Arkade Developers raises Rs 122 cr from anchor investors ahead of IPO

Realty firm Arkade Developers Ltd has raised Rs 122.40 crore from anchor investors ahead of its initial public offering.

On Tuesday, the company had fixed a price band of Rs 121-128 per share for its Rs 410-crore initial public offering.

The initial share sale will open for public subscription on September 16 and conclude on September 19.

According to a regulatory filing, the company has issued 95,62,500 shares to anchor investors at Rs 128 per share, aggregating to Rs 122.40 crore.

These investors include BNP Paribas Financial Markets -- ODI, Societe Generale-ODI and Saint Capital Fund.

The IPO is entirely a fresh issue of equity shares worth Rs 410 crore with no offer-for-sale (OFS) component.

Proceeds from the issue will be used for development of the company's ongoing as well as upcoming projects, funding acquisition of future real estate projects and general corporate purposes.

Arkade Developers is a fast-growing real estate development company with a significant presence i