Arkade Developers IPO to Launch on September 16, 2024 - INR 410 Crore Fresh Equity Issue

Mumbai, 6th September: IPO Launch and Details

Arkade Developers is preparing to launch its Rs 410-crore initial public offering (IPO) on September 16, 2024. The IPO, which is a fully fresh issue of equity shares, will be open for public subscription until September 19. Prior to the public offering, a bidding window for anchor investors will be available on September 13.

Purpose of the IPO

The Mumbai-based real estate company, owned by Amit Mangilal Jain and family, intends to use the proceeds from the IPO for acquiring unidentified land and addressing general corporate needs. These details were highlighted in the Red Herring Prospectus (RHP) filed with SEBI.

Key Players Involved

Unistone Capital will serve as the merchant banker for this public issue, while Bigshare Services Pvt Ltd has been appointed as the registrar. Upon successful completion, the shares will be listed on both the Bombay Stock Exchange (BSE) and National Stock Exchange (NSE).

Previous Investment Announcement

Earlier this year, Arkade Developers disclosed plans to invest Rs 700 crore in three Mumbai-based projects, with completion expected within the next three to four years. The projects include Arkade Nest in Mulund (West), Deep Shikhar C Unit in Goregaon (East), and Prachi in Vile Parle (East).

The Arkade Nest project is already underway, focusing on luxury housing in its first phase. Chairman and Managing Director Amit Jain mentioned that future developments will involve a mix of greenfield and redevelopment projects, with an emphasis on the latter in areas like Goregaon and Malad.