Arkade Developers IPO GMP zooms: The grey market premium (GMP) of real estate development company, Arkade Developers, continues to march northward on the second day of its subscription, reflecting continuous demand for the IPO among investors. The unlisted shares of Arkade Developers were trading at a premium of Rs 86, which translates to a GMP of 67.19 per cent against the upper end of the IPO price of Rs 128, according to several sources tracking grey market activities.
Meanwhile, Arkade Developers IPO has received bids for a whopping 25,68,35,810 shares, against 2,37,75,719 shares offered, resulting in an oversubscription of 10.80 times so far, led by the Non-Institutional Investors who placed bids for 16.85 times. Meanwhile, the Retail Individual Investors (RIIs) quota received 14.19 times oversubscription, followed by Qualified Institutional Buyers (QIBs) with 0.25 times till around 12:51 PM on Tuesday, as per the NSE data.
The public issue of Arkade Developers, which opened for subscription yesterday, is available at a price band of Rs 121-128, with a lot size of 110 shares. Accordingly, investors can bid for a minimum of 110 shares and in multiples thereof. Arkade Developers comprises an entirely fresh issue of 32,031,250 equity shares.
The subscription window to bid for the Arkade Developers IPO will conclude on Thursday, September 19, 2024. Following this, the basis of allotment of Arkade Developers shares is likely to be finalized on Friday, September 20, 2024. The company’s shares will be credited into demat accounts on Monday, September 23, 2024.
The listing of Arkade Developers shares is scheduled for Tuesday, September 24, 2024.
Bigshare Services is the registrar for the Arkade Developers IPO, while Unistone Capital is the book-running lead manager of the public issue.
Arkade Developers intends to utilize the net proceeds from the public issue for funding part of the costs to be incurred in developing the ongoing projects (viz. Arkade Nest, Prachi CHSL, and C-Unit) (Funding Development Expenses); and funding acquisition of yet-to-be-identified land for real estate projects, as well as for general corporate purposes.
First Published: Sep 17 2024 | 1:24 PM IST
