Arkade Developers IPO Sees Stunning 29.42 Times Subscription on Third Day

The initial public offering (IPO) of Arkade Developers was subscribed 29.42 times on the third day. Rs 410-crore IPO saw bids for 69,94,46,440 shares against the 2,37,75,719 shares on offer. The company has raised Rs 122.40 crore from anchor investors with the proceeds aimed at funding ongoing and upcoming projects.

The initial public offering of Arkade Developers was oversubscribed 29.42 times on the third day of sale, garnering overwhelming investor response.

The Rs 410-crore IPO received bids for an impressive 69,94,46,440 shares against the 2,37,75,719 shares available, as per NSE data. Non-institutional investors showed robust interest, with a subscription rate of 58.80 times, while Retail Individual Investors (RIIs) subscribed at 33.26 times. The section for Qualified Institutional Buyers (QIBs) saw a 61% subscription rate.

The IPO of Arkade Developers, a rapidly growing real estate firm in Mumbai, was already fully subscribed on day one, reaching 5.79 times subscription by the day's end. The company raised Rs 122.40 crore from anchor investors. Set with a price band of Rs 121-128 per share, the IPO proceeds will support ongoing and future projects along with general corporate purposes.

(With inputs from agencies.)