The ₹410-crore IPO was entirely a fresh issue. According to Shivani Nyati, Head of Wealth, Swastika Investmart Ltd, Arkade Developers Ltd, a real estate developer focused on premium residential projects in Mumbai, is set for a strong stock market listing. The IPO has garnered significant investor interest, evidenced by a robust subscription and a substantial gray market premium (GMP) of ₹63 (49.22%).
The portion reserved for qualified institutional buyers was subscribed 163.16 times, while the quota for non-institutional investors was subscribed 162.75 times and retail investors by 50.65 times.
The initial public offering (IPO) of Arkade Developers Ltd was fully subscribed on the first day of the share sale on Monday, and ended the day with 5.79 times subscription.
KS Badri Narayanan of businessline writes
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