Mumbai-based realty player Arkade Developers files DRHP with Sebi for IPO
Sebi to raise funds through an IPO.
The company’s IPO comprises a fresh issue of 430 crore.
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.
As of July 31, 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.
In particular, they have established a successful track record of completing their projects on time, and from CY 2003 to March 2023, have successfully completed redevelopment of 9 projects in the western suburbs of Mumbai and 1 project in south-central Mumbai (through a partnership firm in which Arkade hold 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.
The company proposes to utilize the net proceeds towards development of their ongoing projects, and their upcoming projects and funding acquisition of future real estate projects and general corporate purposes.
Arkade Developers revenue in FY23 stood at Rs 224 crore and it has grown at a CAGR of 26.69% between FY21-23.
Unistone Capital is the sole Book Running Lead Manager (BRLM) to the issue. The equity shares of the
