Arkade Developer IPO opens tomorrow. GMP, review, other details in 10 points

Arkade Developers, real-estate development company, is all set to launch its initial public offering (IPO) on Monday, September 16. The upcoming IPO will remain open for subscription on Wednesday, September 19.

Arkade Developers Ltd. is an emerging real estate development company with a strong foothold in Mumbai. As of July 31, 2023, the firm has successfully developed 1.80 million square feet of residential space. From 2017 through the first quarter of FY 2023, Arkade launched 1,040 residential units and sold 792 of them in the Mumbai Metropolitan Region (MMR).

The capital raised through the issue will be allocated towards the development of existing and upcoming real estate ventures, the acquisition of future projects, and general corporate objectives.

Here are 10 factors to consider before subscribing to Arkade Developers IPO -

Arkade Developers IPO date: The IPO is scheduled to open on September 16 and close on September 19.

Arkade Developers IPO price band: The price band of the upcoming IPO has been fixed at ₹121 to ₹128 per share.

Arkade Developers IPO size: It is a book-built issue aiming to raise ₹410.00 crores. This offering consists entirely of a fresh issue of 3.2 crore shares.

Arkade Developers IPO lot size: The minimum lot size for an application is 110 shares, and retail investors are required to make a minimum investment of ₹14,080.

Arkade Developers IPO promoters: According to DRHP, Amit Mangilal Jain is the promoter of the company.

Arkade Developers IPO allotment date: The allotment of the Arkade Developers IPO is anticipated to be completed on Friday, September 20.

Arkade Developers IPO listing date: The IPO is set to be listed on the BSE and NSE, with a tentative listing date scheduled for Tuesday, September 24.

Arkade Developers IPO book-running manager: The book-running lead managers is Unistone Capital Pvt Ltd.

Arkade Developers IPO registrar: The registrar for the issue is Bigshare Services.

Arkade Developers IPO GMP: According to investorgain, the shares of Arkade Developers IPO is trading at ₹70, which means estimated listing price is likely to be ₹198.

Arkade Developers IPO review

Brokerage firm Choice Broking has given ‘subscribe’ rating to the Arkade Developers IPO, with strong growth prospects and valuation. “At the higher end of the price range, ADL is asking an EV/Sales ratio of 3.2x, which is at a discount to the peer average. Historically, the company has concentrated on the western suburbs of MMR, but in recent years, ADL has expanded into the eastern suburbs of Mumbai. This business growth strategy, along with its near debt-free status and consistent on-time project delivery, positions ADL for sustainable growth in the future,” the firm said in a note.