Arkade Developers shares listing: Shares debut at over 37% premium on BSE at Rs 175.9/share

Arkade Developers shares listing: Arkade Developers shares made a decent debut in Tuesday's trade (September 24) following the blockbuster subscription.  On the BSE, the stock listed with gains of over 37 per cent at Rs 175.9, while on the NSE it listed at Rs 175 per share against the issue price of Rs 128.

The issue which ran between September 16 and September 19 was subscribed strongly with total subscription at 106.8 times. Of the total subscription, Qualified Institutional Buyers (QiBs) and Non-Institutional Investor category subscribed the most by 163.6x and 163.02 times.

The company's Rs 410-crore initial public offering (IPO) was entirely a fresh issue of equity shares worth Rs 410 crore with no offer-for-sale (OFS) component.

The company through the public issue aimed at funding a part of the costs to be incurred in the development of its ongoing projects (viz. Arkade Nest, Prachi CHSL, and C-Unit) (Funding Development Expenses). Also through the proceeds it would engage in funding acquisition of yet-to-be-identified land for real estate projects and other general corporate purpose.

Zee Business Managing Editor Anil Singhvi advised that one can  subscribes to this IPO for reasonable listing gains and with a mid-term perspective. 

Arkade Developers Ltd. was incorporated on May 13, 1986. The company is a real estate developer focused on premium lifestyle residential projects in Mumbai, Maharashtra. Its business is divided into two main categories: (i) developing new residential projects on company-owned land, and (ii) redeveloping existing properties.