Real estate company Arcade Developers, which opened for subscription on September 16, was fully subscribed on the first day of bidding. The IPO was subscribed over 5.80 times on Monday.
Fast-growing real estate company Arkad Developers has made significant inroads into the Mumbai market. As of July 31, 2023, the firm has developed 1.80 million sq ft of residential space, including projects executed through partnership firms where Arkad holds a controlling interest.
Arkad Developers IPO Subscription Status
The IPO was subscribed over 5.80 times on the first day of bidding on Monday. According to data available on BSE, Arcade Developers IPO received 13,79,45,830 bids against an offer of 2,37,75,719.
The retail portion received the highest bids across all categories, getting subscribed 8.60 times. Meanwhile, the portion reserved for non-institutional investors (NIIs) was subscribed 7.90 times, while the qualified institutional buyer (QIB) portion was subscribed 0.24 times.
Arkade Developers IPO Details
Arcade Developers IPO will be open for subscription from September 16 to September 19. The company has fixed a price range for this. from 121 Its initial public offering (IPO) is priced at Rs 128 per share. Rs 410 crore
The lot size for this issue has been fixed at 65 equity shares, and subsequent bids will be required in multiples of 65 shares.
About 50 per cent of the issue is reserved for qualified institutional buyers (QIBs), 15 per cent for non-institutional investors (NIIs) and 35 per cent for retail investors. Apart from this, employees have been allotted equity shares worth up to Rs 15 lakh. There will be a discount of up to Rs 2 crore ₹5 per share.
Unistone Capital Private Limited has been appointed as the Book Running Lead Manager for Arcade Developers IPO, while Bigshare Services Private Limited will act as the registrar to the offering.
Arkade Developers IPO GMP
The grey market premium (GMP) of Arkad Developers IPO today is +86, which indicates that the shares are being traded at According to investorgain.com, it is priced at a premium of Rs 86 per share in the grey market.
Based on the upper limit of the IPO price band and the current grey market premium, the estimated listing price for Arkad Developers shares is estimated to be ₹ 208 each, which represents an increase of 67.19 per cent from the IPO price 128.
The 'grey market premium' reflects the willingness of investors to pay more than the issue price.