Kalpataru IPO subscribed 9% on Day 1

The initial public offering of Kalpataru saw a muted response on Day 1. As against 2.28 crore shares on offer, the issue received bids for 20.36 lakh shares.

Kalpataru Limited, one of the prominent real estate developers in the Mumbai Metropolitan Region of Maharashtra (MMR) and present across all its micro-markets, launched its initial public offering on Tuesday at a price band of ₹387-414.

Bids can be made for a minimum of 36 Equity Shares and multiples of 36 Equity Shares thereafter. The company plans to raise ₹1,590 crore through the IPO, which is entirely a fresh issue.

The Bid/ Issue Closing Date will be on Thursday, June 26.

The issue is being made through the Book Building Process, wherein not less than 75% of the net issue shall be allocated proportionately to Qualified Institutional Buyers, not more than 15% to Non-Institutional Investors and 10 per cent to retail investors. A discount of ₹ 38 per Equity Share is being offered to Eligible Employees Bidding in the Employee Reservation Portion (₹15.90 crore worth of shares).

While the QIB portion is yet to be bid, NIIs and retail quotas were subscribed 0.10 times and 0.33 times, respectively. The quota reserved for employees was subscribed 0.18 times.

The company proposes to use the net proceeds from the issue to repay/pre-pay, in full or part, of certain borrowings taken out by the company and its subsidiaries and for general corporate purposes.

A day before its ₹1,590 crore IPO, Mumbai-based real estate developer Kalpataru Ltd. raised ₹708 crore from nine marquee international and domestic anchor investors.

The IPO committee of the company, in their meeting held on Monday, finalised the allocation of 171,09,783 equity shares to anchor investors at ₹414 a share. Nine anchor investors were allotted these shares. GIC, a global long-term investor managing Singapore’s foreign reserves, and Bain Capital, a global private investment firm, took up most of the anchor investor portion. Domestic and anchor investor lists include SBI Mutual Fund, ICICI Prudential Mutual Fund, SBI General Insurance, Aditya Birla Sun Life Insurance, and 360 ONE WAM, among others. 

ICICI Securities Limited, JM Financial Limited, and Nomura Financial Advisory and Securities (India) Private Limited are the Book-Running Lead Managers (BRLMs) for the issue, and the shares will be listed on the NSE and the BSE.

Kalpataru Ltd., founded in 1988, mainly focuses on developing luxury, premium, and mid-income residential, commercial, and retail projects, integrated townships, lifestyle gated communities, and redevelopments across Indian cities. It is part of the Kalpataru Group, which includes companies in the construction and infra sectors.

Published on June 25, 2025

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