Arkade Developers shares jump nearly 30% in debut trade

New Delhi: Shares of Arkade Developers Ltd on Tuesday ended with a premium of nearly 30 per cent against the issue price of Rs 128.

The stock began the trade at Rs 175.90, up 37.42 per cent from the issue price on the BSE. During the day, it surged 48.43 per cent to Rs 190. Shares of the firm ended at Rs 165.85, rising 29.57 per cent.

At the NSE, shares of the firm listed at Rs 175, reflecting a jump of 36.71 per cent. The stock later ended at Rs 165.45, up 29.25 per cent.

The company's market valuation stood at Rs 3,079.23 crore.

In traded volume terms, 45.14 lakh shares of the firm were traded at the BSE and 487.59 lakh shares on the NSE during the day.

The initial share sale of Arkade Developers got subscribed 106.40 times on the last day of the offer on Thursday.

The Rs 410-crore initial share sale had a price band of Rs 121-128 per share.

Proceeds from the issue will be used for the development of the company's ongoing as well as upcoming projects, 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.