look news india
Real estate company Arcade Developers Ltd is entering the IPO market to shake things up. Its Rs 410 crore IPO will open for applications on September 16. According to the prospectus (RHP) filed with SEBI, bids for its shares can be made till September 19. Bidding for anchor investors will open for a single day on September 13.
A new issue of equity shares worth Rs 410 crore will be issued.
The IPO is entirely through a fresh issue of equity shares worth Rs 410 crore. This does not include sale OFS. The company has already raised Rs 20 crore through the pre-IPO planning stage. The funds raised from this IPO will be used for the development of the company's ongoing and upcoming projects and acquisition of future real estate projects and for general corporate purposes. Arcade Developers is a fast-growing real estate development company. It executes significant projects in Mumbai.
Over 1040 Home Launches
Arcade Developers is a fast-growing real estate company. Which has a good hold in Mumbai. As of July 31, 2023, the company has built more than 18 lakh square feet of houses. This includes the projects that they have done in collaboration with other companies. But where their participation is more. From 2017 to the first quarter of 2023, the company has launched more than 1040 houses in Mumbai and surrounding areas. And 792 houses have been sold.
The arcade developer's revenue stood at Rs 224.01 crore in FY23, Rs 237.18 crore in 2022 and Rs 113.18 crore in 2021. Unistone Capital is the sole book-running lead manager for the company's IPO. The company's shares will be listed on both the BSE and NSE stock exchanges.