Mumbai-based real estate company Arkade Developers has filed draft papers with the Securities and Exchange Board of India for a Rs 430-crore initial public offering (IPO).
The IPO will only be a fresh issue of shares. The real estate developer, in consultation with the merchant banker, may consider a pre-IPO placement worth Rs 20 crore before filing the red herring prospectus with the registrar of companies, the draft red herring prospectus (DRHP) said. If the pre-IPO placement is completed, then the offer size will be reduced.
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Arkade Developers is owned by Amit Mangilal Jain and family.
The issue proceeds will be used for the development of ongoing projects (Arkade Nest), and upcoming projects, amounting to Rs 270 crore. The remaining funds will also be used for acquiring still-to-be identified land for projects and general corporate purposes, the .
The company's operations are located in Mumbai, and by July 2023, it had developed 1.80 million square feet of residential property.
During 2017 and Q1-2023, the real estate developer launched 1,040 residential units and sold 792 residential units in different markets in the MMR, Maharashtra.
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Unistone Capital is the merchant banker to the issue, while Bigshare Services is the registrar to the offer, the papers filed on August 31 said.
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