Arkade Developers IPO Allotment Status: Investors Await Results After 106.83x Subscription
Arkade Developers Ltd. is making headlines as investors eagerly await the allotment status of its recent Initial Public Offering (IPO). The IPO opened for bidding from September 16 to September 19, 2024, and has generated significant interest among investors. The offering was priced in the range of ₹121 to ₹128 per share, aiming to raise approximately ₹410 crore through a fresh issue of equity shares.
Main Points
Key Details About the IPO
- IPO Price Band: The shares were offered within a price range of ₹121 to ₹128.
- Total Size: The IPO raised approximately ₹410 crore, entirely through a fresh issue of equity shares.
- Subscription Breakdown:
- Qualified Institutional Buyers (QIBs): Subscribed 163.16 times
- Non-Institutional Investors (NIIs): Subscribed 162.75 times
- Retail Individual Investors (RIIs): Subscribed 50.65 times
Full Details on Arkade Developers IPO
Arkade Developers is a prominent real estate company based in Mumbai, specializing in high-end residential developments. The IPO has received an overwhelming response, with the subscription rate reaching an impressive 106.83 times by the end of the bidding period. This strong demand indicates robust investor confidence in the company’s potential.
The high subscription rates reflect a broad-based enthusiasm for Arkade Developers’ offerings, showcasing strong interest from various investor categories.
Rites Share Price is going to go down till Rs 349, Sell Side can make money
Allotment Status and Important Dates
The allotment of shares is expected to be finalized today, September 23, 2024. Successful bidders will receive notifications regarding their allotment status via SMS or email shortly after the process concludes. Investors can check their allotment status through two main channels:
- Bigshare Services Pvt Ltd:
- Visit their official website.
- Select Arkade Developers from the dropdown menu.
- Enter your PAN number or application number to view your status.
- Bombay Stock Exchange (BSE):
- Navigate to the BSE website.
- Choose ‘Investors’ and then ‘Status of Issue Application’.
- Fill in your details and submit to check your allotment status.
Market Performance and Grey Market Premium
As of today, Arkade Developers shares are trading at a grey market premium (GMP) of approximately ₹63 per share. This suggests a potential listing price of around ₹191, indicating a substantial gain of nearly 49.22% over the upper price band of the IPO. The GMP reflects positive sentiment in the unlisted market, which is a good sign for investors looking forward to the stock’s official debut on the exchanges.
Listing Date
Arkade Developers’ shares are scheduled to be listed on both the National Stock Exchange (NSE) and the Bombay Stock Exchange (BSE) on September 24, 2024. This listing day is anticipated to be significant as it marks the entry of Arkade Developers into public trading.
Use of Proceeds
The funds raised from this IPO are earmarked for several strategic purposes:
- Development of ongoing projects.
- Acquisition of new real estate projects.
- General corporate purposes.
This financial backing is crucial for Arkade Developers as it seeks to expand its footprint in Mumbai’s competitive real estate market.
Company Background
Arkade Developers has established itself as a key player in Mumbai’s real estate sector, focusing on premium residential properties. As of July 31, 2023, the company has developed over 1.80 million square feet of residential space and continues to grow its portfolio through both new constructions and redevelopment projects.
Investor Sentiment
Brokerage firms have largely recommended subscribing to this IPO for long-term gains due to Arkade’s strong market presence and management experience. However, investors should remain aware of potential risks such as rising costs and ongoing litigations that could impact future performance.
Final Thoughts
As investors anticipate the allotment results today and prepare for tomorrow’s listing, all eyes are on Arkade Developers Ltd. The overwhelming demand during the IPO phase suggests that many believe in the company’s growth trajectory within Mumbai’s dynamic real estate landscape.
