Arkade Developers Ltd, a real estate company, is set to launch its Rs 4.1 billion initial public offering (IPO) on September 16. The IPO will close on September 19, with bidding for anchor investors open for a single day on September 13, according to the company's red herring prospectus (RHP). The offering consists entirely of a fresh issue of equity shares worth Rs 4.1 billion, with no offer-for-sale (OFS) component.
The company has already raised Rs 200 million through a pre-IPO placement. Proceeds from the IPO will be used to finance Arkade's ongoing and upcoming real estate projects, as well as for the acquisition of future projects and general corporate purposes.
Arkade Developers, a fast-growing real estate company, has a notable presence in Mumbai. As of July 31, 2023, the firm has developed 1.80 million square feet of residential property, including projects in which it holds a majority stake through partnership entities. Between 2017 and the first quarter of 2023, the company launched 1,040 residential units and sold 792 across various markets in the Mumbai Metropolitan Region (MMR).
Arkade Developers reported revenues of Rs 2.24 billion, Rs 2.37 billion, and Rs 1.13 billion in the fiscal years 2023, 2022, and 2021, respectively. (ET)
