 "Arkade Developers shares make strong debut, list at 37% premium on bourses")
Shares of Arkade Developers made a good share market debut on Tuesday, however was lower than Street's expectations. Arkade Developers’ shares listed at Rs 175.9, reflecting a premium of 37.42 per cent against the IPO issue price of Rs 128.
Similarly, on the NSE, shares of Arkade Developers listed at a premium of 36.71 per cent at Rs 175, against the IPO issue price, on Tuesday. The Street expected 49.22 per cent premium at Rs 191 per share.
Few minutes after the listing the stock edged higher. Last seen, on BSE, the stock gained 3.92 per cent or Rs 6.9 at Rs 182.8 per share. On NSE, the shares were up 3.85 per cent or Rs 6.73 at Rs 181.73 per share.
Few minutes after the listing the stock edged higher. Last seen, on BSE, the stock gained 3.92 per cent or Rs 6.9 at Rs 182.8 per share. On NSE, the shares were up 3.85 per cent or Rs 6.73 at Rs 181.73 per share.
Accordingly, with the listing debut of Arkade Developers, investors who were allotted the company’s shares made a gain of Rs 47.9 apiece, or over 37.42 per cent per share.
Ahead of the listing, Arkade Developers’ shares traded at a premium of Rs 63 apiece, or 49.22 percent, indicating a favourable market debut.
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The public issue of Arkade Developers comprised an entirely fresh issue of 32,031,250 shares, available at a price band of Rs 121-128, and a lot size of 110 shares. The bidding for the Arkade Developers IPO started on Monday, September 16, 2024, and concluded on Thursday, September 19, 2024, receiving a whopping 106.83 times oversubscription, as per the data available on the NSE. This was led by Qualified Institutional Buyers (QIBs) and Non-Institutional Investors who bid for 163.16 and 163.02 times respectively. Meanwhile, the quota reserved for Retail Individual Investors (RIIs) and Employees got subscribed 51.39 times and 50.49 times respectively, as per the NSE data. The allotment of Arkade Developers IPO was finalised on Friday, September 20, 2024.
Arkade Developers said that it intends to use the net proceeds from the IPO for the development of the company’s ongoing as well as upcoming projects, funding the acquisition of future real estate projects, and general corporate purposes.
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Arkade Developers is a leading real estate developer with a legacy spanning over three decades, renowned for crafting luxurious residential and commercial properties with a significant presence in Mumbai. The company operates its business in two segments which include the development/construction of residential buildings on land acquired by the company (new projects) and the redevelopment of existing buildings (redevelopment projects).