Kalpataru Ltd Shares Surge Over 9% After Flat Market Debut
NEW DELHI: Shares of real estate developer Kalpataru Ltd on Tuesday made a flat market debut against the issue price of Rs 414, but later bounced back and jumped over 9 per cent.
The stock started trading at Rs 414.10 on the BSE. But, it later gathered momentum and climbed 9.42 per cent to Rs 453 against the issue price. At the NSE, the stock got listed at par with the issue price of Rs 414. Later, it surged 9.37 per cent to Rs 452.80 apiece.
The company commanded a market valuation of Rs 9,121.99 crore during early trade. The initial public offering of Kalpataru Ltd garnered 2.26 times subscription on the closing day of bidding on Thursday last week.
The company had fixed a price band of Rs 387-414 per share for its IPO. Its IPO was entirely a fresh issue of equity shares worth Rs 1,590 crore with no offer-for-sale (OFS) component. The company proposes to utilise funds for the payment of debt and general corporate purposes.
Mumbai-based Kalpataru focuses on the development of residential, commercial, retail, and integrated township projects. It is also in the redevelopment of societies. Kalpataru is one of the leading real estate developers in the country with a significant presence in the Mumbai Metropolitan Region (MMR) in Maharashtra.
