Real estate firm Arkade Developers Ltd has successfully raised ?1.224 billion from anchor investors ahead of its initial public offering (IPO), which is set to open for public subscription on September 16 and close on September 19. The company has set a price band of ?121-128 per share for its ?4.1 billion IPO. In a regulatory filing, Arkade Developers announced that it has allocated 95,62,500 shares to anchor investors at ?128 per share, including prominent names such as BNP Paribas Financial Markets – ODI, Societe Generale – ODI, and Saint Capital Fund. The IPO will consist entirely of a fresh issue of equity shares, with no offer-for-sale (OFS) component. The proceeds are intended for the development of Arkade's ongoing and upcoming projects, acquisition of future real estate projects, and general corporate purposes. With a strong presence in Mumbai, Arkade Developers has developed 1.80 million square feet of residential property as of July 2023. The company has launched 1,040 residential units and sold 792 units between 2017 and Q1 2023 in the Mumbai Metropolitan Region (MMR). Arkade's revenue over the last three fiscals stood at ?2.24 billion (FY 2023), ?2.38 billion (FY 2022), and ?1.13 billion (FY 2021), reflecting steady growth. Half of the IPO is reserved for qualified institutional buyers (QIBs), 35% for retail investors, and 15% for non-institutional investors. Investors can bid for a minimum of 110 shares and in multiples thereof.