Real estate company Arkade Developers Limited, which recently got listed on the stock market, released its June quarter results.
Following this, investors rushed to buy the company’s stock on Friday.
By the end of the week, the stock price rose by 2.61%, closing at Rs 163.30. During the day, it reached a high of Rs 172.70.
Profit Quadruples in June Quarter
In the April-June quarter of the current financial year, Arkade Developers reported a significant increase in profits,
growing over four times to Rs 30.21 crore compared to Rs 6.57 crore in the same quarter last year.
The company’s total income also doubled, reaching Rs 125.51 crore, up from Rs 62.01 crore in the previous year.
Amit Jain, Chairman and Managing Director (CMD) of Arkade Developers, mentioned that the strong demand in the Indian real estate market,
particularly in the luxury housing segment, is driven by increasing urbanization and rising incomes.
IPO Success Last Month
Arkade Developers Limited raised Rs 410 crore through its initial public offering (IPO) last month.
The stock was listed on the BSE at Rs 175.90, which was 37.42% higher than the issue price.
It later surged to Rs 190, a 48.43% increase, before closing at Rs 165.85, up 29.57%.
On the NSE, the stock opened at Rs 175, reflecting a rise of 36.71%, and ended the day at Rs 165.45, up 29.25%.
IPO Details
The company had set an issue price of Rs 121-128 per share for its Rs 410 crore IPO.
The proceeds from the IPO are intended for the development of existing and upcoming projects, the acquisition of future real estate projects, and general corporate purposes.
