Realty firm Arkade Developers Limited has raised Rs 122.40 crore from anchor investors ahead of its initial public offering (IPO). The company has set a price range of Rs 121-128 per share for the Rs 410 crore fundraising. The subscription for the IPO opened on the 16th of this month and will be available until the 19th. Interested investors will need to purchase a minimum of 110 shares.
Of the total shares, 30% has been allocated to anchor investors, 20% to qualified institutional buyers (QIBs), 35% to retail investors, and 15% to non-institutional investors (NIIs). As part of this allocation, 9,562,500 shares were allotted to anchor investors at Rs 128 per share, raising Rs 122.40 crore. Notable investors include BNP Paribas Financial Markets – ODI and Saint Capital Fund.
The funds raised from the IPO will be used to develop ongoing projects and to acquire land needed for new projects. As of July 31, 2023, Mumbai-based Arcade Developers has developed 1.80 million square feet of residential properties.
