Arkade Developers IPO: 50% listing gain on cards? Check GMP, expected price | News on Markets
Arkade Developers IPO GMP, listing price prediction: The unlisted shares of Arkade Developers maintain a robust premium in grey markets, signalling favourable sentiment ahead of listing. The company’s shares traded at premium of Rs 63, reflecting a 49.22 per cent gain over the IPO issue price of Rs 128. However, the current grey market premium (GMP) has seen a significant decline of Rs 23, from Rs 86 on September 16, when the issue first opened for public subscription.
Arkade Developers shares are expected to list on BSE, and NSE on September 24, 2024. If the grey market premium holds, shares may debut at Rs 191, yielding a potential listing gain of nearly 50 per cent for investors.
The public issue of Arkade Developers concluded for subscription on Thursday, September 19, 2024, getting oversubscribed by 106.83 times, riding on the back of Qualified Institutional Buyers (QIBs) and Non-Institutional Investors who bid for 163.16 and 163.02 times respectively. Meanwhile, the quota reserved for Retail Individual Investors (RIIs), and Employees got subscribed 51.39 times, and 50.49 times respectively, as per the NSE data.
The allotment of Arkade Developers IPO was finalised on Friday, September 20, 2024.
Arkade Developers intends to utilise the net proceeds from the public issue for funding part of the costs to be incurred in developing the ongoing projects and funding the acquisition of yet-to-be-identified land for real estate projects, as well as for general corporate purposes.
Arkade Developers is a real estate development company concentrating on the development of residential premises in Mumbai. The company’s business can be divided into two segments: development/construction of residential buildings on land acquired by the company (new projects) and redevelopment of existing buildings (redevelopment projects).
First Published: Sep 23 2024 | 10:47 AM IST
