Connect with us

Business

Arkade Developers IPO Allotment Finalized Amid Strong Investor Demand

Published

2 hours ago

on

Arkade Developers Ipo

The initial public offering (IPO) of real estate development company Arkade Developers has concluded with substantial interest from investors. The bidding period, which was open from September 16 to 19, 2024, saw high demand, and the allotment of shares has now been finalized. The shares are set to be listed on the stock exchanges on September 24.

Arkade Developers’ IPO witnessed significant subscriptions across various investor categories. The IPO was subscribed 51.39 times in the retail sector, recorded 163.02 times subscription in the Non-Institutional Investors (NII) category, and saw a 163.16 times subscription by Qualified Institutional Buyers (QIBs). These figures indicate robust investor enthusiasm.

The company raised ₹410 crore through a fresh issue of 3.2 crore equity shares, priced between ₹121 and ₹128 per share. According to sources, this strong demand has led to a grey market premium of ₹86 per share over the issue price, suggesting an anticipated listing price of approximately ₹214 per share.

The allotment status of Arkade Developers’ shares can be checked online via the BSE website or through Bigshare Services Pvt Ltd, the official IPO registrar. Investors can use their Application Number or Permanent Account Number (PAN) to access their allotment status on these platforms.

Following the finalization of share allotment today, shares will be credited to successful bidders’ demat accounts by September 23. Refunds will also be initiated for those whose applications were unsuccessful on the same day. “We are excited about the level of interest garnered, indicating trust and confidence in Arkade Developers,” noted a spokesperson from Unistone Capital Pvt Ltd, the book-running lead manager for the IPO.

The IPO shares will be listed on both the Bombay Stock Exchange (BSE) and the National Stock Exchange (NSE). The excitement in the grey market and the strong subscription rates highlight a potentially successful market debut.

Rachel Adams

Times News Global is a dynamic online news portal dedicated to providing comprehensive and up-to-date news coverage across various domains including politics, business, entertainment, sports, security, features, opinions, environment, education, technology and global. affairs. Our commitment lies in sharing news that is based on factual accuracy, credibility, verifiability, authority and depth of research. We pride ourselves on being a distinctive media organization, guided by the principles enshrined in Article 19 of the Universal Declaration of Human Rights. Made up of a team of ordinary people driven by an unwavering dedication to uncovering the truth, we publish news without bias or intimidation.