Breaking News! Arkade Developers Ltd IPO Sees Huge Demand
The initial public offering (IPO) of Arkade Developers Ltd is creating quite a buzz! On its second day, the IPO received a whopping 16.20 times subscription. That’s right! Investors are definitely showing a lot of interest in this real estate company’s shares.
High Demand for Arkade IPO
According to data from the NSE, Arkade Developers received bids for a massive 3,85,104,390 shares, even though they had only 23,775,719 shares on offer. This clearly indicates strong investor interest.
Amazing Subscription Breakdown of Arkade IPO
Looking at the details, non-institutional investors showed the highest interest, with their portion getting subscribed 28.26 times. Retail Individual Investors (RIIs) weren’t far behind, subscribing their portion 19.99 times. Even the Qualified Institutional Buyers (QIBs) showed significant interest, with 44 percent subscription.
Fully Subscribed on First Day of Arkade IPO
It’s worth noting that the IPO was fully subscribed on the very first day of the share sale, which was Monday. By the end of the day, the subscription rate had already reached 5.79 times.
Major Investment from Anchor Investors of Arkade IPO
Arkade Developers managed to raise Rs 122.40 crore from anchor investors, which is a big boost for the company.
Price Band and IPO Details
For its Rs 410-crore initial public offering, the company has set a price band of Rs 121-128 per share. Investors still have time to participate, as the IPO will conclude on September 19.
What’s interesting about this IPO is that it is entirely a fresh issue of equity shares worth Rs 410 crore. There’s no offer-for-sale (OFS) component involved.
Funds Allocation of Arkade IPO
The proceeds from the IPO will go towards various needs of the company. This includes development of ongoing and upcoming projects, acquisition of future real estate projects, and general corporate purposes.
About Arkade Developers
Arkade Developers is a rapidly growing real estate development company with a significant presence in the vibrant city of Mumbai. The company has made a name for itself with its impressive projects and fast-paced growth.
Management of the Offer of Arkade IPO
Unistone Capital Private Ltd is managing this exciting offer. They are ensuring everything goes smoothly and efficiently.
This IPO has certainly captured the attention of investors across various categories, showing immense confidence in Arkade Developers Ltd. The strong response from anchor investors and the high subscription rates all indicate a successful IPO for the company.
Stay tuned for more updates on this developing story!
