The Arkade Developers is launching a INR 410-crore initial public offering (IPO) on 16th September, closing on 19th September. The IPO consists entirely of fresh equity shares with no offer-for-sale (OFS) component. Anchor investor bidding will open on September 13. The company has already raised INR 20 crore through a pre-IPO placement. Proceeds will fund the ongoing and the future real estate projects, land acquisition, and corporate purposes. Arkade Developers, based in Mumbai, has developed 1.80 million square feet of residential property. The shares will be listed on the BSE and NSE, with Unistone Capital as the lead manager.
Arkade Developers Ltd, a prominent real estate developer based in Mumbai, is preparing to launch its INR 410-crore initial public offering (IPO) on September 16, with the share sale set to close on September 19. This IPO will consist entirely of a fresh issue of equity shares worth INR 410 crore, with no offer-for-sale (OFS) component. Bidding for anchor investors will take place for a day, starting on September 13, according to the red herring prospectus (RHP) filed by the company. Prior to the IPO, Arkade Developers raised INR 20 crore through a pre-IPO placement.
The funds raised from this fresh issue will be directed towards financing the development of ongoing and upcoming real estate projects, as well as acquiring new land and covering general corporate expenses. This is part of the company's broader growth strategy to expand its footprint in the competitive real estate sector.
Arkade Developers has established itself as a fast-growing company with a strong presence in Mumbai's real estate market. As of July 31, 2023, the company has developed a total of 1.80 million square feet of residential property, including projects developed through partnership entities where Arkade holds a majority stake. Its development portfolio highlights the company's focus on catering to the needs of the urban residential sector. Between 2017 and the first quarter of 2023, Arkade Developers launched a total of 1,040 residential units in the Mumbai Metropolitan Region (MMR), selling 792 units during this period. These units were launched in various markets across Maharashtra, reflecting the company's continued growth and expansion in the MMR, a highly sought-after region in the state.
In terms of financial performance, the company's revenue stood at INR 224.01 crore for the fiscal year 2023, following INR 237.18 crore in 2022 and INR 113.18 crore in 2021. This upward trend in revenue demonstrates the company's ability to scale its operations and deliver consistent results. The equity shares of Arkade Developers will be listed on both the Bombay Stock Exchange (BSE) and the National Stock Exchange (NSE), offering investors the opportunity to participate in the company's growth. Unistone Capital is acting as the sole book-running lead manager (BRLM) for this IPO, overseeing the issuance and ensuring its smooth execution.
In conclusion, Arkade Developers Ltd will launch a INR 410-crore IPO on September 16, closing on September 19, with no offer-for-sale component. The funds will support real estate projects and corporate purposes. The company, based in Mumbai, has developed 1.80 million square feet of property and will list its shares on the BSE and NSE. Unistone Capital is the lead manager.
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