Kalpataru IPO Opens: Flat Grey Market Premium, Tepid response; Check Details
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The company has set a price band of Rs 387 to Rs 414 per share. The minimum application size for retail investors is one lot of 36 shares.
Kalpataru IPO: Kalpataru Limited, one of Mumbai's well-known real estate developers, has launched its much-awaited Initial Public Offering (IPO) to raise Rs 1,590 crore. The issue, which is entirely a fresh issue of approximately 3.84 crore equity shares, opened for subscription on June 24, 2025, and will close on June 26, 2025.
As of 10:18 AM on June 24, 2025, the Kalpataru IPO has received a lukewarm response on its opening day. Out of the total 2.28 crore shares offered, only around 2.09 lakh bids have been placed, marking an overall subscription of just 0.01 times. The retail individual investors (RII) segment has shown a slightly better interest, subscribing 0.04 times with over 1.64 lakh shares bid, mostly at the cut-off price.
Kalpataru IPO Price Band
The company has set a price band of Rs 387 to Rs 414 per share. The minimum application size for retail investors is one lot of 36 shares, which amounts to Rs 14,904 at the upper end of the price band. The tentative date for the IPO allotment is June 27, 2025, with listing likely on July 1, 2025, on both BSE and NSE.
Kalpataru IPO GMP
According to various market observers, the grey market premium of Kalpatru IPO stood at 1.21 per cent, indicating a flat listing. It is now in the range of Rs 4-5, over the cap price of IPO at Rs 414 per share.
Investors bidding under the employee quota are being offered a discount of Rs 38 per share. For anchor investors, the IPO has already seen a strong response, with Rs 708.35 crore raised on June 23, 2025, a day before the issue opened to the public. The IPO is being managed by ICICI Securities, JM Financial, and Nomura Financial Advisory and Securities. MUFG Intime India Pvt Ltd is the registrar to the issue.
Kalpataru is a part of the larger Kalpataru Group, with operations spread across cities like Mumbai, Pune, Hyderabad, Indore, and Bengaluru. The company is known for developing residential properties, commercial spaces, and townships. As of March 2024, it has completed 70 projects and is currently working on 40 more. While the company has a strong project pipeline, its financial performance has shown volatility. It posted a net loss of Rs 116.51 crore in FY24 and a bigger loss of Rs 229.43 crore in FY23. However, there is a positive sign—the company reported a turnaround in operating performance with an EBITDA of Rs 101.67 crore for the nine-month period ending December 2024.
Kalpataru IPO Proceeds
The IPO proceeds will primarily be used to repay or pre-pay certain borrowings worth Rs 1,192.5 crore, with the remaining funds set aside for general corporate purposes. After the IPO, the promoter holding will come down from 100% to 81.3%.
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