Real estate player Arkade Developers Ltd. has filed preliminary papers with capital markets regulator Securities and Exchange Board of India to raise Rs 430 crore through an Initial Public Offering.
The company's maiden public issue is entirely through a fresh issue of equity shares with no Offer For Sale component, according to the Draft Red Herring Prospectus filed on Thursday.
Proceeds from the issue will be used for the company's ongoing and upcoming projects and funding acquisition of future real estate projects and general corporate purposes.
Arkade Developers is a fast-growing real estate development company with a significant presence in Mumbai.
As of July, it has developed 1.8 million square feet of residential property, including through partnership entities in which Arkade holds the majority stake.
The Mumbai-based Arkade Developer's revenue in FY23, FY22 and FY21 stood at Rs 224.01 crore, Rs 237.18 crore, and Rs 113.18 crore, respectively.
Unistone Capital is the sole book running lead manager to the issue. The equity shares of the company will be listed on the BSE and the NSE.
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