Arkade Developers makes strong debut

The scrip was listed at Rs 175.90, exhibiting a premium of 37.42% to the issue price.

So far, the stock has hit a high of 190 and a low of 170. On the BSE, over 23.88 lakh shares of the company were traded in the counter so far.

The IPO of Arkade Developers was subscribed 106.83 times. The issue opened for bidding on 16 September 2024 and it closed on 19 September 2024. The price band of the IPO was fixed between Rs 121 to 128 per share.

The IPO comprised fresh issue of equity shares, aggregating to Rs 410 crore.

Of the net proceeds from the fresh issue, about Rs 250 crore will be used for funding a part of the costs to be incurred in the development of its ongoing projects, and upcoming projects. The balance amount will be used for funding acquisition of yet-to-be identified land for real estate projects and general corporate purposes.

Arkade Developers is a real estate development company concentrating on the development of premium aspirational lifestyle residential premises in Mumbai, Maharashtra, India's commercial capital. The company is engaged in the development of new projects (development / construction of residential premises on land acquired by the company) and redevelopment of existing premises.

The firm reported a consolidated net profit of Rs 122.84 crore and sales of Rs 634.74 crore for the twelve months ended on 31 March 2024.