Arkade Developers shares listing: Shares list at over 37% premium on BSE at Rs 175.9/share

Arkade Developers shares listing: Shares of Arkade Developers made a respectable debut in Tuesday’s (September 24) trading following a blockbuster filing. On the BSE, the stock listed gains of over 37 percent at Rs 175.9, while on the NSE it was listed at Rs 175 per share against the issue price of Rs 128.

The issue that ran between September 16 and September 19 was strongly subscribed with a total subscription of 106.8 times. Of the total subscriptions, the Qualified Institutional buyers (QiBs) and Non-Institutional Investor category subscribed the most with 163.6x and 163.02 times respectively.

The company’s Rs 410-crore initial public offering (IPO) was a fresh issue of equity shares worth Rs 410 crore on an off-the-shelf (OFS) basis.

The company through a public issue aims to finance part of the costs to be incurred in the development of its ongoing projects (ie. Arkade Nest, Prachi CHSL, and C-Unit) (Development Costs). With the proceeds it would participate in the financing of yet to be identified land for housing projects and other general business purposes.

Zee Business Managing Editor Anil Singhvi advised that one can subscribe to this IPO to get reasonable listing benefits and mid-term outlook.

Arcade Developers Ltd. was established on May 13, 1986. The company is a real estate developer specializing in premium residential projects in Mumbai, Maharashtra. Its business is divided into two main categories: (i) developing new residential projects on land owned by the company, and (ii) developing existing properties.

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