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Arkade Developers Ltd made a strong debut on the stock market on Tuesday, with its shares listing at a premium of over 37% against its initial public offering (IPO) price. The stock began trading at Rs 175.90 on the Bombay Stock Exchange (BSE), representing a 37.42% increase from its IPO price of Rs 128. The stock's momentum continued, surging further to reach Rs 190, reflecting a 48.43% increase from the IPO price. This robust performance on the BSE was mirrored on the National Stock Exchange (NSE), where Arkade Developers shares opened at Rs 175, marking a 36.71% jump from the IPO price.
The impressive debut of Arkade Developers resulted in a significant boost to the company's market valuation, which stood at Rs 3,232.40 crore. This strong market reception is a testament to investor confidence in the company's future prospects. Arkade Developers, a fast-growing real estate development company with a strong presence in Mumbai, had witnessed an overwhelming response to its IPO, receiving subscriptions 106.40 times the offer size on the final day of the offering. The company's Rs 410-crore IPO, which had a price band of Rs 121-128 per share, was aimed at raising capital for various strategic initiatives, including the development of ongoing and upcoming projects, funding the acquisition of future real estate projects, and meeting general corporate expenses.
The successful listing of Arkade Developers on the stock market is a positive indicator for the real estate sector in India, particularly in Mumbai. The strong investor interest in the company reflects the growing demand for quality real estate projects in the city, and it suggests a positive outlook for the sector in the coming months. Arkade Developers' ability to attract substantial investment through its IPO demonstrates the company's solid track record and its potential for continued growth and success in the competitive real estate market.