The initial public offering of Kalpataru Ltd. will open on June 24 and close on June 26. The price band for the IPO is set at Rs 387 to Rs 414 per share.
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. Ltd. are the book-running lead managers to the issue. MUFG Intime India Pvt. Ltd. is the registrar.
IPO Details
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 (according to Chittorgarh.com)
Business
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. Ltd., 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.
Use Of Proceeds
The net proceeds from the IPO are planned to be used as follows:
Rs 1,192.5 crore will go towards repayment or prepayment of borrowings. This includes Rs 333.25 crore for the company and Rs 859.24 crore for its subsidiaries.
The remaining amount will be used for general corporate purposes.
Financial Performance
The company reported revenue from operations of Rs 1,624.73 crore in the nine months ended December 2024, compared to Rs 1,929.98 crore in the previous financial year. Revenue in financial year 2023 stood at Rs 3,633.18 crore.
The company posted an Ebitda of Rs 101.67 crore in the nine-month period, compared to a loss of Rs 78.01 crore in financial year 2024 and Rs 49.67 crore in financial year 2023.
Net profit for the nine-month period stood at Rs 5.5 crore, compared to a loss of Rs 116.5 crore in financial year 2024 and Rs 229.43 crore in financial year 2023.
Key Risks
A slowdown in the real estate market or changes in customer preferences may adversely impact operations.
Kalpataru derives a significant portion of its revenue from Maharashtra, particularly the Mumbai Metropolitan Region, making it vulnerable to regional disruptions.
The company has a high dependency on third-party contractors and vendors for project execution.
Regulatory or environmental changes could impact project timelines or approvals.
Kalpataru IPO GMP
The grey market premium for Kalpataru’s IPO stood at Rs 0 as of 6:31 p.m. on June 20, according to Chittorgarh.com. That implies a flat listing at Rs 414, matching the upper end of the price band, with no premium or discount.
GMP or grey market price is not an official indicator and is based on market speculation.
Disclaimer: Investments in initial public offerings are subject to market risks. Please consult with financial advisors and read red herring prospectus thoroughly before placing bids.
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