Mumbai-based Arkade Developers sold its IPO in the price band of Rs 121-128 per share with a lot size of 110 shares. Which was open for bidding between September 16 and September 19.
Arkade Developers will most likely finalize the basis of allotment of its shares on Friday, September 20.
Mumbai-based Arkade Developers sold its IPO in the price band of Rs 121-128 per share with a lot size of 110 shares. Which was open for bidding between September 16 and September 19.
The company aimed to raise around Rs 410 crore from its primary offering. Which was entirely a fresh share sale of 3,20,310,250 equity shares.
The issue was overall subscribed a solid 106.83 times. Strong bidding was led by qualified institutional bidders (QIBs) and non-institutional investors (NIIs). Investors booked the quotas 163.16 times and 163.02 times, respectively.
Retail investors and employees subscribed to the allocation 51.39 times and 50.49 times during the four-day bidding process.
The grey market premium of Arkade Developers has seen a sharp correction amid. The volatility in the broader markets even after a strong bidding. Last heard, the company was commanding a premium (GMP) of Rs 60 per share in the unofficial market, suggesting a listing pop of about 48 per cent for the investors. Also the GMP stood at Rs 85 apiece, when the bidding kicked off.
Arkade Developers is a real estate development company focused on developing high-end. Sophisticated lifestyle residential developments in Mumbai, Maharashtra.The company divides its business into two segments constructing new residential buildings on land. It acquires and redeveloping existing buildings.
Brokerage firms were mostly positive on the issue suggesting to subscribe. It for a long term citing its strong presence in Mumbai and MMR market. Leadership position, time-bound delivery and experience management. However, ongoing litigations, rising costs, third party contractors, raw material cost and funds costs are the key concerns for the company.
Unistone Capital is the sole book running lead manager of the Arkade Developers IPO. While Bigshare Services is the registrar for the issue. The company will list its shares on both BSE and NSE, with the tentative listing date set for September 24.
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