Real estate firm Arkade Developers Ltd has secured Rs 122.40 crore from anchor investors in anticipation of its upcoming initial public offering (IPO). The company has set a price band of Rs 121-128 per share for its Rs 410-crore IPO, which is scheduled to open for public subscription on September 16 and close on September 19.
In a regulatory filing, Arkade Developers disclosed that it has allocated 95,62,500 shares to anchor investors at Rs 128 per share. The investors include BNP Paribas Financial Markets — ODI, Societe Generale-ODI, and Saint Capital Fund.
The IPO will consist of a fresh issue of equity shares worth Rs 410 crore, with no offer-for-sale (OFS) component. The funds raised will be utilized for the development of ongoing and upcoming projects, acquisition of future real estate projects, and general corporate purposes.
The IPO’s allotment will be divided as follows: 50% of the issue size is reserved for qualified institutional buyers, 35% for retail investors, and 15% for non-institutional investors. Investors can apply for a minimum of 110 shares and in multiples thereof.
