Realty developer Kalpataru Ltd. has set a price band of ₹387 to ₹414 per share for its initial public offering (IPO) that will open for subscription on June 24. The offer will conclude on June 26.Investors can bid for a minimum of 36 shares in one lot and in multiples thereof.
The company’s public offer comprises a fresh issue of up to ₹1,590 crore. This means the offer money will be received by the company.
Considering the upper end of the price band, the total market capitalisation of the company will be around ₹8,524 crore.Proceeds from the issue worth ₹1,193 crore will be used to reduce debt. As of April 2025, the company’s total debt stood at ₹10,186.6 crore.
The real estate developer that competes with listed entities such as Oberoi Realty, Lodha Developers, Godrej Properties, Keystone Realtors, Prestige Estates Projects, Sunteck Realty, and Mahindra Lifespace Developers is prominent in the Mumbai Metropolitan Region.Kalpataru Ltd is part of the Kalpataru Group, which includes Kalpataru Projects International, Property Solutions (India), Shree Shubham Logistics , and their respective subsidiaries, among others.Kalpataru focuses on the development of luxury, premium, and mid-income residential, commercial, and retail projects, integrated townships, lifestyle gated communities, and redevelopments.As of March 31, 2024, the company has 40 ongoing projects and has completed 70 projects.ICICI Securities, JM Financial, Nomura Financial Advisory And Securities (India) Pvt Ltd are the book running lead managers of the Kalpataru IPO, while MUFG Intime India Private Limited ((Link Intime) is the registrar for the issue.The anchor book will be launched for institutional investors on June 23.The allotment for the Kalpataru IPO is expected to be finalised on June 27, while the issue will be listing on BSE, NSE with a tentative listing date fixed as July 1.
