The price range for the Rs 121–Rs 128 equity share in Arkade Developers' Rs 410 crore public offering has been set. The offering will be available from September 16 to September 19.
On September 13, there will be an anchor investor bidding event.
The initial public offering (IPO) consists only of a new share offering valued at Rs 410 crore. It is devoid of an offer-for-sale (OFS) element.
Category-wise reserved portions
15 per cent of the issue is designated for non-institutional investors, 35 per cent is for retail investors, and 50 per cent is for qualified institutional buyers, according to Arkade Developers.
Lot size
Investors who are interested may apply for a minimum of one lot, which consists of 110 shares or in multiples thereof.
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BRLM and utilisation of IPO proceeds
The funds raised will be put towards funding the purchase of future real estate projects as well as the completion of the company's current and planned acquisitions. Additionally, a portion will be used for corporate general purposes.
The issue's lone book-running lead manager (BRLM) is Unistone Capital. On September 24, the company's equity shares are anticipated to go public on the BSE and NSE.
Financials and total development
Throughout the Mumbai Metropolitan Region (MMR) in Maharashtra, the company launched 1,040 residential units and sold 792 residential units in various markets between 2017 and Q1 2023.
Fiscal 2023, 2022, and 2021 saw revenue for Arkade Developers of Rs 224.01 crore, Rs 237.18 crore, and Rs 113.18 crore in that order.
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About company
A prominent player in Mumbai, Arkade Developers is a rapidly expanding real estate development company. Including through partnership entities in which Arkade holds the majority stake, as of July 31, 2023, it had developed 1.80 million square feet of residential property.