Ready for IPO at Rs 128
Business Business: The initial public offering (IPO) of real estate company Arcade Developers Limited is about to start. The company has fixed the price range of the IPO at Rs 121-128 per share. Let us tell you that this IPO will open on September 16 and close on September 19. Large (anchor) investors can apply for the IPO on September 13. The IPO is based on new shares worth Rs 410 crore. It does not include an offer for sale (OFS).
The money raised from the IPO will be used to develop the company’s current and upcoming projects as well as to acquire future real estate projects. Apart from this, the company will also use this money for general corporate purposes. Unistone Capital is acting as the merchant banker for the IPO. On the other hand, Bigshare Services is a registrar.
As part of the IPO, 110 shares were placed. This means that you have to invest Rs 14,080. Arcade Developers reported a net profit of Rs 122.81 crore on revenue of Rs 635.71 crore for the financial year ended March 31, 2024. At the same time, the company’s profit stood at Rs 50.77 crore on a turnover of Rs 224.01 crore in FY 2022.
Founded in 1986, Arcade Developers is a fast-growing real estate development company with a strong presence in Mumbai. According to a Moneycontrol report, in February, Arcade Developers announced an investment of about Rs 700 crore in three projects in Mumbai. These projects will be implemented in the next three to four years. These projects include Arcade Nest in suburban Mulund (West), Goregaon and Vile Parle. The company is owned by Amit Jain. According to Amit Jain, the company will focus on greenfield and refurbishment projects in the future.
