Arkade Developers IPO subscribed almost 27 times on Day 3 so far; should you apply?
The real estate company plans to utilise the funds raised to acquire new land and complete its ongoing projects. It does not intend to use the proceeds to pay down debt.
Arkade Developers IPO, Subscription status, Allotment date: Real estate developer Arkade Developers’ initial public offer (IPO) was subscribed 26.77 times on Wednesday, the third day of the bidding process. At the last count (03:18 PM), the IPO registered bids for 64 crore shares as against the 2.4 crore shares on offer, according to provisional exchange data.
The portions reserved for qualified institutional buyers (QIBs) and non-institutional investors (NIIs) were subscribed 0.46 times and 52.98 times, respectively. The portions reserved for retail investors and employees were booked 30.92 times and 27.63 times, respectively.
Ahead of the opening of the subscription window, Arkade Developers raised Rs 122.4 crore from anchor investors. The IPO was fully subscribed on the first day of the bidding process.
The IPO of Arkade Developers comprises a fresh issuance of Rs 410 crore, which means that the whole proceeds of the offer will go to the company. The real estate company plans to utilise the funds raised to acquire new land and complete its ongoing projects. It does not intend to use the proceeds to pay down debt.
Arkade Developers IPO: Should you subscribe or not? Here's what market guru Anil Singhvi suggests
Zee Business Managing Editor Anil Singhvi suggests applying for the IPO for a reasonable listing gain and from a medium-term perspective.
SBI Securities recommends subscribing to the Arkade Developers IPO, citing the potential for both short-term listing gains and long-term investment value.
"At the upper price band of Rs 128, the IPO is valued at a FY24 P/E multiple of 19.3x," analysts at the brokerage wrote in a report dated September 14.
Arkade Developer IPO: Allotment date
The allotment for the real estate company IPO is fixed on September 20, 2024. Here's a step-by-step guide to checking your allotment status:
Applicants can check their allotment in two ways; BSE and registrar's website.
How to check Arkade Developer IPO allotment: BSE
Step 1: Visit the official website of the BSE.
Step 2: Login using the direct link: bseindia.com/investors/appli_check.aspx
Step 3: Select 'Equity' under 'Issue Type'
Step 4: Select 'Issue Name'. either enter the application number in the box or provide your PAN details to proceed further
Step 5: Click 'submit', then you allotment status on your screen
How to check Arkade Developer IPO allotment: Bigshare Services
You can also check your allotment status via the official registrar website "https://ipo.bigshareonline.com/IPO_Status.html
Arkade Developers IPO: Details
Here are some important details about the IPO:
- Price band: Rs 121-Rs 128/share
- Fresh issue size: Rs 410 crore
- Total issue size: Rs. 410 crore
- Number of shares: 3,38,84,298-3,20,31,250
- Face value: Rs 10/share
- Post-issue market capitalisation: Rs 2,269 crore - Rs 2,376 crore
- Bid lot: 110 shares
- Investor reservation:
- QIBs: 50 per cent
- Retail investors: 35 per cent
- NIIs: 15 per cent
Arkade Developers IPO: Management
- Book Running Lead Managers (BRLMs): Unistone Capital Private Limited
- Registrar to the Issue: Bigshare Services Private Limited
About Arkade Developers
Arkade Developers specialises in the development of premium residential properties in Mumbai. Their operations include both the development and construction of new residential projects and the redevelopment of existing properties.
The company has developed 2.2 million square feet of residential space and has a history of completing projects on time, according to the brokerage.
Between 2017 and Q1 2023, the real estate company launched 1,040 residential units and sold 792 units in the MMR.
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