Arkade Developers Sets IPO Price at ₹121-128, Opens for Subscription on September 16

10 Sep 2024 , 03:33 PM

Arkade Developers has set the price range for its upcoming IPO at ₹121-128 per share. The IPO will be open for subscription from September 16 to 19.

The anchor book will open on September 13, with share allotment scheduled for September 20. Refunds will begin on September 23, and the shares are expected to list on stock exchanges on September 24.

Proceeds from the IPO will be allocated towards land acquisition and general corporate purposes. Arkade Developers is managed by Amit Mangilal Jain and his family. Unistone Capital is the lead merchant banker for the IPO, while Bigshare Services will act as the registrar.

In February, Arkade Developers disclosed plans to invest approximately ₹700 Crore in three Mumbai-based projects, slated for completion within the next three to four years. These projects include Arkade Nest in Mulund (West), Deep Shikhar C Unit in Goregaon (East), and Prachi in Vile Parle (East).

Chairman and Managing Director Amit Jain noted that the company will focus on both greenfield and redevelopment projects moving forward. Recent real estate IPOs include Keystone Realtors and Signature Global.