Arkade Developers IPO: The IPO of real estate company Arkade Developers Limited has received a response from investors. The company’s issue has been subscribed about 106.40 times till the last day today, 19 September. Arkade Developers’ Rs 410 crore public offer has received bids for 162.96 crore shares as against 2.37 crore shares till 3 pm. According to data available with NSE, bids were received for 2,52,97,38,200 shares against the offer of 2,37,75,719 shares in the initial share sale. The category of qualified institutional buyers (QIBs) received 163.16 times subscription while the segment reserved for non-institutional investors was subscribed 162.75 times. The segment of retail individual investors (RIIs) was subscribed 50.65 times.
Rs 122.40 crore was raised from anchor investors
Arcade Developers had raised Rs 122.40 crore from anchor investors before the IPO opened. The company had fixed a price band of Rs 121-128 per share for its Rs 410 crore IPO. The IPO is entirely a fresh issue of equity shares worth Rs 410 crore. It does not involve any offer for sale (OFS). The funds raised from the IPO will be used for the development of the company’s existing and upcoming projects, acquisition of future real estate projects and general corporate purposes.
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What is going on GMP?
According to Investorgain.com, Arcade Developers Limited IPO is available in the grey market at a premium of Rs 85. Arcade Developers Limited IPO can be listed at Rs 213. That is, this stock can give a profit of up to 67% on the very first day. Its price band is Rs 128. The company’s shares can be listed on September 24.