Arkade Developers Ltd Set to Launch Rs 410-Crore IPO on September 16

Arkade Developers Ltd will launch its Rs 410-crore IPO on September 16, concluding on September 19. The IPO proceeds will fund ongoing and upcoming projects, acquisitions, and corporate purposes. With a robust presence in Mumbai, the company has developed 1.80 million square feet of residential property. Unistone Capital is the BRLM.

Arkade Developers Ltd is gearing up to launch its Rs 410-crore IPO on September 16, with the issue closing on September 19. Bidding for anchor investors will open on September 13, as stated in the red herring prospectus (RHP).

The IPO is an all-fresh equity share issue, with no offer-for-sale (OFS) component, amounting to Rs 410 crore. The company has strategically raised Rs 20 crore through a pre-IPO placement round.

Arkade Developers plans to allocate the IPO funds for development projects, potential acquisitions, and general corporate purposes. Having a strong presence in Mumbai, the company boasts the development of 1.80 million square feet of residential property as of July 31, 2023. Financially, the company's revenue figures for fiscal years 2023, 2022, and 2021 are Rs 224.01 crore, Rs 237.18 crore, and Rs 113.18 crore respectively. Unistone Capital will act as the sole book-running lead manager for the IPO, listed on both BSE and NSE.

(With inputs from agencies.)