Kalpataru IPO: Price band set at ₹387-414 per share; check issue details, key dates, more
Kalpataru IPO price band: The Kalpataru Limited IPO price band has been fixed in the range of ₹ 387 to ₹ 414 per equity share of the face value of ₹ 10. The Kalpataru IPO date of subscription is scheduled for Tuesday, June 24 and will close on Thursday, June 26. The allocation to anchor investors for the Kalpataru IPO is scheduled to take place on Monday, June 23.
The floor price and the cap price are 38.7 times and 41.4 times the face value of the equity shares. The Kalpataru IPO lot size is 36 equity shares and in multiples of 36 equity shares thereafter.
Kalpataru IPO has reserved not less than 75% of the shares in the public issue for qualified institutional buyers (QIB), not more than 15% for non-institutional Institutional Investors (NII), and not more than 10% of the offer is reserved for retail investors. A discount of ₹ 38 per equity shares is being offered to eligible employees bidding in the employee reservation portion.
Tentatively, Kalpataru IPO basis of allotment of shares will be finalised on Friday, June 27, and the company will initiate refunds on Monday, June 30 while the shares will be credited to the demat account of allottees on the same day following refund. Kalpataru share price is likely to be listed on BSE and NSE on Tuesday, July 1.
Kalpataru Limited, established in 1988, is a real estate development firm located in Mumbai, Maharashtra.
The company focuses on the development of residential and commercial properties, retail environments, and integrated townships in various cities across India, such as Mumbai, Thane, Panvel, Pune, Hyderabad, Indore, Bengaluru, and Jodhpur.
Kalpataru Limited is a subsidiary of the Kalpataru Group, which comprises Kalpataru Projects International Limited, Property Solutions (India) Private Limited, Shree Shubham Logistics Limited, along with their subsidiaries and others.
As of March 31, 2024, the company is managing 40 ongoing projects and has successfully completed 70 projects.
According to the red herring prospectus (RHP), the company's listed peers are Oberoi Realty Ltd (with a P/E of 35.91), Macrotech Developers Ltd (with a P/E of 90.84), Godrej Properties Ltd (with a P/E of 92.10), Sunteck Realty Ltd (with a P/E of 89.64), Mahindra Lifespace Developers Ltd (with a P/E of 56.71), Keystone Realtors Ltd (with a P/E of 56.97), and Prestige Estates Projects Ltd (with a P/E of 48.31).
Kalpataru IPO comprises an equity shares worth ₹ 1,590 crore. There is no offer for sale (OFS) component.
The company intends to use the net proceeds from the issuance for several purposes, including the repayment or prepayment, either entirely or partially, of specific borrowings obtained by the company and its Subsidiaries, as well as for general corporate needs.
ICICI Securities Limited, JM Financial Limited, and Nomura Financial Advisory and Securities (India) Pvt Ltd serve as the book running lead managers for the Kalpataru IPO, whereas MUFG Intime India Private Limited (Link Intime) is the registrar for this issue.
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