Arkade Developers makes strong stock market debut, shares list at 37% premium

real estate company kicked-off its maiden trading session at Rs 175.90 on NSE, a premium of 37.42 per cent over its issue price of Rs 128.

Ahead of its debut, Arkade Developers was commanding a premium (GMP) of Rs 60 per share, suggesting a listing pop of about 50 per cent for the investors on debut.

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Arkade Developers sold its IPO in the price band of Rs 121-128 per share with a lot size of 110 shares. The issue ran for bidding between September 16 and September 19.

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The Mumbai-based real estate company aimed to raise around Rs 410 crore from its primary offering, which was entirely a fresh share sale of 3,20,310,250 equity shares.

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Strong bidding was led by qualified institutional bidders (QIBs) and non-institutional investors (NIIs), whose quotas were booked a solid 163.16 times and 163.02 times, respectively.

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The allocation for retail investors and employees were subscribed 51.39 times and 50.49 times, during the four-day bidding process.

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Arkade Developers is a real estate development company focused on developing high-end, sophisticated lifestyle residential developments in Mumbai, Maharashtra.

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