Synopsis: Real estate major Kalpataru Limited launches its Rs 1,590 crore IPO on June 24, focusing entirely on fresh equity to reduce debt and fuel growth. With no offer for sale and a positive grey market premium, the issue kicks off a big week for Indian IPOs.
India’s IPO season is heating up, and at the center of it is Kalpataru Limited, one of the country’s most respected real estate developers. The company is launching its much-awaited Rs 1,590 crore Initial Public Offering (IPO), opening for subscription from June 24 to June 26. Unlike many recent IPOs, Kalpataru’s issue features no offer for sale component, meaning the entire proceeds will go directly to the company—marking a clear commitment toward business growth and financial strengthening.
The IPO consists of a fresh issue of over 3.84 crore equity shares. Investors will be able to bid within a price band of Rs 387 to Rs 414 per share. For retail participants, the minimum application size has been set at 36 shares, translating to an investment of Rs 14,904 at the upper price band.
Market enthusiasm has already spilled over into the grey market, where Kalpataru shares are trading at a Rs 9 premium, hinting at a possible listing price of Rs 423—approximately 2.17% higher than the upper band. While this is no guarantee of listing performance, the early buzz indicates healthy investor interest.
Post-IPO, Kalpataru plans to deploy 75% of the raised capital, or about Rs 1,192.5 crore, toward repaying borrowings across the company and its subsidiaries. The remaining funds will be reserved for general corporate purposes, including expansion and new development initiatives.
Founded in 1988, Kalpataru has earned a solid reputation in the Mumbai Metropolitan Region, with a portfolio that spans luxury and mid-income housing, commercial real estate, and integrated townships. It ranks fifth in the MCGM region and seventh in Thane by units supplied between 2019 and 2024.
The company belongs to the wider Kalpataru Group, a diversified conglomerate established in 1969 by Mofatraj P. Munot. With business operations in over 75 countries across sectors like power transmission, oil and gas, railways, and infrastructure, the group has a strong global presence. Kalpataru Projects International Limited, another arm of the group, is already publicly listed, adding further credibility to the group’s track record.
Disclaimer: This article is for informational purposes only and does not constitute financial advice. Please consult with a certified financial advisor before making any investment decisions.
