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Arkade Developers Ltd. has raised Rs 122.40 crore from anchor investors ahead of its upcoming initial public offering (IPO). The company allocated 95.62 lakh shares at Rs 128 per share to nine anchor investors. BNP Paribas Financial Markets received the largest allocation, with 20.43% of the shares. Intuitive Alpha Investment Fund PCC-Cell-1, Saint Capital Fund, and Stern Global Fund VCC-Stern Multi Strategy Fund followed closely, securing a combined 16.34% stake. Societe Generale-ODI acquired 8.17%, while Gagandeep Credit Capital Pvt. Ltd. obtained a 9.53% stake.
Unistone Capital Private Ltd. serves as the lead manager for the issue, with Bigshare Services Pvt. Ltd. handling registration duties. The company plans to launch its IPO on Monday, aiming to raise Rs 410 crore through a fresh equity share issue. The price range for the three-day offer is set between Rs 121 and Rs 128 per share, with a minimum application size of 110 shares.
The IPO will close on Wednesday, with shares to be listed on both the Bombay Stock Exchange (BSE) and the National Stock Exchange (NSE). Proceeds from the offering will support the development of ongoing and future real estate projects, fund acquisitions, and contribute to general corporate purposes. Arkade Developers, a Mumbai-based real estate firm, has developed 1.80 million square feet of residential space as of July 31, 2023, including projects undertaken through joint ventures where it holds a controlling interest.
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By Proptechbuzz
By Ravi Kumar
