Arkade Developers IPO Fully Subscribed on First Day

Arkade Developers Ltd's initial public offering (IPO) was fully subscribed on its first day, reaching 5.79 times the subscription rate. The offer received bids for over 13.76 million shares, and the portion for Retail Individual Investors was subscribed 8.03 times. The IPO aims to raise Rs 410 crore.

The initial public offering (IPO) of Arkade Developers Ltd was fully subscribed on its first day, achieving an impressive 5.79 times subscription rate.

According to NSE data, the IPO received bids for 13,76,23,090 shares against an offer of 2,37,75,719 shares. Retail Individual Investors (RIIs) subscribed 8.03 times, while non-institutional investors saw a 7.89 times subscription rate. Qualified Institutional Buyers (QIBs) attracted 24 percent subscription.

The realty firm raised Rs 122.40 crore from anchor investors and fixed a price band of Rs 121-128 per share for its Rs 410-crore IPO. The proceeds will fund ongoing and upcoming projects, future real estate acquisitions, and general corporate purposes. The IPO, which is entirely a fresh issue of equity shares worth Rs 410 crore, will conclude on September 19.

(With inputs from agencies.)