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Business News/ Markets / Stock Markets/  Arkade Developers gets green signal from SEBI to launch its proposed IPO
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Arkade Developers gets green signal from SEBI to launch its proposed IPO

Mumbai-based real estate company Arkade Developers has received regulatory approval for its proposed IPO, which aims to raise ₹430 crore. The IPO will consist entirely of a fresh issue of equity shares. The company plans to use the proceeds for ongoing and upcoming projects.

The company is one of the fastest-growing real estate development companies with a significant presence in Mumbai, Maharashtra. (iStock)Premium
The company is one of the fastest-growing real estate development companies with a significant presence in Mumbai, Maharashtra. (iStock)

Arkade Developers, a Mumbai-based real estate company, has received market regulator Sebi's approval for its proposed initial public offering (IPO) today (February 05) to raise 430 crore.

The company filed its draft prospectus in September last year. The price band and IPOs' important dates will be announced in due course. As per the DRHP, the company's public issue is entirely through a fresh issue of equity shares with no Offer for Sale (OFS) component.

Also Read: Park IPO: 10 key risks investors should consider before subscribing to the issue

For the IPO, Unistone Capital is the merchant banker to the issue, while Bigshare Services is the registrar to the offer. The company proposes to use the net proceeds towards the development of their ongoing projects, upcoming projects, funding acquisition of future real estate projects, and general corporate purposes.

About Arkade Developers

The company is one of the fastest-growing real estate development companies with a significant presence in Mumbai, Maharashtra. Its operations are concentrated on the development of premium, aspirational lifestyle residential premises in Mumbai, Maharashtra, India’s commercial capital.

As of July 31, 2023, the company has developed 1.80 million square feet of residential property (including through partnership entities in which we hold the majority stake), as per the company's DRHP report.

Also Read: Hyundai Motors targets November IPO, valuing firm at $22-28 billion: Report

In the last 2 decades, it has completed 27 projects (including stand-alone projects executed by its promoter through their proprietorship and, or, through joint development arrangements with other third parties), aggregating more than 4 million square feet of development, and has catered to more than approximately 4,000 customers, its DRHP report showed. 

Ongoing Projects

The company's ongoing projects comprise five projects located in prime locations in the western and eastern suburbs of Mumbai, Maharashtra, which are at various stages of development. All these projects are expected to be completed in the next 3 to 5 years.

Its upcoming projects comprise two redevelopment projects in the MMR, Maharashtra, located at Vile Parle East and Malad West. In addition to its upcoming projects, the company has received letters of intent for four redevelopment projects, and it has been confirmed as the preferred developer for one project in the MMR, Maharashtra, as highlighted by the company in its DRHP report. 

Also Read: Megatherm Induction shares make bumper debut, lists with 83% premium at 198

Financials

The company's revenue from operations in Fiscal 2023, Fiscal 2022, and Fiscal 2021 is 2,240.13 million, 2,371.82 million, and 1,131.85 million, respectively. Our revenue from operations has grown at a CAGR of 26.69% between fiscal 2021 and fiscal 2023. 

Disclaimer: We advise investors to check with certified experts before taking any investment decisions.

 

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Published: 05 Feb 2024, 05:44 PM IST
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