Kalpataru Secures Rs.708 Crore from Anchor Investors Ahead of its Public Offering
Mumbai-based real estate firm Kalpataru Ltd has successfully completed its anchor investor round, securing Rs.708 crore from anchor investors in preparation for its public offering.
According to the BSE filing, Kalpataru Ltd issued a total of 1,71,09,783 shares, exceeding 1.71 crore equity shares, to its anchor investors at an issue price of Rs.414 each, with a nominal value of Rs.10 per share.
Among the key investors participating in the public offering are the Government of Singapore, GSS Opportunities Investment (Bain Capital), SBI Mutual Fund, ICICI Prudential Mutual Fund, SBI General Insurance, Aditya Birla Sun Life, and 360 ONE WAM.
The Government of Singapore received 32.87 percent of the anchor shares, making it the largest single allottee, while GSS Opportunities Investment (Bain Capital) was allocated 24.17 percent and the Monetary Authority of Singapore was granted 9.48 percent prior to public bidding.
Earlier this week, the grey market premium for the Kalpataru IPO was recorded at Rs.5 per share. Given the upper price band of Rs.414, the public offering is anticipated to debut at Rs.419, reflecting a listing premium of 1.21 percent, as per Investorgain.com.
The grey market premium (GMP) serves as a gauge of investor enthusiasm towards a public offering. The current GMP has declined to Rs.3 per share on Monday, down from an earlier Rs.9 per share.
Furthermore, Kalpataru has established a price range of Rs.387 to Rs.414 per share for its initial public offering (IPO), set to open for subscriptions on June 24.
Investors are allowed to bid for a minimum of 36 shares in each lot, with the option to buy in multiples.
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The public offering includes a fresh issue worth up to Rs.1,590 crore, meaning the funds will be directly received by the company.
At the upper limit of the price range, the company's overall market capitalisation is projected to reach approximately Rs.8,524 crore.
Funds amounting to Rs.1,193 crore raised through the offering will be allocated towards debt reduction. The company's total debt was reported at Rs.10,186.6 crore as of April 2025.
The real estate developer is a competitor to other publicly listed companies such as Oberoi Realty, Lodha Developers, Godrej Properties, Keystone Realtors, Prestige Estates Projects, Sunteck Realty, and Mahindra Lifespace Developers, and has a significant presence in the Mumbai Metropolitan Region.
Kalpataru Ltd is a subsidiary of the Kalpataru Group, which encompasses Kalpataru Projects International, Property Solutions (India), Shree Shubham Logistics, along with their associated subsidiaries, among others.
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Kalpataru specializes in the development of luxury, premium, and mid-range housing, commercial and retail projects, integrated townships, lifestyle gated communities, and redevelopment initiatives.