Arkade Developers' IPO Sees Massive 106.40 Times Subscription

Arkade Developers' initial public offering (IPO) was immensely successful, achieving a subscription rate of 106.40 times. The Rs 410-crore IPO saw huge demand from institutional and retail investors alike. The proceeds will be utilized for ongoing and future projects. Unistone Capital Pvt Ltd managed the offer.

Arkade Developers' initial public offering (IPO) experienced overwhelming demand, being subscribed 106.40 times by the closing day. The Rs 410-crore share sale garnered bids for 2,52,97,38,200 shares while only 2,37,75,719 shares were on offer, as per data from the NSE.

Qualified institutional buyers subscribed the offering 163.16 times, and non-institutional investors subscribed 162.75 times, while retail individual investors saw a 50.65 times subscription. Arkade Developers' IPO already achieved full subscription on its first day, ending Monday at 5.79 times its target.

The company has successfully raised Rs 122.40 crore from anchor investors. The IPO was priced between Rs 121-128 per share, representing a fresh issue of equity shares worth Rs 410 crore without any offer-for-sale component. The funds will support ongoing and upcoming projects, acquisitions of future real estate ventures, and general corporate purposes. Unistone Capital Pvt Ltd was the manager for the offer.

(With inputs from agencies.)