Arkade Developers Ltd Shares Soar 37% on Market Debut

Shares of Arkade Developers Ltd debuted with a significant premium of over 37% against the issue price of Rs 128. The stock opened at Rs 175.90 on the BSE and peaked at Rs 190. Proceeds from the initial share sale, which was heavily subscribed, will fund various real estate projects.

Shares of Arkade Developers Ltd on Tuesday listed with a premium of over 37 percent against the issue price of Rs 128.

The stock began trading at Rs 175.90, a rise of 37.42 percent from the issue price on the BSE. Later, it surged by 48.43 percent to Rs 190.

At the NSE, shares of the firm listed at Rs 175, reflecting a jump of 36.71 percent.

The company's market valuation stood at Rs 3,232.40 crore.

The initial share sale of Arkade Developers was subscribed 106.40 times by the last day of the offer on Thursday.

The Rs 410-crore initial share sale had a price band of Rs 121-128 per share.

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

Arkade Developers is a fast-growing real estate development company with a significant presence in Mumbai.

(With inputs from agencies.)