Arkade raises Rs 12.24 billion from anchor investors ahead of IPO

16 Sep 2024 CW Team

Real estate firm Arkade Developers Ltd has raised Rs 12.24 billion from anchor investors ahead of its Rs 4.1 billion initial public offering (IPO). The company set a price band of Rs 121-128 per share for the IPO, which will open for public subscription on September 16 and close on September 19.

According to a regulatory filing, Arkade Developers issued 9,562,500 shares to anchor investors at Rs 128 per share, amounting to Rs 12.24 billion. Key investors include BNP Paribas Financial Markets – ODI, Societe Generale-ODI, and Saint Capital Fund.

The IPO consists entirely of a fresh issue of equity shares worth Rs 4.1 billion, with no offer-for-sale (OFS) component. The proceeds will be used to develop ongoing and upcoming projects, fund the acquisition of future real estate projects, and cover general corporate purposes.

Arkade Developers, a rapidly growing real estate company with a strong presence in Mumbai, has developed 1.80 million square feet of residential property as of July 31, 2023, including projects undertaken through partnership entities where it holds a majority stake. From 2017 to Q1 2023, the company launched 1,040 residential units and sold 792 units in various markets within the Mumbai Metropolitan Region (MMR).

In terms of financial performance, the company's revenue stood at Rs 2.24 billion in fiscal 2023, Rs 2.37 billion in fiscal 2022, and Rs 1.13 billion in fiscal 2021. The IPO allocation reserves 50% of the issue size for qualified institutional buyers, 35% for retail investors, and the remaining 15% for non-institutional investors. Investors can bid for a minimum of 110 shares and in multiples thereof.

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