Construction Company Arkade Developers files DRHP with SEBI for the proposed IPO; Key Details here

Arkade Developers is into Real Estate Construction and is looking raise funds through Fresh Issue

Arkade Developers to raise Fresh Issue aggregating up to Rs. 430 crores and an Offer for Sale Equity shares aggregating up to Rs. crores IPO

Arkade Developers IPO: Arkade Developers Limited has filed Draft Red Herring Prospectus (DRHP) for proposed initial public offer (IPO) and raise funds through an offer of equity share capital having face value of Rs. 10 per share via initial public offering.

Initial Public Offer comprising of a Fresh Issue aggregating up to Rs. 430 crores. Unistone Capital have been appointed as lead merchant bankers for the proposed IPO. It has appointed Bigshare Services Pvt. Ltd. as Registrar and Share transfer Agent. Company is yet to finalize issue size and some other important details relating to the IPO.

Details about upcoming IPO:
As per the details available in DRHP, fundraising will consist of an Fresh Issue aggregating Rs. 430 Crs and.

Objects of the issue:
1) Funding Development Expenses to the tune of Rs270 crores, 2) Funding acquisition of yet-to-be identified land for real estate projects and general corporate purposes.

About Company:
Mumbai based property developer, Arkade Developer's operations concentrated on the development of premium lifestyle residential premises in Mumbai, As on FY23, Company developed 1.80million square feet of residential property (including through partnership entities in which company hold the majority stake). Company is engaged in the development of new projects and redevelopment of existing premises. During 2017 and Q1FY23, it launched 1,040 residential units and sold 792 residential units in different markets in the MMR.

About Industry:
Mumbai is one of the biggest and most expensive real estate markets in India. It has various micro-markets along with Mumbai City, suburbs, extended suburbs and neighbouring areas such as Thane and Navi Mumbai. Between 2017 and 2019, the housing market in MMR witnessed a gradual growth in both supply and absorption of housing units, with absorption numbers surpassing the new residential supply. During this period, MMR’s housing supply and absorption recorded respective increases of 45% and 42%. (Source: Anarock Report)

Source: SEBI, BSE, NSE, DRHP, Arkade Developers, Industry Data

Disclaimer: Above article only publishes details about the IPO for educational purpose and doesn't solicit or invite any interest to invest. Please visit respective sources to verify and know more details about the IPO. We advise investors to take opinion from certified/SEBI registered experts before taking any investment decisions.