Arkade Developers Make Strong Debut In Stock Market, However Miss GMP Estimates

The robust debut turned out to be beneficial for the investors, however, the firm missed the estimates of the grey market where its shares were trading at a premium of almost 50 per cent

By : ABP News Bureau | Updated at : 24 Sep 2024 03:43 PM (IST)

The company’s shares began trading in the market at Rs 176 apiece. This represented a premium of 37.5 per cent against the issue price of Rs 128 per share on the BSE.
Source : Shareindia

Arkade Developers made a strong debut in the stock market on Tuesday. The company’s shares began trading in the market at Rs 176 apiece. This represented a premium of 37.5 per cent against the issue price of Rs 128 per share on the BSE.

The robust debut turned out to be beneficial for the investors, however, the firm missed the estimates of the grey market where its shares were trading at a premium of almost 50 per cent, reported Moneycontrol. 

However, at the end of the session on Tuesday, the shares of the firm settled lower at Rs 165.50 apiece on the BSE and Rs 165.45 on the NSE.

The initial public offering worth Rs 410 crore comprised a fresh issue of 3,20,310,250 shares. The company’s maiden offer was priced in the range of Rs 121-128 per share and included a minimum lot size of 110 shares. Investors had the opportunity to place bids for a minimum of 110 shares and in multiples of thereafter.

The issue was open for subscription for the public from September 16-19, 2024. The offer received a major response from the investors and was subscribed 106 times. Qualified institutional buyers placed 163.16 times the bid for the offer while non-institutional investors subscribed to the issue 162.75 times their allotted quota. Retail individual investors placed 50.65 times bids for the IPO.

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The grey market is an unofficial market that runs parallet to the stock market. It allows investors an avenue to place trades for issues and applications before they make their official debut in the market.

The firm plans to utilise the proceeds from the issue towards several purposes such as purchasing land for future real estate projects and general corporate purposes. Further, the company also intends to use the proceeds raised towards seeing to part of the development costs for the ongoing projects such as Prachi CHSL, Arkade Nest, and C-Unit.

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Published at : 24 Sep 2024 03:43 PM (IST)
Tags :
IPO Arkade Developers Listing Arkade Developers GMP Arkade Developers IPO Debut

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