Prior to the public offering, Arkade Developers raised Rs 122.40 crore from nine anchor investors, including BNP Paribas Financial Markets – ODI, Societe Generale-ODI, and Saint Capital Fund. The shares were allotted to these anchor investors at Rs 128 per share.
Arkade Developers, a prominent player in Mumbai's real estate market, on Monday (September 16) opened its initial public offering (IPO). The company is offering its shares in the price range of Rs 121-128 per share, with the bidding period extending until Thursday, September 19. Investors can apply for a minimum of 110 equity shares and in multiples thereafter.
The Rs 410 crore IPO involves the sale of 3.20 crore fresh equity shares. The proceeds will be utilised to fund ongoing projects, acquire new land for real estate development, and for general corporate purposes.
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Prior to the public offering, Arkade Developers raised Rs 122.40 crore from nine anchor investors, including BNP Paribas Financial Markets – ODI, Societe Generale-ODI, and Saint Capital Fund. The shares were allotted to these anchor investors at Rs 128 per share.
Arkade Developers is known for its high-end residential projects and redevelopment initiatives in Mumbai. The company has launched 1,220 residential units and sold 1,045 units across various markets in Maharashtra between 2017 and June 30, 2024. It has developed 2.20 million square feet of residential properties as of Q1FY25.
Over the past two decades, Arkade Developers has completed as many as 28 projects, including 11 standalone projects, two executed through partnership firms, and nine through joint development agreements. The company's promoter has also been involved in executing projects under Arkade Creations.
For the fiscal year ending March 31, 2024, Arkade Developers reported a net profit of Rs 122.81 crore on revenue of Rs 635.71 crore. This compares to a net profit of Rs 50.77 crore on revenue of Rs 224.01 crore in the previous fiscal year.
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In this IPO, shares worth Rs 2 crore have been reserved for eligible employees. The allocation includes 50 percent for qualified institutional bidders (QIBs), 15 percent for non-institutional investors (NIIs), and 35 percent for retail investors.
Unistone Capital is the sole book-running lead manager for the IPO, while Bigshare Services is the registrar. The shares are expected to be listed on both BSE and NSE, with September 24 as the tentative date of listing.