Kalpataru Ltd IPO: Price Band Set at Rs 387-414 per Share - A Rs 1,590 Crore Opportunity
Kalpataru Ltd, a prominent real estate developer based in Mumbai, has set the price band for its Initial Public Offering (IPO) at Rs 387 to Rs 414 per share. The IPO, valued at Rs 1,590 crore, is scheduled to open for public subscription on June 24 and conclude on June 26. Bidding for anchor investors will commence on June 23, the company announced.
The IPO is entirely a fresh issue of equity shares, with no Offer For Sale (OFS) component. At the upper end of the price band, the company is valued around Rs 8,500 crore, according to brokerage houses.
Kalpataru Ltd plans to utilize the funds raised from the IPO for debt repayment and general corporate purposes. The company is a leading real estate developer in the Mumbai Metropolitan Region (MMR) and is well-established across all micro-markets in the MMR. It has a diverse portfolio of projects, including luxury, premium, and mid-income residential, commercial, and retail developments, integrated townships, lifestyle gated communities, and redevelopments.
While the majority of Kalpataru Ltd's projects are located in the MMR and Pune (Maharashtra), the company also has a presence in Hyderabad (Telangana) and Noida (Uttar Pradesh). The company is part of the Kalpataru Group, which has a multi-national presence and operates in various sectors, including EPC contracting for power transmission and distribution, oil and gas, railways, civil infrastructure projects, warehousing and logistics, and facility management.
The IPO allocation is structured to cater to different categories of investors. Seventy-five percent of the offer size is reserved for qualified institutional buyers, 15 percent for non-institutional investors, and the remaining 10 percent for retail investors. Investors can bid for a minimum of 36 shares and in multiples thereof.
ICICI Securities Ltd, JM Financial Ltd, and Nomura Financial Advisory and Securities (India) Private Ltd are the book-running lead managers for the issue. The shares of Kalpataru Ltd are expected to list on the BSE and NSE on July 1.
This IPO presents a significant opportunity for investors looking to invest in a well-established and diversified real estate developer with a strong track record in the Indian market.
