Arkade Developers is set to float its Rs 410-crore initial public offering (IPO) on September 16 for public subscription. The three-day maiden share sale by the Mumbai-based real estate company will conclude on September 19.
The bidding for anchor investors will open for a day on September 13.The company’s IPO is a fully fresh issue of equity shares worth Rs 410 crore, according to the Red Herring Prospectus (RHP). The company's operations are mostly located in Mumbai.
Arkade Developers proposes to utilise the net proceeds of the fresh issue towards acquisition of unidentified land and general corporate purposes. The shares of the mainboard issue will be listed on both Bombay Stock Exchange (BSE) and National Stock Exchange (NSE).
