Mumbai Based Arkade Developers Apply For INR 430 Crore IPO

Mumbai Based Arkade Developers files DRHP with SEBI

Mumbai-based real estate developer Arkade Developers Limited has lodged its Draught Red Herring Prospectus (DRHP) with the Securities and Exchange Board of India (SEBI).

The initial public offering of the company includes a fresh issue of Rs 430 crore.

The company intends to invest the net proceeds in the development of its ongoing and future initiatives, including Arkade Nest. The funds will also be used to manage the funding for future real estate acquisitions and for general corporate purposes.

The IPO includes a new issue of Rs 430 crore

The real estate development company Arkade Developers has a significant presence in Maharashtra. Its operations are focused on the development of premium aspirational lifestyle residential properties in the commercial hub of India, Mumbai, Maharashtra.

As of July 31, 2023, they have developed 1.80 million square feet of residential property, including through entities in which Arkade holds a predominant interest. They are engaged in the development of new projects and the redevelopment of existing properties, and between 2017 and the first quarter of 2023, they have launched 1,040 residential units and sold 792 residential units in the MMR, Maharashtra, across various markets.

From CY 2003 to March 2023, they have successfully completed redevelopment of 9 projects in the western suburbs of Mumbai and 1 project in south-central Mumbai, with a combined constructed area of 6,48,000 square feet (through a partnership firm in which Arkade holds the majority stake). 

This track record has established Arkade as a significant redevelopment factor in the western suburbs of Mumbai.

While the company's initial projects were residential structures that stood alone, their current portfolio of ongoing projects includes gated communities such as Arkade Nest, Arkade Crown, Arkade Aspire, Arkade Prime, and Arkade Aura.

In FY2023, FY2022, and FY2021, Arkade Developer's revenue was Rs 2,240.13 million, Rs 2,371.82 million, and Rs 1,131.85 million, respectively, and revenue from operations increased at a CAGR of 26.69% from FY 2021 to FY2022.

All of their initiatives have been and are in the Maharashtra Metropolitan Region.

Arkade Developers currently have projects going on currently at Borivali, Andheri East, Santacruz and multiple other locations. They have also acquired a number of societry redevelopment projects across various locations in Mumbai.

Arkade has its head office in Kandivali East, Mumbai, currently.