Shares of Arkade Developers Ltd. ended on the BSE on Tuesday at Rs 165.5 apiece, a premium of 29.3% over its issue price of Rs 128 per share. On the National Stock Exchange, the stock closed at Rs 165.45 per share, marking a premium of 29.2%.
The scrip listed at a premium of 37.4% and 36.7% over the issue price on BSE and the NSE in the morning, respectively.
The Mumbai-based realty player's maiden issue consisted completely of a fresh issue of 3.2 crore shares, aggregating to Rs 410 crore. The issue was subscribed 106.83 times on the third and final day, led by demand from institutional investors.
Proceeds from the issue will be used to finance the costs to be incurred in the development of ongoing projects. Part of the proceeds will also be used for acquisitions of yet-to-be-identified land for real estate projects and general corporate purposes.
Arkade Developers IPO Subscription Details
The IPO was subscribed 106.83 times.
Institutional investors: 163.16 times.
Non-institutional investors: 163 times.
Retail investors: 51.39 times.
Employee reserved: 50.49 times.
Business
The real estate development company's operations are strategically located in the western suburbs of the Mumbai Metropolitan Region. It has also developed high-end luxury projects in south Mumbai and eastern suburbs.
In the last two decades, Arkade Group has completed 28 projects, aggregating more than 4.5 million square feet of development. Of the 28 completed projects, 17 were new projects and 11 were redevelopment projects.
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