Arkade Developers shares recorded good buying interest on the debut day, rising nearly 30 percent on September 24 despite volatility in the market.
The stock opened at Rs 175 on the NSE, up 36.7 percent over the issue price of Rs 128. It touched an intraday high of Rs 190 and low of Rs 164.8, before closing the first session with 29.58 percent gains at Rs 165.86.
On the BSE, shares rallied 29.57 percent to settle at Rs 165.85 and recorded a market capitalisation of Rs 3,079.23 crore.
The Mumbai-based real estate developer traded with volume of 4.87 crore equity shares on the NSE, and 45.14 lakh shares on the BSE.
The company has raised Rs 410-crore via the initial public offering, which was subscribed 106.83 times during September 16-19. The price band for the issue was Rs 121-128 per share.
The IPO comprised solely fresh issue by the company. The entire net issue proceeds will be utilised for developing the ongoing projects (Arkade Nest, Prachi CHSL, and C-Unit), and acquisition of land for real estate projects and general corporate purposes.
Arkade Developers' operations are mainly concentrated in the Mumbai. It has developed 2.2 million square feet of residential property (including through partnership entities in which we hold the majority stake) by the end of June 2024.
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