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Business Standard
9 hours ago
- Business
- Business Standard
Kalpataru raises ₹708 crore through anchor allotment ahead of IPO
Mumbai-based real estate firm Kalpataru has raised ₹708 crore from nine anchor investors at the upper price band of ₹414 per equity share, one day prior to the launch of its ₹1,590 crore initial public offering (IPO). GIC Singapore and GSS Opportunities Investment (Bain Capital) are among the international anchor investors. Meanwhile, SBI Mutual Fund, ICICI Prudential Mutual Fund, SBI General Insurance, Aditya Birla Sun Life, and 360 ONE WAM are the domestic anchor investors. Other anchor investors include Taurus Mutual Fund and Ayushmat. Kalpataru's IPO will open on Tuesday, while the issue will close on Thursday. The price band has been fixed from ₹387 to ₹414 per equity share of a face value of ₹10 each. Bids can be made for a minimum of 36 equity shares and in multiples of 36 equity shares thereafter. Approximately 17.1 million equity shares of face value ₹10 per equity share were allotted to the nine anchor investors. GIC and Bain Capital have taken up a bulk of the anchor investor portion. The management attributed the earlier losses to the revenue recognition method that the company follows, where the revenues are recognised only after a project is completed. In 9M FY25, the company recorded sales of Rs 2,727.3 crore against Rs 3,201.98 crore in FY24. About 92 per cent of the company's portfolio is in the residential segment, and it aims to continue to focus on the same, particularly via asset-light projects like redevelopment, JVs, and JDs. 25 per cent of Kalpataru's current portfolio consists of asset-light projects, and Munot is expecting the share to grow further. The company aims to utilise the net proceeds from the issue towards repayment/pre-payment, in full or part, of certain borrowings availed by the company and the subsidiaries and general corporate purposes. Rs 1,192.5 crore of the total proceeds is earmarked for debt repayment.
Time of India
11 hours ago
- Business
- Time of India
Kalpataru raises Rs 708 crore from 9 anchor investors; Singapore's GIC, Bain Capital lead
Tired of too many ads? Remove Ads Tired of too many ads? Remove Ads Realty developer Kalpataru has raised over Rs 708 crore from nine anchor investors including GIC Singapore, Bain Capital's GSS Opportunities Investment, SBI Mutual Fund , ICICI Prudential Mutual Fund, SBI General Insurance , Aditya Birla Sun Life, and 360 ONE WAM A total of over 1.71 crore shares have been allotted to these nine anchor investors at Rs 414 per equity share, the upper hand of the price band, the company said in a regulatory sovereign fund GIC and Bain Capital have subscribed to a bulk of the anchor investor portion. Other anchor investors include Taurus Mutual Fund and private investment firm Ayushmat public issue to raise a total Rs 1,590 crore will open Tuesday and close on Thursday. The IPO's price band is fixed at Rs 387 to Rs 414 per equity share of face value of Rs 10 each. The promoters have recently infused Rs 1,440 crore into the company at Rs 517.25 per company proposes to utilize the net proceeds from the Issue towards repayment/pre-payment, in full or part, of certain borrowings availed by the company and the subsidiaries; and general corporate purposes.A substantial portion of Rs 1,192.5 crore is earmarked for debt repayment, which is expected to strengthen the balance sheet and support future Securities, JM Financial and Nomura Financial Advisory and Securities (India) are the book running lead managers to the Issue.
