Arkade Developers IPO: 50% listing gain in sight? Here's what GMP suggests
By Team Asianet Newsable | First Published Sep 23, 2024, 12:16 PM ISTArkade Developers is set to list its shares on the Bombay Stock Exchange (BSE) and National Stock Exchange (NSE) on September 24, 2024. If the current grey market premium holds, the shares could debut at approximately Rs 191, providing early investors with a potential gain of nearly 50%.
Arkade Developers' shares have been trading at a strong premium in the grey market, signalling positive investor sentiment ahead of its stock market debut. As of the latest reports, the company's unlisted shares are trading at a premium of Rs 63, reflecting a 49.22% increase over the IPO issue price of Rs 128. However, this represents a drop from the Rs 86 premium seen on September 16, the first day of the public subscription for the IPO.
Arkade Developers is set to list its shares on the Bombay Stock Exchange (BSE) and National Stock Exchange (NSE) on September 24, 2024. If the current grey market premium holds, the shares could debut at approximately Rs 191, providing early investors with a potential gain of nearly 50%.
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On September 19, the public issue of Arkade Developers concluded, and was oversubscribed by a massive 106.83 times. The strong demand was driven by Qualified Institutional Buyers (QIBs) and Non-Institutional Investors, who subscribed 163.16 and 163.02 times, respectively. Retail Individual Investors (RIIs) and employees also showed considerable interest, with subscriptions at 51.39 and 50.49 times, respectively, according to NSE data.
The allotment of shares was finalised on September 20, 2024. Arkade Developers' IPO consisted of a fully fresh issue of 32,031,250 shares, priced between Rs 121 and Rs 128 per share. The IPO was well-received by market analysts, with positive recommendations from brokerages like Deven Choksey Research and Choice.
Arkade Developers, a Mumbai-based real estate firm, plans to use the IPO proceeds for funding ongoing projects, acquiring new land for future development, and general corporate purposes. The company specialises in residential projects, focusing on both new constructions and the redevelopment of existing buildings.
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