Arkade Developers IPO Day 3 GMP Subscription Review Key Date: The didn’t offer more than 35% of the issue to retail investors.
Arkade Developers IPO Day 3: The IPO opened to investors on September 16 and was subscribed to a total of 17.41 times more than the offered shares as of September 17. The retail segment was booked 21.40 times while the NII category was subscribed 30 times. On the first day, the IPO was subscribed 6 times and the retail part was booked 8.75 times.
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Arkade Developers IPO allotment
The allotment of the share is expected to be finalised by September 20. After that, the initiation of refunds will likely occur on September 23. The allottees will receive the shares in their D’mat accounts on September 23.
Arkade Developers IPO listing
The IPO will close on September 19 and the listing will likely take place on September 24, as per the tentative schedule.
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Arkade Developers IPO GMP
The stocks of Arkade Developers were fetching a premium of 66% in the grey market. It is an unofficial place where shares trade illegally ahead of listing. Market participants keep an eye on GMP to track listing gains.
Arkade Developers IPO Details
The company wants to collect Rs 410 crore through selling 3.2 crore fresh shares. It kept the IPO price band in a range of Rs 121 to Rs 128 per share. A retail buyer needs to apply for a minimum of 110 shares, or a lot, which amounts to Rs 14,080. There are different lots for small and big NIIs. Unistone Capital is the sole lead book runner and Bigshare Services is the registrar for the issue.
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Expert’s Take on Arkade Developers IPO
“On the valuation front, at the upper price band, for FY24 Arkade is seeking a PE of 19.3 times and P/BV of 3.2 with a market capitalisation of Rs 2,376 crore post-issue which seems the issue fairly priced. Therefore, considering business growth visibility and stable financial performance the company is well placed to tap in rising Mumbai’s real estate sector we recommend a “Subscribe for Long Term” to the IPO,” said Anand Rathi Research in an IPO note.
