Arkade Developers to Launch ₹410-Crore IPO on September 16
Arkade Developers Ltd is preparing to launch its initial public offering (IPO) on September 16, aiming to raise ₹410 crore through a fresh issue of equity shares. The IPO will close on September 19, with anchor investor bidding scheduled for September 13, as outlined in the company’s red herring prospectus (RHP). Notably, the IPO will not include an offer-for-sale (OFS) component.
Prior to the public offering, Arkade Developers has already secured ₹20 crore through a pre-IPO placement. The funds raised from the IPO will be allocated towards the development of ongoing and future real estate projects, acquiring new real estate opportunities, and general corporate purposes.
Arkade Developers, a prominent real estate developer with a strong footprint in Mumbai, has developed 1.80 million square feet of residential property as of July 31, 2023. The company, which operates through various partnerships where it holds a majority stake, has launched 1,040 residential units and sold 792 units across the Mumbai Metropolitan Region (MMR) between 2017 and Q1 2023.
In fiscal years 2021, 2022, and 2023, the company reported revenues of ₹113.18 crore, ₹237.18 crore, and ₹224.01 crore, respectively.
Unistone Capital is the sole book-running lead manager (BRLM) for the IPO, which will see Arkade Developers’ shares listed on both BSE and NSE.
