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Kalpataru IPO Listing: The listing was in-line with expectations as Kalpataru shares traded at a premium of ₹1.5 in the unlisted market, implying a flat listing.
By Meghna Sen July 1, 2025, 9:52:11 AM IST (Published)
Shares of Kalpataru Ltd. made a flat listing at Dalal Street on Tuesday, July 1. The stock was listed at par at ₹414 per share, at the issue price on both NSE and BSE.
The listing was in-line with expectations as Kalpataru shares traded at a premium of ₹1.5 in the unlisted market, implying a flat listing.
Kalpataru's ₹1,590-crore IPO stood at 2.26 times at close. The qualified institutional buyer (QIB) portion was booked 3.12 times, followed by non-institutional investors (NIIs) at 1.31 times. The retail portion was subscribed 1.15 times, while the employee quota stood at 1.29 times.
The realty developer sold its shares in a price band of ₹387 to ₹414 per share. The offer comprised a fresh issue of up to ₹1,590 crore. This means the offer money will be received by the company.
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.
Ahead of the issue opening, the firm has raised ₹708 crore from anchor investors.
GIC Singapore, GSS Opportunities Investment (Bain Capital) are among prominent international anchor investors. Domestic investors include SBI MF, ICICI Prudential MF, SBI General Insurance, Aditya Birla Sun Life and 360 ONE WAM.
Kalpataru Ltd Managing Director Parag M Munot expressed confidence that the company’s IPO would be successful despite global conflicts and economic uncertainties.
He said that India's growth story is intact, driving demand across sectors, including real estate.
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 , 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.
The company sold properties worth ₹2,727.24 crore during April-December of the last fiscal on strong demand for housing and commercial assets.
ICICI Securities, JM Financial, Nomura Financial Advisory And Securities (India) Pvt Ltd were the book running lead managers of the Kalpataru IPO, while MUFG Intime India Private Limited ((Link Intime) was the registrar for the issue.
