The initial public offering of Kalpataru Ltd. has been subscribed 2.26 times on its final day, with bids led by qualified institutional investors. The IPO was subscribed 35% on its second day of bidding on Wednesday and 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.
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.
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., 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.
Kalpataru IPO Day 3 Subscription Status
Kalpataru Ltd.'s IPO was subscribed 2.26 times on Thursday.
Qualified Institutions: 3.12 times.
Non-Institutional Buyers: 1.31 times.
Retail Investors: 1.29 times.
Portion reserved for employees: 0.70 times.
Kalpataru IPO GMP
According to InvestorGain portal, the grey market premium for the Kalpataru IPO fell to Rs 3 as of 6:30 p.m. on June 26. This implies shares of the company will likely list at Rs 417 apiece, indicating a 0.72% 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.
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.
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