Real estate developer Arkade Developers Ltd is set to float its Rs 410-crore initial public offering (IPO) on September 16.
The initial share sale will conclude on September 19, and the bidding for anchor investors will open for a day on September 13, according to the red herring prospectus (RHP).
The maiden public issue is entirely through a fresh issue of equity shares worth Rs 410 crore with no offer-for-sale (OFS) component.
The company has already raised Rs 20 crore through a pre-IPO placement round.
Proceeds from the issue will be used for the development of the company’s ongoing as well as upcoming projects and funding the acquisition of future real estate projects and general corporate purposes.
Arkade Developers is a fast-growing real estate development company with a significant presence in Mumbai. As of July 31, 2023, it has developed 1.80 million square feet of residential property, including through partnership entities in which Arkade holds the majority stake.
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Real estate firm Arkade Developers set to open Rs 410 cr IPO on Sep 16 (08-09-2024)
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Hindenburg research: Sebi has lot to explain, says Cong over Mauritius FPIs (08-09-2024)
The Congress on Sunday said the SEBI investigation into “the Adani Group’s brazen attempt” to bypass regulations is still languishing and the capital markets regulator has a lot to explain.
Congress general secretary in-charge communications Jairam Ramesh’s remarks attacking SEBI came after a media report which claimed that two Mauritius-based foreign portfolio investors (FPIs), who were mentioned in the January 2023 report on the Adani Group by short-seller Hindenburg Research, have petitioned the Securities Appellate Tribunal, seeking urgent relief from complying with SEBI’s new foreign investor norms.
“Two Mauritius-based foreign portfolio investors (FPIs), a part of the revelations in the still-unfolding Modani mega scam, have now petitioned the Securities Appellate Tribunal, seeking urgent relief from complying with SEBI’s new foreign investor norms before the upcoming September 9th deadline,” Ramesh said.
Both the FPIs are alleged to be violating rules that require investors t
IPO buzz next week as 13 companies hit primary mkt to raise Rs 8,644 cr (08-09-2024)
The IPO market will be bustling next week, with four companies, including Bajaj Housing Finance, set to launch their initial share-sale to raise a total of Rs 8,390 crore.
Besides these four main-board IPOs, nine SMEs are preparing to debut with their maiden public issues next week, targeting to collect Rs 254 crore. Together, these 13 firms are looking to raise Rs 8,644 crore through IPO.
Munish Aggarwal, Managing Director Head – Equity Capital Markets, Equirus, expects the next two weeks to be hectic in terms of issuance activity in IPO markets.
“While this seems to indicate that the markets are overheating, we believe that this is more symptomatic of the attempt by most issuers who have valid Sebi observations and decent traction with investors to try and utilize their financials for Fiscal 2024 to launch IPOs,” he said.
According to Sebi, financial data in the Red Herring Prospectus (RHP) must be less than six months old at the time of the IPO. Therefore, September is the last
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The combined market valuation of eight of the top-10 most valued firms got eroded by Rs 2,01,699.77 crore last week, with Reliance Industries and Tata Consultancy Services emerging as the biggest laggards, in line with weak trends in equities.
Last week, the BSE benchmark dropped 1,181.84 points, or 1.43 per cent.
The market valuation of Reliance Industries tumbled Rs 60,824.68 crore to Rs 19,82,282.42 crore.
The valuation of Tata Consultancy Services (TCS) slumped Rs 34,136.66 crore to Rs 16,12,762.51 crore.
State Bank of India’s valuation dropped Rs 29,495.84 crore to Rs 6,98,440.13 crore and that of Bharti Airtel diminished Rs 28,379.54 crore to Rs 8,76,207.58 crore.
The market capitalisation (mcap) of Infosys tanked Rs 17,061.44 crore to Rs 7,89,819.06 crore and that of Life Insurance Corporation of India (LIC) eroded by Rs 16,381.74 crore to Rs 6,57,009.14 crore.
ICICI Bank’s mcap declined Rs 15,169.76 crore to Rs 8,51,204.65 crore and that of ITC was down Rs 250.11 crore to
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Tolins Tyres garners Rs 69 cr from anchor investors ahead of its IPO (06-09-2024)
Tolins Tyres Ltd on Friday announced that it has mopped-up Rs 69 crore from anchor investors ahead of its initial share-sale opening for public subscription.
BofA Securities Europe SA, NAV Capital VCC, Chhatisgarh Investments, Ashika Global Securities, Moneywise Financial Services, Vikasa India EIF I Fund, Invicta Continuum Fund I and Steptrade Revolution Fund are the anchor investors that have been allotted shares.
The company allotted a total 30.53 lakh shares to these investors at Rs 226 apiece, which is also the upper-end of the price band. This aggregates the transaction size to Rs 69 crore, according to a circular uploaded on BSE’s website.
The company’s Rs 230-crore IPO will be open for public subscription during September 9-11. It has fixed a price band of Rs 215 to Rs 226 per share for its initial public offering (IPO).
The Kerala-based company’s initial share-sale is a combination of fresh issue of equity shares worth Rs 200 crore and an offer-for-sale (OFS) of equity ..
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Bajaj Housing Finance raises Rs 1,757 crore from anchor investors (06-09-2024)
At the upper end of this price band, Bajaj Housing is valued at a price-to-book ratio of 3.2 times on a post-money basis
Sebi alters reporting timelines for commercial paper payment obligations (06-09-2024)
Sebi on Friday modified the timeline for entities with listed commercial papers to report the status of their payment obligations within one working day of the payment due date, bringing it in line with the reporting requirements for non-convertible securities.
The move will enhance transparency for stakeholders and ensure timely disclosures by the entities.
In its circular, Sebi said, the LODR (Listing Obligations and Disclosure Requirements) rules mandate entities with listed non-convertible securities to report the status of their payment obligations (payment of interest or dividend or repayment or redemption of principal) within one working day of its payment becoming due.
Earlier, the rule required issuers of listed commercial papers to submit a certificate confirming the fulfilment of their payment obligations within two days of payment becoming due.
Sebi said it has amended the rule in order to align the timeline of intimating stock exchanges regarding status of payment …