
Realty developer Kalpataru Ltd has announced its initial public offering (IPO) with a price band set between Rs 387 and Rs 414 per share. The IPO is scheduled to open for subscription on June 24 and will conclude on June 26. Investors can participate in the IPO by bidding for a minimum of 36 shares per lot and in multiples thereof. The offering consists of a fresh issue amounting to Rs 1,590 crore, which will be directed towards the company. The company aims to reduce its existing debt, stated at Rs 10,186.6 crore as of April 2025, by utilising Rs 1,193 crore from the IPO proceeds.
Kalpataru Ltd is part of the broader Kalpataru Group and competes with prominent players in the real estate sector such as Oberoi Realty and Godrej Properties. The company's focus spans luxury, premium, and mid-income residential, commercial, and retail projects, along with integrated townships and lifestyle gated communities. As of March 2024, Kalpataru has 40 ongoing projects and has successfully completed 70. The company's total market capitalisation at the upper end of the price band is estimated to be ₹8,524 crore.
The competitive landscape includes various established real estate developers, positioning Kalpataru prominently within the Mumbai Metropolitan Region. The company's rich portfolio signifies its robust presence and strategic positioning in the market.
Kalpataru has appointed ICICI Securities, JM Financial, and Nomura Financial Advisory And Securities (India) Pvt Ltd as the book running lead managers for the IPO. MUFG Intime India Private Limited, also known as Link Intime, acts as the registrar. The anchor book for institutional investors is set to launch on June 23, preceding the public offering.
Regarding market dynamics, sources tracking unofficial market activities have disclosed that Kalpataru's unlisted shares were trading flat at ₹414 per share in the grey market. "The unlisted shares of Kalpataru were trading flat at ₹414 per share in the grey market, revealed sources tracking unofficial market activities." As of Thursday, June 19, "the grey market premium (GMP) for Kalpataru IPO remains nil."
The Kalpataru IPO allotment is anticipated to be finalised by June 27, with shares expected to be credited into demat accounts by June 30. The company aims to list on the Bombay Stock Exchange (BSE) and the National Stock Exchange (NSE) by July 1, offering new investment opportunities to the public.
With no significant grey market premium, the anticipation around the listing involves careful scrutiny from prospective investors and analysts. The IPO presents an opportunity for Kalpataru to fortify its financial standing by reducing its leverage and expanding its operational capabilities.
Key dates to note for this IPO include the opening date on June 24, the closing date on June 26, and the listing date on July 1, marking significant milestones in Kalpataru's market journey.