Arkade Developers Limited Files DRHP With SEBI The company proposes to utilize the net proceeds towards development of their ongoing projects, and their upcoming projects; and funding acquisition of future projects
By Teena Jose
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Arkade Developers Limited, leading real-estate developer in Mumbai, has filed its Draft Red Herring Prospectus (DRHP) with market regulator Securities and Exchange Board of India (SEBI). The Company's initial public offering comprises a fresh issue of INR 430 crore.
The company proposes to utilize the net proceeds towards development of their ongoing projects, and their upcoming projects; and funding acquisition of future real estate projects and general corporate purposes.
Arkade Developers is concentrated on the development of premium aspirational lifestyle residential premises and has a significant presence in Mumbai, Maharashtra. The company also claims that it has developed 1.80 million square feet of residential property (including through partnership entities in which Arkade holds the majority stake) as of 31 July 2023.
The revenue of Arkade Developers saw a significant jump from INR 113 crore in 2021 to INR 237 crore in fiscal year 2022. The revenue declined marginally during the fiscal year ending March 2023 which stood at INR 224 crore. The revenue from operations has grown at a CAGR of 26.69% between 2021 and 2023, added the statement.
"Unistone Capital is the sole Book Running Lead Manager (BRLM) to the issue. The equity shares of the company will be listed on BSE and NSE," said the company.
