Arkade Developers IPO to open on Sept 16: All you need to know

Real estate developer Arkade Developers Limited will launch its initial public offering (IPO) on September 16. The issue will conclude on September 19. The price band will be announced this week.

According to the red herring prospectus (RHP), the bidding for anchor investors will be live for a day on September 13.

The IPO is solely a fresh issue of shares worth ₹410 crore without an offer-for-sale (OFS) component. In a pre-IPO placement round, the company raised ₹20 crore.

The money generated will be used to used in the company's ongoing and upcoming projects, for acquiring future real estate projects and general corporate purposes.

About Arkade Developers

Arkade Developers is a fast-growing real estate development firm with a significant presence in Mumbai. As of July 31, 2023, it has developed 1.80 million square feet of residential property, including through partnership entities in which Arkade holds the majority stake.

Between 2017 and Q1 2023, the firm launched 1,040 residential units and sold 792 residential units in different markets in the Mumbai Metropolitan Region (MMR) in Maharashtra.

Arkade Developer's revenue in financial years 2023, 2022 and 2021 stood at ₹224 crore, ₹237.1 crore and ₹113.1 crore, respectively.

Unistone Capital is the sole book-running lead manager (BRLM) to the issue. The company's shares will be listed on the NSE and the BSE.