Arkade Developers IPO Listing: Real Estate Firm Delivers 36% Profit On Listing Day

On Tuesday, Arkade Developers' stocks had a great debut on the stock exchanges. The shares were listed at Rs 175 each on the National Stock Exchange (NSE), which makes up a 36.7 per cent premium over the Rs 128 issue price. On the NSE, it began trading at Rs 175.9, up 37.4 per cent.

Shares of Arkade Developers increased 4.1 per cent to Rs 182.2 each following their NSE (National Stock Exchange) listing at a 36.7 per cent premium over the issue price.

The touched a day-high level of Rs 190 per share on the national stock exchange, surging almost 48.4 per cent.

Listing gain

Because the minimum bid quantity in the Arkade Developers IPO was 110 shares, successful bidders who were allotted shares in the primary issue were sitting on listing gains of Rs 5,170 (Rs 47 x 110) as soon as the stock started to trade on exchanges.

IPO bid details

The final day of the Arkade Developers IPO bidding, with the issue having been subscribed 106.83 times.

For 2,37,75,719 equity shares of the offer, the bids received for 2,54,00,26,280 shares in the initial public offering.

IPO details

The initial public offering (IPO) represented a new share issuance of Rs 410 crore, with a price range of Rs 121–Rs 128 per share. The offer-for-sale (OFS) component was absent.

The funds raised will go towards general corporate purposes, the development of the company's current and upcoming projects, and the purchase of future real estate projects.

Projects under belt and financials

The company launched 1,040 residential units in Maharashtra's Mumbai Metropolitan Region (MMR) between 2017 and Q1 2023, and it sold 792 residential units in different markets.

For fiscal years 2023, 2022, and 2021, respectively, Arkade Developers reported revenue of Rs 224.01 crore, Rs 237.18 crore, and Rs 113.18 crore.