Arkade Developers IPO Day 3: Issue subscribed 20.29 times, check allotment date and other key details

Arkade Developers IPO has received strong response from investors, with the issue being subscribed 20.29 times so far on the third day of bidding on Wednesday.

The initial public offering received bids for 48,23,84,980 equity shares against 2,37,75,719 shares on offer.

The portion for non-institutional investors (NIIs) fetched 37.44 times the subscription, while the retail investors category got subscribed 24.23 times. The quota for qualified institutional buyers (QIBs) attracted 45% subscription.

Before the IPO, realty firm Arkade Developers Limited had raised ₹122.4 crore from anchor investors.

The initical share sale, which has set a price band of ₹121-₹128 per equity share, will conclude on September 19.

The ₹410 crore IPO is solely a fresh issuance of equity shares aggregating to ₹410 crore without an offer-for-sale (OFS) component.

The money raised will be used for development of company's ongoing and upcoming projects, funding acquistion of future real estate projects as well as general corporate purposes.

Proceeds from the issue will be used to develop the company's ongoing and upcoming projects, fund the acquisition of future real estate projects, and for general corporate purposes.

Arkade Developers IPO: Key dates

• Bidding period: September 16 to September 19
• Allotment finalisation: September 20
• Refund initiation: September 23
• Demat transfer: September 23
• Listing: September 24

About Arkade Developers

Arkade Developers is a real estate development company with a significant presence in Mumbai. It has two business verticals: New projects, which develop residential premises on land acquired, and redevelopment projects, which redevelop existing premises.

The book-running lead manager for the issue is Unistone Capital, while Bigshare Services is the registrar.