Kalpataru Ltd announced on Thursday a price range of Rs 387 to Rs 414 per share for its Initial Public Offering (IPO) valued at Rs 1,590 crore. The public subscription for the initial share sale will commence on June 24 and will end on June 26. Bidding for anchor investors is set to begin on June 23, as per the company’s announcement.
The IPO consists entirely of a fresh issue of equity shares amounting to Rs 1,590 crore, with no Offer For Sale (OFS) component included. According to brokerage firms, at the upper limit of the price band, the company’s valuation is approximately Rs 8,500 crore. Based in Mumbai, the company intends to use the proceeds for debt repayment and general corporate purposes.
Kalpataru Ltd is a leading real estate developer in the Mumbai Metropolitan Region (MMR) in Maharashtra, with a presence in all micro-markets within the MMR. While most of the company’s projects are situated in the MMR and Pune (Maharashtra), it also has developments in Hyderabad (Telangana) and Noida (Uttar Pradesh). The company specializes in the development of luxury, premium, and mid-income residential, commercial, and retail projects, integrated townships, lifestyle gated communities, and redevelopment initiatives.
Kalpataru Ltd is part of the Kalpataru Group, which operates internationally and is involved in EPC contracting for power transmission and distribution, oil and gas, railways, civil infrastructure projects, warehousing and logistics, and facility management. The company has stated that 75 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.
Additionally, investors can place bids 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 company’s shares are anticipated to be listed on July 1 on the BSE and NSE.
