Arkade Developers raises Rs 122.40 cr from anchor investors ahead of IPO

Mumbai-based real estate developer Arkade Developers has raised Rs 122.40 crore from anchor investors ahead of its initial public offering (IPO).

The company allotted 2,240,000 equity shares to 13 anchor investors at a price of Rs 55 per share, aggregating to Rs 122.40 crore.

The anchor investors include HDFC Mutual Fund, ICICI Prudential Mutual Fund, SBI Mutual Fund, Axis Mutual Fund, Kotak Mutual Fund, Birla Sun Life Mutual Fund, and Nippon India Mutual Fund, among others.

The IPO is expected to open on November 23 and close on November 25. The company plans to raise Rs 350 crore through the IPO.

Arkade Developers is a Mumbai-based real estate developer with a focus on the residential segment. The company has a track record of developing and delivering high-quality projects in the Mumbai Metropolitan Region (MMR).

The company's projects are typically located in prime locations and offer a range of amenities and features.

Arkade Developers has a strong team of experienced professionals with a proven track record in the real estate industry.

The company's financial performance has been strong in recent years, with revenue and profits growing steadily.

The company's IPO is expected to be well-received by investors, given its strong track record, experienced management team, and focus on the residential segment.

The proceeds from the IPO will be used to fund the company's expansion plans, including the development of new projects and the acquisition of land.

The IPO is expected to provide Arkade Developers with the capital it needs to continue its growth trajectory and become a leading real estate developer in the MMR.