Arkade Developers IPO On Sep 16

New Delhi: Real estate developer Arkade Developers Ltd on Tuesday said it has fixed a price band of Rs 121 to Rs 128 per share for its Rs 410-crore initial public offering. The initial share sale will open for public subscription on September 16 and conclude on September 19 and the bidding for anchor investors will open for a day on September 13, the company announced.

The maiden public issue is entirely through a fresh issue of equity shares worth Rs 410 crore with no offer-for-sale (OFS) component. Brokerage houses have pegged the company’s valuation to over Rs 2,300 crore post-issue. Proceeds from the issue will be used for development of the company’s ongoing as well as upcoming projects; and funding acquisition of future real estate projects and general corporate purposes.