,031,250 equity shares, each with a face value of Rs 10, totaling up to Rs 410 crores. The shares are priced between Rs 121 and Rs 128 each, with a minimum order quantity set at 110 shares.
In the financial year 2024, Arkade Developers Limited reported a Profit After Tax of Rs 122.81 crore, reflecting a significant increase from Rs 50.77 crore in FY23. This marks a notable improvement compared to the previous fiscal year, FY22, when the company recorded a Profit After Tax of Rs 50.84 crore.
Arkade Developers is a real estate development firm specializing in high-end, sophisticated residential projects in Mumbai, Maharashtra. The company operates in two main segments:
-New Projects: Development and construction of residential buildings on land acquired by the company.
-Redevelopment Projects: Renovation and redevelopment of existing buildings.
Qualified institutional buyers subscribed to the offer at an impressive rate of 163.16 times, while the non-institutional investor quota saw a subscription rate of 162.75 times. Retail individual investors also showed strong interest, with their portion receiving 50.65 times subscription.
Arkade Developers is set to be listed on both the Bombay Stock Exchange (BSE) and the National Stock Exchange (NSE). The tentative listing date has been scheduled for Tuesday, September 24, 2024.
Unistone Capital Pvt Ltd serves as the book-running lead manager for the Arkade Developers IPO, while Bigshare Services Pvt Ltd acts as the registrar for the offering.
The minimum lot size for applications is 110 shares, requiring a minimum investment of Rs 14,080 for retail investors. For small and medium-sized institutional investors (sNII), the minimum investment is 15 lots (1,650 shares), totaling Rs 2,11,200. For bulk institutional investors (bNII), the minimum is 72 lots (7,920 shares), amounting to Rs 10,13,760.
The company has set a price range of Rs 121 to Rs 128 per share for its Rs 410-crore IPO, which consists entirely of new equity shares and does not include any offer-for-sale (OFS) component. The funds raised from this issue will be allocated towards developing both ongoing and upcoming projects, financing the acquisition of future real estate opportunities, and covering general corporate expenses.