Kalpataru Raises Rs 708 Crore Through Anchor Allocation, Singapore Buys In 40% Stake

Kalpataru Ltd. raised Rs 708 crore from anchor investors on Monday ahead of the launch of its initial public offering. The company allotted 1.01 crore shares at Rs 414 apiece to 16 anchor investors, according to an exchange filing.

A 40% chunk of the allocation was mopped up by Singaporean entities, with the Government of Singapore onloading a 32.87% stake of 56.24 lakh shares and the Monetary Authority of Singapore buying in a 9.48% stake, as per the filing.

Other major investors comprise GSS Opportunities Investment I VCC, Aditya Birla Sun Life Insurance Co, ICICI Prudential Multicap Fund, SBI Magnum Children's Benefit Fund Investment Plan, SBI Infrastructure Fund and more.

GSS Opportunities Investment I VCC netted 24.71% of the allocation, while the domestic funds mopped up over 4% stake each.

The anchor book has received participation from three domestic institutional investors through seven different schemes. Domestic mutual funds mopped up shares worth Rs 120 crore of the anchor allocation, or a 16.94% stake.

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.

The price band for the Kalpataru 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.