Kalpataru IPO: Latest GMP Indicates 2% Listing Gain Ahead Of June 24 Launch, Check Key Details

Leading real estate company Kalpataru Ltd. is scheduled to launch its initial public offering (IPO) to raise close to Rs 1,600 crore from the primary market on Tuesday, June 24

The company has completed over 100 projects across Mumbai, Thane, Pune and other parts of India. It also has a major presence in Hyderabad, Bengaluru and Indore.

Here is a look at the latest GMP, price band, offer size and other key details ahead of the launch of Kalpataru IPO.

The grey market premium (GMP) for the Kalpataru IPO stood at Rs 9 at 11:54 a.m. on June 23, according to InvestorGain. The latest GMP indicates an estimated listing price of Rs 423 apiece, at a premium of 2.17% against the upper band of the IPO price band.

Note: GMP does not represent official data and is based on speculation.

The Kalpataru IPO is a book-building issue of Rs 1,590 crore, comprising entirely a fresh issue of 3.84 crore shares.

The price band for the IPO is set between Rs 387 to Rs 414 per share.

To participate in the IPO, retail investors need to bid for a single lot size of 36 shares, requiring an investment of Rs 14,904. Small Non-Institutional Investors (NIIs) must bid for at least 14 lots having 504 shares, amounting to an investment of Rs 2,08,656.  Big Non-Institutional Investors need to bid for a minimum of 68 lots, requiring an investment of Rs 10,13,472. 

The subscription window for the Kalpataru IPO is open from June 24 to June 26. The IPO share allotment status is likely to be finalised on June 27. The company is scheduled to transfer the shares to the Demat accounts on June 30. Refunds for non-allottees will also be processed on the same day.

Shares of Kalpataru Ltd. are tentatively scheduled to be listed on the BSE and NSE on July 1. 

A minimum of 75% of the net issue is reserved for Qualified Institutional Buyers (QIBs). A maximum of 10% of the net issue is reserved for retail investors, while the remaining 15% of the net issue is reserved for Non-Institutional Investors (NIIs).

ICICI Securities Ltd., JM Financial Ltd. and Nomura Financial Advisory And Securities (India) Pvt. are the book-running lead managers of the Kalpataru IPO. MUFG Intime India Pvt. is the registrar for the issue.

Kalpataru is a real estate development company that has completed more than 100 projects. It specialises in luxury, premium and mid-income residential, commercial and retail projects.

Use Of Proceeds

The company will use proceeds from the IPO to clear debt and for general corporate purposes. 

Financials

The company reported a loss of Rs 103.45 crore in FY24, compared to a loss of Rs 203.4 crore in FY23. Its revenue dropped to Rs  2,029.94 crore in FY24, compared to Rs 3,716.61 crore in the preceding fiscal.

For the nine months ending Dec. 31, 2024, its revenue stood at Rs 1,699.49 crore. The company reported a net profit of Rs 5.51 crore for the period under review. 

Disclaimer: Investments in initial public offerings are subject to market risks. Please consult with financial advisors and read the red herring prospectus thoroughly before placing bids.