Arkade Developers has filed draft red herring prospectus (DRHP) with the market regulator Securities and Exchange Board of India (SEBI) to raise as much as Rs 430 crore through an initial public offering (IPO).
Proceeds from the issue will be used for the company's ongoing and upcoming projects and funding acquisition of future real estate projects and general corporate purposes. Unistone Capital is the sole book running lead manager to the issue. The equity shares of the company will be listed on the BSE and the NSE.
Arkade Developers is a fast-growing real estate development company with a significant presence in Mumbai.
