Arkade Developers IPO Sees Strong Investor Demand

The Initial Public Offering (IPO) of Arkade Developers has attracted significant interest from investors, reflecting robust demand for shares of the real estate development company. The allotment of the IPO shares is expected to be finalized today, September 20. The subscription period for the shares ran from September 16 to September 19, with the company planning to list the shares on September 24.

Investors are anxiously waiting for the basis of the allotment to be settled today, as Arkade Developers plans to credit the shares to successful bidders’ demat accounts by September 23. On this date, the company will also process refunds for those whose applications were not successful. Arkade Developers has appointed Bigshare Services Pvt Ltd as the IPO registrar.

Individuals wanting to check the status of their allotment can do so online. They need to visit the Bombay Stock Exchange (BSE) website and navigate through a series of steps including selecting ‘Equity’, and ‘Arkade Developers Limited’, then entering either the application number or PAN, confirming they are not a robot and clicking ‘Search’. Similarly, checks can be made on the Bigshare Services’ website by entering the appropriate selection type and details.

The shares are reportedly in high demand in the unlisted market, with a grey market premium (GMP) currently at ₹86 per share. This indicates that the shares are trading at a premium over their issue price, suggesting a potential listing price of ₹214 per share, which represents a 67% premium over the IPO price of ₹128 per share.

The public issue was entirely a fresh issue comprising 3.2 crore equity shares, helping Arkade Developers to raise ₹410 crore. The IPO appealed to various investor categories, with subscriptions reaching 51.39 times in the retail category, and an overwhelming 163.02 times in the Non-Institutional Investors (NIIs) segment. The Qualified Institutional Buyers (QIBs) portion was subscribed 163.16 times.

Unistone Capital Pvt Ltd served as the book-running lead manager for the Arkade Developers IPO. The shares are set to be listed on both the BSE and the National Stock Exchange (NSE), making them widely accessible to the investor community.