Kalpataru's Rs 1,590-Crore IPO Set to Open on June 24: What You Need to Know
Kalpataru, the Mumbai-based real estate developer, is set to hit Dalal Street with its Rs 1,590-crore initial public offering (IPO) in the coming week on June 24. The offer will close for subscription on June 26.
The anchor book will be launched for institutional investors on June 23. The company will finalise IPO share allotment by June 27, while the trading in its equity shares will commence on the bourses effective July 1.
The IPO comprises entirely of fresh issue, which means the offer money will be received by the company. Kalpataru will use the proceeds to reduce its debt and that of its subsidiaries by Rs 1,192.5 crore, out of a total debt of Rs 10,186.6 crore as of April 2025. The remaining funds will be utilised for general corporate purposes.
Kalpataru is a prominent player in the real estate sector, particularly in the Mumbai Metropolitan Region, and competes with listed entities like Oberoi Realty, Lodha Developers, Godrej Properties, Keystone Realtors, Prestige Estates Projects, Sunteck Realty, and Mahindra Lifespace Developers. As of December 2024, the company had completed 120 projects with more than 25.87 million square feet of developable area in Maharashtra, Telangana, Madhya Pradesh, Karnataka, and Rajasthan.
ICICI Securities, JM Financial, and Nomura Financial Advisory and Securities (India) are acting as the book running lead managers to the Kalpataru IPO. This move is expected to strengthen Kalpataru's financial position and enhance its market presence.
Kalpataru's IPO is a significant step for the company, reflecting its commitment to reducing financial leverage and expanding its operations. The IPO is poised to attract a wide range of investors, from institutional to retail, looking to invest in a well-established real estate developer with a strong track record in the industry.
