Arkade Developers Raises ₹122 Crore in Anchor Round Ahead of ₹410 Crore IPO

Arkade Developers Limited, a Mumbai-based real estate development firm, has successfully raised ₹122.40 crore in its anchor round ahead of its upcoming initial public offering (IPO). The company plans to utilize the funds to support ongoing projects and acquire new properties for future developments. The IPO is scheduled to open for subscription on September 16 and close on September 19.

CONTENTS:

• Arkade Developers raises ₹122 crore in anchor round.
• Arkade Developers IPO opens Monday, closes Thursday.
• Arkade Developers IPO price range ₹121-128.

Arkade Developers Limited, a real estate development company, announced on Friday that it has raised approximately ₹122.40 crore from investors in its anchor round ahead of its planned initial public offering (IPO). According to the exchange filing, the company issued 95.62 lakh equity shares to nine anchor investors at ₹128 per share, with a face value of ₹10 per share.

The anchor investors include Stern Global, BNP Paribas, Intuitive Alpha Investments, Saint Capital, Societe Generale, NAV Capital, Visionary Value Fund, Gagandeep Credit Capital, and Rajasthan Global Securities. Notably, BNP Paribas holds a 20.43% stake, while Intuitive Alpha Investments, Saint Capital, and Stern Global each have 16.34%. The company did not provide details on any mutual fund allocations in this round.

Arkade Developers Limited, based in Mumbai, is a real estate development firm specializing in upscale, luxury residential projects. The company’s operations include constructing new residential buildings on purchased land and redeveloping existing structures, according to information from Chittorgarh.

The company’s public offering is scheduled to open for subscription on Monday, September 16, and will close for public bidding on Thursday, September 19.

The ₹410 crore public offering has a price range of ₹121 to ₹128 per equity share, with a minimum lot size of 110 shares and additional shares to be purchased in multiples of 110, according to the company’s draft red herring prospectus (DRHP).

The funds raised from this public issue are intended to cover expenses for ongoing projects such as Arkade Nest, Prachi CHSL, and C-Unit, as well as to acquire unidentified properties for future real estate developments and support general business expenses.

In the financial year 2024, the company’s net profit surged by 142%, and revenue increased by 184% compared to the previous year.