- The company’s operations are concentrated in the development of premium, aspirational lifestyle residential premises in Mumbai
- The company’s maiden public issue is entirely through a fresh issue of equity shares with no Offer For Sale (OFS) component
NE BUSINESS BUREAU
AHMEDABAD, SEPT 3
Arkade Developers Ltd, a real-estate company from Mumbai, has filed its Draft Red Herring Prospectus (DRHP) with market regulator Securities and Exchange Board of India (SEBI) to raise ₹430 crore thought an initial public offering (IPO).
The company proposes to utilise the net proceeds towards development of its ongoing projects (viz. Arkade Nest), and their upcoming projects; and funding acquisition of future real estate projects and general corporate purposes.
As per the DRHP, the company’s maiden public issue is entirely through a fresh issue of equity shares with no Offer For Sale (OFS) component.
Arkade Developers is concentrated on the development of premium aspirational lifestyle residential premises and has a significant presence in Mumbai, Maharashtra. The company has developed 1.80 million square feet of residential property (including through partnership entities in which Arkade holds the majority stake) as of 31 July 2023.
From 2017 to the quarter ending June 2023, Arkade Developers have launched 1,040 residential units and sold 792 residential units in different markets in the MMR, Maharashtra. The ongoing projects of the company include gated communities such as Arkade Nest, Arkade Crown and Arkade Aspire, Arkade Prime, and Arkade Aura.
The revenue of Arkade Developers saw a significant jump from ₹113 crore in 2021 to ₹237 crore in fiscal year 2022. The revenue declined marginally during the fiscal year ending March 2023 which stood at ₹224 crores. The revenue from operations has grown at a CAGR of 26.69% between 2021 and 2023.
“Unistone Capital is the sole Book Running Lead Manager (BRLM) to the issue. The equity shares of the company will be listed on BSE and NSE,” a release said.
