Monitoring agency report for the quarter ended March 31, 2025 in relation to the Initial Public Offer of the Company.
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Arkade Developers has filed the Crisil Ratings Monitoring Agency report on use of IPO proceeds for the quarter ended March 31, 2025. The IPO (held September 16–19, 2024) raised Rs 4,100 million gross and Rs 3,810.65 million net. Of the net proceeds, Rs 2,500 million was earmarked for ongoing project development (Arkade Nest, Prachi CHSL, C-Unit) and Rs 1,310.65 million for land acquisition and general corporate purposes. As of March 31, 2025, the company had utilized Rs 2,730.98 million (about 72%), leaving Rs 1,079.67 million unutilized and parked in fixed deposits with HDFC, Kotak and ICICI Banks earning 6.5%–7.5% interest. The company has fallen short of its own prospectus target of using Rs 3,410.65 million by FY25, blaming delays in imported aluminum shuttering and on-site logistics.
Funds are being deployed broadly in line with disclosed objects with no deviations, but execution is behind schedule. The delay in utilizing about Rs 1,080 million of IPO money could raise mild concerns about project execution timelines, though idle funds are earning reasonable interest in the meantime.