Arkade Developers IPO allotment: Check application status, latest GMP and listing date

Arkade Developers is scheduled to finalize the basis of allotment of its shares most likely on Friday, September 20. Bidders will get the messages, alerts or emails for debit of their funds or revocations of their IPO mandate over the weekend or latest by Monday, September 23. The realty had received a strong response from the investors during the bidding process.
 

Mumbai-based Arkade Developers sold its IPO in the price band of Rs 121-128 per share with a lot size of 110 shares, which was open for bidding between September 16 and September 19. The company aimed to raise around Rs 410 crore from its primary offering, which was entirely a fresh share sale of 3,20,310,250 equity shares.
 

The issue was overall subscribed a solid 106.83 times. Strong bidding was led by qualified institutional bidders (QIBs) and non-institutional investors (NIIs), whose quotas were booked a solid 163.16 times and 163.02 times, respectively. The allocation for retail investors and employees were subscribed 51.39 times and 50.49 times, during the four-day bidding process.
 

The grey market premium of Arkade Developers has seen a sharp correction amid the volatility in the broader markets even after a strong bidding. Last heard, the company was commanding a premium (GMP) of Rs 60 per share in the unofficial market, suggesting a listing pop of about 48 per cent for the investors. The GMP stood at Rs 85 apiece, when the bidding kicked off.
 

Arkade Developers is a real estate development company focused on developing high-end, sophisticated lifestyle residential developments in Mumbai, Maharashtra. The company's business can be divided into two segments: fresh construction of residential buildings on land acquired by the company and redevelopment of existing buildings.
 

Brokerage firms were mostly positive on the issue suggesting to subscribe it for a long term citing its strong presence in Mumbai and MMR market, leadership position, time-bound delivery and experience management. However, ongoing litigations, rising costs, third party contractors, raw material cost and funds costs are the key concerns for the company.
 

Unistone Capital is the sole book running lead manager of the Arkade Developers IPO, while Bigshare Services is the registrar for the issue. Shares of the company shall be listed on both BSE and NSE, with September 24 as the tentative date of listing of shares.
 

Investors, who had bid for the issue of Arkade Developers, can check the allotment status on the Bombay Stock Exchange (BSE) website:

1) Visit https://www.bseindia.com/investors/appli_check.aspx

2) Under the issue type, click Equity

3) Under the issue name, select Arkade Developers Limited in the dropbox

4) Write the application number

5) Add the PAN card ID

6) Click on 'I am not a Robot' and hit submit


Investors can also check the allotment status on the online portal of Bigshare Services Limited (https://ipo.bigshareonline.com/IPO_Status.html), the registrar to the issue.
 

The registrar is a Sebi-registered entity, qualified to act as such and which electronically processes all applications and carries out the allotment process, as per the prospectus. The registrar is responsible for complying with the timelines for updating the electronic credit of shares to successful applicants, dispatching and uploading refunds, and attending to all investor-related queries.

1) Go to the web portal of Bigshare Services Private Limited

2) Select the IPO in dropbox whose name will be populated only if the allotment is finalized

3) You shall be required to select either one of the three modes: Application number/CAF No, Beneficiary ID, or PAN ID.

4) Enter the details of the mode you selected in Step 2

5) For security purposes, fill the captcha accurately

6) Hit Search to know your allotment status.