Real estate developer Kalpataru Limited is preparing for its stock market debut with a ₹1,590 crore IPO through a fresh issue of 3.84 crore shares. The public offering opens for subscription from June 24-26, 2025.
The IPO offers investors an attractive entry opportunity with shares priced between ₹387-414 and a lot size of 36 shares. Retail investors can participate with a minimum investment of ₹13,932, providing accessible exposure to the company's growth prospects. Share allotment is scheduled for June 27, 2025, followed by listing on both BSE and NSE on July 1, 2025.
This presents an opportunity to invest in an established real estate developer positioned for market expansion and future growth potential.
Kalpataru Limited IPO is a fundraise worth ₹1,590 crores comprising a fresh issue of 3.84 crore shares. The IPO will be available for subscription from June 24, 2025, to June 26, 2025, providing an opportunity for investors looking to gain a stake in the real-estate development sector.
| Kalpataru IPO date | June 24, 2025 - June 26, 2025 |
| Price band | ₹387 to ₹414 per share |
| Face value | ₹10 per share |
| Lot size | 36 shares |
| Issue type | Book-built issue IPO |
| Fresh issue | 3,84,05,797 shares amounting to ₹1,590 crores |
| Total issue size | 3,84,05,797 shares amounting to ₹1,590 crores |
| Listing at | BSE, NSE |
| Share holding post issue | 20,59,34,148 shares |
| Share holding pre issue | 16,74,89,537 shares |
The Kalpataru Limited IPO opens for subscription on June 24, 2025, and closes on June 26, 2025, with allotment slated for June 27, 2025.
| IPO open date | June 24, 2025 (Tuesday) |
| IPO close date | June 26, 2025 (Thursday) |
| Basis of allotment | June 27, 2025 (Friday) |
| Initiation of refunds | June 30, 2025 (Monday) |
| Credit of shares to demat account | June 30, 2025 (Monday) |
| Listing date on exchanges (BSE & NSE) | July 1, 2025 (Tuesday) |
| Cut-off time for UPI mandate confirmation | 5 PM on June 26, 2025 (Thursday) |
Kalpataru Limited, established in 1988 and headquartered in Mumbai, Maharashtra, is a prominent real estate development company specializing in residential and commercial properties, retail spaces, and integrated townships. The company operates across major Indian cities including Mumbai, Thane, Panvel, Pune, Hyderabad, Indore, Bengaluru, and Jodhpur.
As part of the larger Kalpataru Group, which encompasses Kalpataru Projects International Limited and other subsidiaries, the company has built a substantial portfolio with 70 completed projects and 40 ongoing developments as of March 31, 2024, demonstrating its established presence in India's real estate sector.
Kalpataru Limited plans to utilize the net proceeds from its IPO primarily for debt repayment and prepayment of borrowings taken by the company and its subsidiaries, with the remaining funds allocated toward general corporate purposes to support business operations and growth initiatives.
The Kalpataru Limited IPO showcases a healthy market capitalization of ₹8,524.07 crores. The key performance indicators, as on March 31, 2024, reflect the company's financial health, with a Return on Net Worth (RoNW) of -10.15%, EBITDA Margin or -4.04% and Price-to-Book Value (P/BV) of 5.62. A comparison of earnings per share (EPS) reveals a pre-IPO EPS of -₹6.96 while it will be ₹0.36 post-IPO.
| Period Ended | December 31, 2024 | March 31, 2024 | March 31, 2023 | March 31, 2022 |
| Assets | 15,562.35 | 13,879.43 | 12,540.77 | 13.410.57 |
| Revenue | 1,699.49 | 2,029.94 | 3,716.61 | 1,248.55 |
| Profit After Tax | 5.51 | -116.51 | -229.43 | -125.36 |
| EBITDA | 101.67 | -78.01 | -49.67 | -35.98 |
| Net Worth | 1,579.54 | 1,028.23 | 1,221.89 | 1,429.01 |
| Total Borrowing | 11,056.40 | 10,688.31 | 9,679.64 | 10,365.97 |
Amount in ₹ crores
Kalpataru Limited demonstrates strong operational capabilities with an established project pipeline of 40 ongoing projects and 70 completed developments as of March 2024. The company benefits from its diversified portfolio spanning residential, commercial, retail, and integrated townships across major Indian cities, which helps mitigate market-specific risks. As part of the respected Kalpataru Group, it enjoys brand recognition and potential access to resources, while being led by seasoned promoters with over three decades of real estate experience.
The company holds a prominent position in the Mumbai Metropolitan Region (MMR), ranking as the fifth-largest developer in the MCGM area and fourth-largest in Thane by units supplied from 2019-2023. With strong end-to-end execution capabilities and an integrated development model, Kalpataru can handle all aspects of real estate development in-house, from land acquisition to project delivery. Their robust project pipeline includes 25 ongoing, 10 forthcoming, and 5 planned projects, providing visibility on near-term cash flows and future growth potential.
Kalpataru Limited faces significant financial challenges, having incurred net losses for three consecutive years (FY22-FY24) while carrying a substantial debt burden exceeding ₹10,600 crore, resulting in a debt-to-equity ratio of over 9:1. The company's net worth has declined from ₹1,429 crore in FY22 to ₹1,028 crore in FY24, indicating deteriorating financial health. High interest costs and operational overheads strain cash flows and limit financial flexibility for future investments.
The company's business model exposes it to multiple operational risks, including heavy dependence on the cyclical real estate market, particularly in MMR and Pune regions. Labour-intensive operations make it vulnerable to strikes and wage fluctuations, while regulatory delays and land acquisition challenges in prime locations pose execution risks. Additionally, the company faces intense competition from larger peers, potential margin compression, and the risk of material cost fluctuations affecting project timelines and profitability.
The Kalpataru Limited IPO presents investors with a compelling entry point into the real estate sector through a company making its public market debut. However, this opportunity demands careful analysis of the company's financial health, market position, and future growth prospects before making any investment decisions. Potential investors should thoroughly assess whether this investment aligns with their financial goals and risk appetite, ensuring they make an informed strategic choice rather than simply pursuing an attractive opportunity.
What is the Kalpataru IPO?
The Kalpataru Limited IPO is a main-board offering consisting of a fresh issue of 3.84 crore equity shares with a face value of ₹10 per share, aiming to raise ₹1,590 crores. The share price is set between ₹387 and ₹414 per share, with a minimum order quantity of 36 shares. This IPO will be open for subscription from June 24, 2025, to June 26, 2025. MUFG Intime India Private Limited (Link Intime) is the registrar while ICICI Securities Limited, Jm Financial Limited, Nomura Financial Advisory And Securities (India) Pvt Ltd are the book-running lead managers.
When will the Kalpataru IPO open?
The Kalpataru Limited IPO will open for subscription on June 24, 2025, and will close on June 26, 2025.
When is the Kalpataru IPO listing date?
The tentative listing date for the Kalpataru Limited IPO is Tuesday, July 1, 2025.
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