Sep 16, 2024
By: Sourabh Jain
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Mumbai-based Arkade Developers’ initial public offering (IPO) is now open and will close on Wednesday, September 19.
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Arkade Developers has fixed a price band of ₹121-₹128 per share for its public issue.
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Arkade Developers is a Mumbai-based real estate development company focused on developing high-end residential developments in Mumbai.
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Arkade Developers is looking to raise ₹410 crore from the current IPO. This is entirely a fresh issue and there is no offer for sale (OFS) component.
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Investors can bid for a minimum of 110 shares and in multiples of 110 shares thereafter.
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Arkade Developers has so far completed 28 projects, of which 17 were new projects and 11 were redevelopments. The company has so far sold 1,045 residential units in various parts of the Mumbai Metropolitan Region.
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The company’s income was ₹635.71 crore in FY24, up from ₹224.01 crore in FY23. The company reported a profit of ₹122.81 crore in FY24, up from ₹50.77 crore profit reported in FY23.
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The company is highly dependent on third-party contractors for its projects. Any significant change in the cost of labour or materials required for construction might have an adverse impact on the company.
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The funds raised will be used to fund its ongoing projects, funding of land for new projects and for general corporate purposes.
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