Arkade Developers files draft papers for Rs 430-crore IPO
The IPO will only involve the issuance of new shares. In addition to funding ongoing initiatives, the proceeds will be used to purchase land.
Money Poise
Arkade Developers, a Mumbai-based real estate firm, has submitted draft papers to the Securities and Exchange Board of India for an IPO valued at Rs 430 crore.
All of the stock in the IPO will be brand new. According to the DRHP, before submitting the red herring prospectus to the registrar of companies, the real estate developer may consider a pre-IPO placement of up to Rs 20 crore in conjunction with the merchant banker. The size of the offer will decrease if the pre-IPO placement is successful.
The Jain family, headed by Amit Mangilal Jain, owns Arkade Developers.
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Current and future projects totaling Rs 270 crore will be developed with the money from the issuance. Additional land for projects and general company uses, the, will be purchased with the remaining monies.
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In July of 2023, the Mumbai-based firm will have built 1.80 million square feet of new residential space.
The real estate developer sold 792 homes across many marketplaces in the MMR in Maharashtra during 2017 and Q1 of this year.
Unistone Capital is the merchant banker to the issuance, while Bigshare Services is the registrar to the offer, the papers filed on August 31 revealed.
