Mumbai Based Arkade Developers Will Apply For an INR 600 Crore IPO

Arkade Developers - INR 600 Crore IPO

Mumbai-based real estate developer Arkade Developers recently confirmed its intention to file a draught red herring prospectus (DRHP) with the market regulator by June 2023 in order to raise approximately INR 600 crore via an initial public offering (IPO).

Chairman Amit Jain stated in a press release that the proceeds from the public issues would be used for expansion and the purchase of land. The company is owned entirely by Amit Jain and his family.

Recently, Arkade launched seven residential developments in the Mumbai suburbs, totaling approximately 1,500 units. It intends to invest approximately INR 1,600 crore in the development of these seven housing projects.

Jain stated that Arkade is constructing 682 units across four of the seven initiatives with an investment of INR 900 crore.

Their ongoing real estate ventures in Santacruz West, Andheri (East), Goregaon (East), and Borivali (West) have the potential to generate a top line of INR 1,250 crore. In the March 2023 quarter, the business reported a sales volume of INR 273.75 Crore.