The Mumbai-based developer is looking to tap the capital market for its fund-raising requirements
The company has five ongoing projects in micro-markets Borivali, Goregaon, Santacruz, Andheri and Mulund.
Arkade Group, headquartered in Mumbai, is making strategic moves in the financial realm and may file a draft red herring prospectus (DRHP) to the Securities and Exchange Board of India (SEBI) and expects to roll out its initial public offering (IPO) by December 2023. The company is in the process of filing DRHP and should submit it to SEBI.
Presently, Arkade Group manages five ongoing projects strategically located in micro-markets including Borivali, Goregaon, Santacruz, Andheri, and Mulund. The company remains committed to residential projects and the revitalization of aging structures in both the eastern and western suburbs of Mumbai.
The company has undergone a transformation, moving away from producing primarily 1 BHK apartments, as they did five years ago. Currently, apart from Andheri, their ongoing projects exclusively feature 2 BHK apartments or larger formats.
In recent years, a number of real estate companies have been turning to the capital markets to raise funds. In Mumbai, Keystone Realtors, also known as Rustomjee Group, is a prominent listed developer. Apart from Arkade Group, two more developers are preparing to file for an IPO in 2024, sources said.
