Latest news with #Kalpataru
Hindustan Times
2 hours ago
- Business
- Hindustan Times
Kalpataru IPO launch next week; focus on sub- ₹10 crore housing in MMR and Pune
Mumbai-based real estate developer Kalpataru, which is set to launch its Initial Public Offering (IPO) next week, announced that it will continue to focus on key markets including the Mumbai Metropolitan Region (MMR), Pune, and Hyderabad, where it already has ongoing projects. The company noted that a majority of the housing demand falls within the ₹1 crore to ₹10 crore price bracket, which aligns with its existing inventory. Of its 50 million sq. ft. portfolio, approximately 70% is priced up to ₹10 crore, with a substantial portion available for under ₹3 crore. "The demand if we go to see today is majority in the ₹1 crore to ₹10 crore segment, and this is what our supply is. Going further, we will adapt as per the demand. However, the majority of the demand, at least in Mumbai, is for ₹1 crore to ₹10 crore," said Parag Munot, managing director, Kalpataru. "We also have redevelopment projects in our portfolio, and we are very positive about redevelopment projects in MMR. There is no doubt that the MMR and Pune markets have good depth, but we also see depth in Delhi-NCR, Hyderabad, and Bengaluru," Munot said. Also Read: Kalpataru inks redevelopment agreements with two housing societies in Mumbai with a revenue potential of ₹2,000 crore The company also has a strong presence in the premium and luxury segments of the Mumbai real estate market. Almost 95% of its portfolio is in the residential segment, and 73% is in the Mumbai Metropolitan Region. The company has completed over 120 projects at the group level. In addition to the residential segment, the company has commercial real estate projects in MMR and Pune and plotted development projects in MMR and Nagpur. Also Read: Mumbai-based Kalpataru Ltd plans to foray into Nagpur real estate market, may launch a plotted development project The company will open its IPO on June 24 and close on June 26. The price band of the Issue has been fixed from ₹ 387 per equity share to ₹ 414 per equity share. The company plans to raise ₹1,590 crore from the IPO. Also Read: Mumbai real estate news: Blackstone-backed ASK Property Fund invests ₹190 crore in Kalpataru's project The IPO proceeds will be primarily used for debt repayment, a strategic move to strengthen the company's balance sheet. As of December 31, 2024, Kalpataru reported total assets of ₹15,562 crore.
Time of India
2 hours ago
- Business
- Time of India
Rs 15,000cr: IPO market set for busy week
India's primary market is set for its busiest period this year, with at least four companies planning to raise a total of Rs 15,000 crore through IPOs next week. Kalpataru , Ellenbarrie Industrial Gases, and Globe Civil Projects will start share sale on Tuesday. HDB Financial plans to launch its Rs 12,500-crore IPO on June 25. Stay informed with the latest business news, updates on bank holidays and public holidays . AI Masterclass for Students. Upskill Young Ones Today!– Join Now
&w=3840&q=100)
Business Standard
4 hours ago
- Business
- Business Standard
Valuations, fresh equity supply key risk to Indian stock market: Chris Wood
High valuations, especially in the midcap space, coupled with fresh supply of equity via the initial public offers (IPOs) are the main risks to the Indian stock markets, cautioned Christopher Wood, global head of equity strategy at Jefferies in his recent note to investors, GREED & fear. The rally in the market (since recent lows), Wood cautions, means that valuations have become an issue again, most particularly in the mid-cap space. The Nifty Index now trades at 22.2x 12-month forward earnings after rising by 14.1 per cent from its April 7 low. While the Nifty Mid-Cap 100 Index trades at 27.1x 12-month forward earnings, following a 23.7 per cent gain from its April 7 low. 'This is also why corporates are again placing equity to take advantage of such valuations. The equivalent of $7.2 billion of equity supply was raised last month and $6 billion so far in June. It is this supply which poses the main risk to the market. Equity supply was running at around $7 billion a month prior to the correction, which began in late September last year,' Wood wrote. Mid, smallcaps steal the show From April 7 levels, while the Nifty 50 has rallied nearly 12 per cent till date, the up move in the mid-and smallcap indices has been sharper. The Nifty Midcap 150 index and the Nifty Smallcap 250 indexes have surged nearly 17 per cent and 18.5 per cent respectively during this period, ACE Equity data shows. Meanwhile, primary market activity is set to rebound in the coming week with at least four companies planning to raise a total of about ₹15,000 crore ($1.7 billion) via IPOs, reports suggest. Some prominent ones include Kalpataru, Ellenbarrie Industrial Gases, and Globe Civil Projects. HDB Financial Services Ltd., a unit of India's biggest private lender HDFC Bank, is also planning to launch its $1.4 billion IPO on June 25, reports suggest. This will be one of the biggest IPOs since Hyundai Motor India IPO in October 2024 that raised over Rs 27,000 crore. Capex theme The focus in the Indian market since the budget announcement on February 1, Wood wrote, has rotated to playing consumption rather than investment, helped by the monetary easing context with consumer finance stocks rallying sharply. The property market, now in its 5th year of an upturn, has further to run, he believes. 'Pre-sales growth of the top seven developers covered by Jefferies is forecast to accelerate to 22 per cent YoY in FY26 after slowing to 17 per cent YoY in fiscal year 2024-25 (FY25) ended March 31, a four year low. A lower mortgage rate, now at 8 per cent and expected to fall to 7.5 per cent when the latest Reserve Bank of India (RBI) rate cuts are passed on, should help boost sales in the affordable and mid-income segments,' he said. Portfolio rejig Wood has also rejigged his India portfolio, with the investments in Larsen & Toubro, Thermax and Godrej Properties will be removed and replaced by investments in TVS Motor, Home First Finance and Manappuram Finance, with four percentage points each. An additional one percentage point each will be added to the existing investments in PolicyBazaar and Bharti Airtel, he said. The investment in Larsen & Toubro in the global long-only equity portfolio has been replaced by an investment in Saint-Gobain, a French construction materials company. In the Asia ex-Japan long-only portfolio, too, the investment in Larsen & Toubro will be removed and replaced by an investment in PolicyBazaar, he said.
&w=3840&q=100)
Business Standard
8 hours ago
- Business
- Business Standard
Ellenbarrie sets IPO price at ₹380-400; Arisinfra subscribed 1.3x on Day 2
Ellenbarrie sets IPO price at ₹380 -400 Ellenbarrie Industrial Gases has priced its initial public offering (IPO) between ₹380-400 per share. The IPO will open on Tuesday and close on Thursday. The ₹852 crore IPO is a mix of fresh issue worth ₹400 crore and an offer for sale of ₹452 crore. ALSO READ: Real estate giant Kalpataru eyes deleveraging amid ₹1,590 cr IPO Day 2: Arisinfra IPO subscribed 1.3 x The IPO of Arisinfra Solutions was subscribed 1.3 times on Thursday, the penultimate day of the issue. The institutional investor portion was subscribed 0.7 times, the wealthy investor portion by 1.4 times, and the retail investor portion by 3 times. ALSO READ: Influx Healthtech IPO Day 2 update: Subscription rises 16x, GMP at 47% Capillary Tech India files for IPO Capillary Technologies India, a company that offers artificial intelligence-based cloud-native SaaS products, refiled its draft red herring prospectus to raise funds for its initial public offering (IPO). The IPO comprises an issue of equity shares aggregating to ₹430 crore. ALSO READ: Oswal Pumps IPO listing forecast: Here's what the latest GMP hints at
&w=3840&q=100)
Business Standard
13 hours ago
- Business
- Business Standard
Real estate giant Kalpataru eyes deleveraging amid ₹1,590 cr IPO
Real estate firm Kalpataru is aiming to deleverage its balance sheet by using the proceeds of its Rs 1,590 crore initial public offering (IPO), its existing cash balance and estimated future cash flow generated through sales, the company's management, led by managing director Parag Munot, said. Kalpataru's net debt stood at around Rs 10,120.52 crore as of December 31, 2024. Its debt-to-equity ratio was around 3.7x, which it expects to reduce to below 2x after the fundraise. Of the Rs 1,590 crore the company aims to raise via the IPO, Rs 1,192.5 crore will be utilised for the repayment of borrowings. In 2022, the company sold land parcels across Thane and Pune for Rs 2,002.6 crore. Between 2023 and 2024, the company's promoters and members of the promoter group infused Rs 1,440 crore through the conversion of unsecured loans into compulsorily convertible debentures (CCDs). On March 27, 2025, the company converted these CCDs into 2.78 crore equity shares at Rs 517.25 per share (including a premium of Rs 507.25). 'As of March, our debt-equity ratio, due to the conversion of CCDs into equity, has already come to 3.7. On the repayment of debt and raising of capital from the IPO, it will go down further below 2x,' said Chandrashekhar Joglekar, chief financial officer, Kalpataru. He also informed that the company's cash and bank balance is around Rs 800 crore. Further, the company is banking on its project pipeline, out of which 24.83 million square feet (msf) is ongoing, 16.33 msf is forthcoming and 7.8 msf is in the planning stage. It also has land reserves of around 1,600 acres across the Mumbai Metropolitan Region (MMR), Pune and Surat. 'In FY26 and FY27, we will be delivering many projects totalling 10 msf. That will generate a lot of net cash or surplus cash, which will be automatically utilised towards debt repayment, bringing down that debt to almost half of what it is today, depending upon how the cash flows pan out. The deleveraging strategy is very clear,' Joglekar added. The company's IPO will open on Tuesday, June 24, 2025, and close on Thursday, June 26, 2025. The price band for the fresh issue has been fixed between Rs 387 and Rs 414 per equity share. Bids can be made for a minimum of 36 equity shares and in multiples of 36 thereafter. So far, the company has developed over 120 projects across 10 Indian cities. Its revenue from operations in the first nine months (9M) of FY25 was Rs 1,624.7 crore, compared to Rs 1,929.98 crore in FY24. The company posted a profit of Rs 5.51 crore in 9M FY25, against a loss of Rs 116.51 crore earlier. The management attributed the earlier losses to the revenue recognition method it follows, under which revenues are recognised only after a project is completed. In 9M FY25, the company recorded sales of Rs 2,727.3 crore, compared to 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 focusing on this, particularly through asset-light projects such as redevelopment, joint ventures (JVs) and joint developments (JDs). Currently, 25 per cent of Kalpataru's portfolio comprises asset-light projects, and Munot expects this share to increase. 'Redevelopment has seen strong growth now because of the Development Control Regulations (DCR) change. South Mumbai and the suburbs have become viable for redevelopment. It's the right time to go public, because only when you are listed do you have the potential to acquire more projects,' Munot said.
