arkade developers gmp: Arkade Developers listing: After a bumper IPO response, GMP signals a strong debut on Tuesday

The shares of Arkade Developers have seen a robust subscription of over 100 times and are all set to list on the exchanges on Tuesday. Ahead of the debut, the company’s shares are boasting a GMP of Rs 63.

Considering the upper price band of Rs 128, the stock is expected to list at a healthy premium of 49% over the issue price.

However, it is important to note that grey market premiums are just an indicator as to how the company’s shares are stacked up in the unlisted market and are subject to change rapidly.

The company proposes to utilise the net proceeds towards development of their ongoing projects, and their upcoming projects and funding the acquisition of future real estate projects and general corporate purposes.

Arkade Developers is a leading real estate development company with a significant presence in Mumbai. Its operations are concentrated on the development of premium aspirational lifestyle residential premises in the region.

Also Read: Rappid Valves IPO opens: Check issue size, price band, GMP and other details

As of July 31, 2023, they have developed 1.80 million square feet of residential property (including through partnership entities in which Arkade holds the majority stake).

They are also engaged in the development of new projects and redevelopment of existing premises, and between 2017 and Q1 2023, have launched 1,040 residential units and sold 792 residential units in different markets in the MMR.

From CY 2003 to March 2023, the company has successfully completed re-development of nine projects in the western suburbs of Mumbai and one project in south-central Mumbai (through a partnership firm in which Arkade holds the majority stake) with a combined constructed area of 6,48,000 square feet.

While the company’s initial projects were stand-alone residential buildings, their current portfolio of ongoing projects includes gated communities such as Arkade Nest, Arkade Crown and Arkade Aspire, Arkade Prime and Arkade Aura.

Arkade Developers revenue in FY24 increased 189% year-on-year to 635 crore, while net profit also more than doubled to Rs 123 crore in the same period.

Unistone Capital acted as the sole book running lead manager (BRLM) to the issue.

FOLLOW US ON GOOGLE NEWS

Read original article here

Denial of responsibility! Secular Times is an automatic aggregator of the all world’s media. In each content, the hyperlink to the primary source is specified. All trademarks belong to their rightful owners, all materials to their authors. If you are the owner of the content and do not want us to publish your materials, please contact us by email – seculartimes.com. The content will be deleted within 24 hours.

Leave a Comment