Arkade Developers has a significant presence in strategically advantageous Mumbai locations, with a combination of new and rehabilitation projects that show sustained revenue growth and positive financial indicators.
Arkade Developers‘ shares will be listed on the exchanges on September 24 after receiving a 106.40 times subscription during its initial share offering. The Rs 410 crore inaugural share sale received offers for 252 million shares, with 2.37 crore shares on offer. Previously, the real estate firm raised Rs 122.40 crore from anchor investors.
Arkade Developers is a real estate development business with a strong presence in Mumbai. The shares trade at a grey market premium of around Rs 64, indicating an almost 50% listing premium.
The company has a strong presence in strategically beneficial sites around Mumbai, with a mix of new and renovation projects. The company has shown sustained sales growth and positive financial measures, which highlight its solid company fundamentals.
The IPO’s fair and competitive value, according to Shivani Nyati, Head of Wealth at Swastika Investmart Ltd., is what makes it even more appealing to investors. “Given the company’s strong fundamentals, strategic focus, and robust investor response, Arkade Developers is well-positioned for a successful listing and potential long-term growth,” she stated.
For its Rs 410-crore initial public offering (IPO), the company set a price range of Rs 121–128 per share. This was a fully new issue of equity shares valued at Rs 410 crore, devoid of an offer-for-sale (OFS) component.
The company is likely to have a strong debut on the stock exchanges on September 24, 2024, with a premium of about 66 percent above the upper price range, according to Sagar Shetty, Research Analyst at StoxBox.