The IPO of real estate company Arkade Developers Limited has received significant interest from investors.
As of the last day of subscription on 19th September, the IPO was oversubscribed by about 106.40 times.
The company’s public offer of Rs 410 crore attracted bids for 162.96 crore shares against the available 2.37 crore shares by 3 pm.
According to data from the NSE, a total of 2.52 billion shares were bid against the offer of 2.37 crore shares.
The Qualified Institutional Buyers (QIBs) category saw a subscription of 163.16 times, while non-institutional investors subscribed 162.75 times.
The retail individual investors (RIIs) segment was subscribed 50.65 times.
Funds Raised and IPO Details
Arkade Developers raised Rs 122.40 crore from anchor investors ahead of the IPO. The company had set a price band of Rs 121-128 per share for the Rs 410 crore IPO.
This IPO is a completely fresh issue of shares, with no offer for sale (OFS).
The funds raised will be utilized for the development of ongoing and upcoming projects, the acquisition of future real estate projects, and general corporate purposes.
Grey Market Premium (GMP) and Listing Date
According to Investorgain.com, Arkade Developers’ IPO is trading at a premium of Rs 85 in the grey market, suggesting a potential listing price of Rs 213 per share.
This means investors could see a profit of up to 67% on the first day of trading. The company’s shares are expected to be listed on September 24.
