## Arkade Developers IPO Subscribed 5.79 Times **Mumbai, 24th February, 2023:** Arkade Developers Limited, a real estate development company focused on affordable and mid-income housing, received a strong response to its initial public offering (IPO), with the issue being subscribed 5.79 times. The company offered 26,250,000 equity shares at a price of 614 per share, aggregating to 161.22 crores. The IPO received bids for 151,360,500 shares against the 26,250,000 shares on offer, indicating robust investor interest in the company. The issue was subscribed 2.88 times in the retail category, 10.49 times in the HNI category, and 2.46 times in the QIB category. The strong response to the IPO is a testament to Arkade Developers' strong financial performance, experienced management team, and focus on the affordable and mid-income housing segment, which is witnessing strong demand in India. The company has a track record of successful project execution and has delivered over 11,000 units across various projects in Bengaluru, Hyderabad, and Chennai. The proceeds from the IPO will be used to repay debt, fund ongoing and future projects, and for general corporate purposes. The company plans to utilize the funds to expand its operations, acquire land parcels, and develop new projects in key markets across India. Arkade Developers Limited is a professionally managed real estate development company with over two decades of experience in the industry. The company has a strong presence in South India, with a focus on affordable and mid-income housing. The company is known for its quality construction, timely project delivery, and customer-centric approach. The company's experienced management team, led by Mr. Vinod Rohira, has a proven track record in the real estate sector. The team has successfully executed several residential and commercial projects in Bengaluru, Hyderabad, and Chennai. The affordable and mid-income housing segment is witnessing strong demand in India, driven by urbanization, rising incomes, and government initiatives. Arkade Developers is well-positioned to capitalize on this growing demand by leveraging its strong brand, execution capabilities, and customer-centric approach.
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