Arkade Developers IPO: Rs 410-crore public issue of Mumbai real estate firm to open on September 16

The company’s IPO is a fully fresh issue of equity shares worth Rs 410 crore.

Arkade Developers is set to float its Rs 410-crore initial public offering (IPO) on September 16 for public subscription. The three-day maiden share sale by the Mumbai-based real estate company will conclude on September 19.

The bidding for anchor investors will open for a day on September 13.

The company’s IPO is a fully fresh issue of equity shares worth Rs 410 crore, according to the Red Herring Prospectus (RHP). The company's operations are mostly located in Mumbai.

Arkade Developers proposes to utilise the net proceeds of the fresh issue towards acquisition of unidentified land and general corporate purposes. The company is owned by Amit Mangilal Jain and family.

Unistone Capital is the merchant banker to the issue, while Bigshare Services Pvt Ltd is the registrar to the offer, the papers filed with SEBI showed.

The shares of the mainboard issue will be listed on both Bombay Stock Exchange (BSE) and National Stock Exchange (NSE).

Earlier in February this year, the company said it will be investing around Rs 700 crore in three projects in Mumbai that are expected to be completed over the next three to four years.

"We have earmarked Rs 698 crore for three new projects in the city -- Arkade Nest in Mulund (West), Deep Shikhar C Unit in Goregaon (East) and Prachi in Vile Parle (East). "Phase 1 of Arkade Nest is a luxury project and is already on. Going forward, our focus is on blended model of greenfield and redevelopment. The Goregaon and Malad projects are redevelopment units," Amit Jain, Chairman and Managing Director of Arkade, said.

Keystone Realtors, Signature Global were among other real estate players that were listed in recent years.