Arkade Developers plans to raise up to Rs 430 crore through IPO
Arkade Developers is planning to raise up to Rs 430 crore through initial public offering (IPO) and has filed its papers with market regulator the Securities and Exchange Board of India (SEBI).
The company is planning to utilize the net proceeds towards development of their ongoing and upcoming projects, funding acquisition of future real estate projects and general corporate purposes.
As of July end, the Mumbai-based developer has developed 1.80 million sq ft of residential properties including alliances where it holds majority stake. While the company's initial projects were stand-alone residential buildings, their current portfolio of ongoing projects includes five gated communities.
Arkade Developers' revenue in the financial year 2023, 2022 and 2021 stood at over Rs 224 crore, Rs 237 crore, and Rs 113 crore, respectively.
Unistone Capital is the sole book running lead manager to the issue.
