Arkade Developers Shares Soar Nearly 30% on Stock Market Debut

Shares of Arkade Developers Ltd surged nearly 30% on Tuesday, significantly exceeding the issue price of Rs 128. The stock experienced remarkable trading activity on both the BSE and NSE. The company's initial share sale, heavily subscribed, aims to fund ongoing and future real estate projects.

Shares of Arkade Developers Ltd closed Tuesday with a premium of nearly 30% against the issue price of Rs 128, marking a strong debut in the stock market.

The stock opened at Rs 175.90 on the BSE, up 37.42% from the issue price, peaking at Rs 190 before settling at Rs 165.85, a rise of 29.57%. On the NSE, it listed at Rs 175, reflecting a 36.71% surge, later closing at Rs 165.45, up 29.25%.

The company's market valuation reached Rs 3,079.23 crore, with 45.14 lakh shares traded on the BSE and 487.59 lakh shares on the NSE. The Rs 410-crore IPO was subscribed 106.40 times, with proceeds earmarked for ongoing and future real estate development projects.

(With inputs from agencies.)