Kalpataru IPO to open on Tuesday: 10 key things to know from RHP before you subscribe to ₹1590 crore issue
Kalpataru IPO in focus today: Kalpataru's initial public offering (IPO) is scheduled to kick off for subscription on Tuesday, June 24, and will remain open until Thursday, June 26. The company aims to raise ₹ 1,590 crore through the offering, which is entirely a fresh issue of 3.84 crore shares.
The IPO price band is set at ₹ 387 to ₹ 414 per share. Of the total offering, 75% is reserved for Qualified Institutional Buyers (QIBs), 15% for Non-Institutional Investors (NIIs), and 10% for Retail Investors.
ICICI Securities Limited, JM Financial Limited, and Nomura Financial Advisory and Securities (India) Pvt. Ltd. are the book-running lead managers of the Kalpataru IPO, while MUFG Intime India Private Limited (Link Intime) is the registrar for the issue.
Kalpataru Limited is a Mumbai-based real estate developer with over three decades of presence in the residential and commercial property segments. It has developed numerous projects across Maharashtra, particularly in the Mumbai Metropolitan Region (MMR) and Pune.
As of March 31, 2024, the company had 511.62 acres of land in various stages of development, amounting to 49.77 msf of developable area. Its ongoing projects, forthcoming projects, and planned projects amounted to 267.24 acres, 121.32 acres, and 123.06 acres, respectively, with a corresponding developable area of 22.02 msf, 19.93 msf, and 7.81 msf, respectively.
The company also intends to complete and sell these projects within their respective timetables in order to monetize these land parcels.
As of March 31, 2024, Kalpataru had five land reserves aggregating to 1,886.10 acres. Its land reserves were located in Surat, Gujarat; Pune, Maharashtra; Nagpur, Maharashtra; Udaipur, Rajasthan; and Shirol, Maharashtra.
Kalpataru Limited operates in some of India's most competitive real estate markets, particularly the Mumbai Metropolitan Region (MMR) and Pune, which remain its primary focus areas.
According to the Anarock Report, Kalpataru's key competitors in the areas where it currently operates include prominent real estate developers such as Lodha Group, Godrej Properties Limited, Rustomjee Group, Oberoi Realty, Mahindra Lifespace Developers, Prestige Estates, and Sunteck Realty.
The company focuses on the development of luxury, premium, and mid-income residential, commercial, and retail projects; integrated townships; lifestyle gated communities; and redevelopments.
For its residential developments, it builds and sells a wide range of properties, including villas, duplexes, apartments, and plots of varying sizes, with a primary focus on luxury, premium, and mid-income residential real estate.
As of March 31, 2024, 67.71% of the developable area of the residential projects within its development portfolio was located within the MMR, aggregating to 33.69 msf of developable area.
One of the key risks highlighted in the RHP is Kalpataru's geographic concentration, especially in the Mumbai Metropolitan Region (MMR) and Pune. Any adverse developments such as regulatory delays, policy changes, or demand slowdowns in these areas could significantly affect the company's performance.
Moreover, the real estate sector is highly sensitive to interest rate movements, customer sentiment, and funding availability.
In FY24, the company reported revenue of ₹ 1,930 crore and an adjusted EBITDA of ₹ 449 crore but posted a net loss of ₹ 113.8 crore. FY23 revenue was higher at ₹ 3,633 crore due to one-time land sales and subsidiary contributions, though the company still incurred a ₹ 226.7 crore loss.
Kalpataru aims to raise ₹ 1,590 crore through a fresh issue of equity shares in its IPO. The proceeds will be used to repay or prepay loans, acquire land and development rights, meet general corporate needs, and support its subsidiaries' growth.
Retail investors can apply for a minimum of 36 shares in one lot and can apply for up to 13 lots. At the upper end of the IPO price band ( ₹ 414), retail investors are required to make a minimum investment of ₹ 14,904 per lot.
The allotment of shares for the Kalpataru IPO is expected to be finalised on Friday, June 27, 2025. Tentative listing on both the BSE and NSE is scheduled for Tuesday, July 01, 2025.
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