Muted Debut! Kalpataru shares list at ₹414 on NSE, same as IPO price
The IPO, valued at ₹ 1,590 crore, was open for subscription from June 24 to June 26.
Kalpataru's initial public offering (IPO) wrapped up with a healthy response, garnering a total subscription of 2.31 times over the three-day window. The issue received bids for 4.93 crore shares, significantly exceeding the 2.13 crore shares available. Interest was fairly balanced across categories—retail investors subscribed 1.43 times their allotted quota, and the non-institutional investor segment attracted 1.40 times bids. The qualified institutional buyer (QIB) portion witnessed the strongest demand, subscribed 3.12 times. In contrast, the employee reservation segment saw more muted participation, with bids reaching 0.76 times the shares on offer.
The IPO comprises a fresh issue of 3.84 crore equity shares with no offer for sale (OFS) component. The minimum application size was 36 shares, implying a minimum investment of ₹ 14,904 from retail investors. The issue also included a reservation of up to 4,22,872 shares for employees offered at a discount of ₹ 38.00 to the issue price.
The proceeds from the issue are intended to be utilised for repaying or prepaying borrowings, acquiring land and development rights, meeting general corporate requirements, and supporting the growth of the company's subsidiaries.
ICICI Securities served as the book-running lead manager for the Kalpataru IPO, overseeing the issue's execution, while MUFG Intime India Private Limited, also known as Link Intime, was appointed as the registrar to manage share allotment and related investor services.
Kalpataru Limited, established in 1988 and headquartered in Mumbai, Maharashtra, is a prominent real estate development firm known for its focus on residential and commercial projects, retail spaces, and integrated townships. Kalpataru Limited operates across multiple prominent cities in India, including Mumbai, Thane, Panvel, Pune, Hyderabad, Indore, Bengaluru, and Jodhpur. It functions under the umbrella of the Kalpataru Group, which also encompasses entities like Kalpataru Projects International Limited, Property Solutions (India) Private Limited, Shree Shubham Logistics Limited, and their affiliated subsidiaries. As of March 31, 2024, the company had 40 active developments underway and had successfully delivered 70 completed projects.
In FY24, the company recorded revenue of ₹ 1,930 crore and an adjusted EBITDA of ₹ 449 crore, but ended the year with a net loss of ₹ 113.8 crore. In comparison, revenue in FY23 was higher at ₹ 3,633 crore, driven by one-time land sales and contributions from subsidiaries, although the company still reported a net loss of ₹ 226.7 crore.
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