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Arkade Developers IPO Day 2 Details: GMP Surges to ₹86 - CurrencyVeda
November 23, 2024

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Arkade Developers IPO Day 2 Details: GMP Surges to ₹86

Editor Currencyveda03 mins
Arkade Developers IPO

September 17, 2024

New Delhi, India

Arkade Developers IPO

Arkade Developers’ ₹410 crore IPO opened to an enthusiastic response on its first day, with subscriptions exceeding six times the offer size. Investor sentiment appears bullish as the grey market premium (GMP) rose from ₹70 to ₹86, reflecting strong market interest.

On the first day of bidding, Arkade Developers raised ₹122.40 crore from anchor investors, allocating 95.62 lakh equity shares at ₹128 per share to nine institutional investors.

Current GMP and Expected Listing Price

The GMP for Arkade Developers IPO currently stands at ₹86, according to investorgain.com. Based on the upper price band of ₹128 and the GMP, the estimated listing price for the shares could be ₹214, indicating a 67.19% premium over the issue price.

Also Read: Atishi Set to Become Next Delhi Chief Minister After Kejriwal Endorses Her

IPO Details

The Arkade Developers IPO is a fresh issue of 3.2 crore shares, with a price band of ₹121 to ₹128 per share. The subscription period started on Monday, September 16, and will conclude on Thursday, September 19. Allotment of shares is expected on Friday, September 20, and the stock is likely to be listed on Tuesday, September 24.

Company Plans and Use of Proceeds

The company plans to use the proceeds from the IPO to fund ongoing projects, acquire land for future real estate developments, and for general corporate purposes.

Also Read: UPI Transaction Limit Raised to ₹5 Lakh: Eligible Services and Details

Currency Market Updates

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CurrencyVeda provides this news article for informational purposes only. We do not offer investment advice or recommendations. Before making any investment decisions, please conduct thorough research, consult with financial experts, and carefully consider your financial situation, risk tolerance, and investment goals. Investing in the stock market carries risks, and it’s essential to make informed choices based on your individual circumstances. CurrencyVeda is not liable for any actions taken based on the information provided in this article.

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