Kalpataru IPO Subscribed 9% On Day One

The initial public offering of Kalpataru Ltd. was subscribed 0.09 times or 9% on its first day of bidding on Tuesday.

The proposed IPO is entirely a fresh issue worth up to Rs 1,590 crore, with no offer-for-sale component. The face value of each share is Rs 10. Investors can bid for a minimum of 36 shares, and then in multiples thereof.

The company filed its red herring prospectus with the Registrar of Companies on June 18. ICICI Securities Ltd., JM Financial Ltd., and Nomura Financial Advisory and Securities (India) Pvt. are the book-running lead managers to the issue. MUFG Intime India Pvt. is the registrar.

• Issue opens: June 24.

• Issue closes: June 26.

• Anchor investor bidding: June 23.

• Issue price band: Rs 387–Rs 414.

• Lot size: Minimum 36 shares and in multiples thereafter.

• Total issue size: Rs 1,590 crore (3,84,05,797 shares).

• Type: Fully fresh issue.

• Tentative listing date: July 1.

Kalpataru Ltd. is a Mumbai-based integrated real estate development company, engaged in all aspects of property development including land acquisition, planning, design, execution, sales, and marketing.

It is part of the Kalpataru Group, which includes Kalpataru Projects International Ltd., Property Solutions (India) Pvt., Shree Shubham Logistics Ltd., and their subsidiaries. The company has completed 120 projects spanning 25.87 million square feet across cities including Mumbai, Thane, Panvel, Pune, Hyderabad, Indore, Bengaluru, and Jodhpur.

Kalpataru is among the top five developers in the MCGM region and seventh largest in Thane, Maharashtra, based on units supplied between 2019 and 2024, according to an Anarock report.

The IPO has been subscribed 0.09 times as of 5:00 p.m. on Tuesday.

• Qualified institutional buyers: Nil.

• Non-institutional investors: 0.10 times or 10%.

• Retail Investors: 0.33 times or 33%.

• Employees reserved portion: 0.18 times or 18%.

Catch all the latest IPO Live Updates as three mainboard public issues open for subscription on June 24.

According to Investorgain portal, the grey market premium for the Kalpataru IPO increased marginally to Rs 9 as of 4:30 p.m. on June 24. This implies shares of the company will likely list at Rs 423 apiece, indicating a 2.17% premium to the upper end of the price band (Rs 414).

Note: GMP or grey market price is not an official indicator and is based on market speculation.