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Arkade Developers Ltd, a prominent real estate firm, will launch its Rs 410 crore initial public offering (IPO) on September 16. The offering will be open until September 19, with anchor investor bidding starting on September 13, as outlined in the red herring prospectus (RHP).
The IPO will consist solely of a fresh issue of equity shares valued at Rs 410 crore, with no shares being sold by existing shareholders. The company has already secured Rs 20 crore through a pre-IPO placement. Funds from the IPO will be allocated towards developing ongoing and future projects, acquiring new real estate ventures, and general corporate needs.
Arkade Developers, known for its rapid growth and strong presence in Mumbai, has developed 1.80 million square feet of residential space by July 31, 2023, including projects through majority-owned partnerships. Since 2017, the firm has launched 1,040 residential units and sold 792 in the Mumbai Metropolitan Region (MMR).
For fiscal years 2021, 2022, and 2023, the company’s revenues were Rs 113.18 crore, Rs 237.18 crore, and Rs 224.01 crore, respectively. Unistone Capital is serving as the sole book-running lead manager for the issue. The company’s shares will be listed on both BSE and NSE.
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