Kalpataru raises Rs 708 cr from marquee anchor investors ahead of IPO
Real estate developer Kalpataru Ltd has raised Rs 708 crore from marquee anchor investors a day ahead of the launch of its initial public offering (IPO) for public subscription.
Kalpataru Ltd opens on June 24 to raise up to Rs 1,590 crore through its IPO, and the issue will conclude on June 26.
According to a circular uploaded on BSE’s website, Kalpataru allocated over 1.71 crore equity shares at Rs 414 per share, which is the upper end of the IPO price band.
Kalpataru said it has raised Rs 708 crore from nine anchor investors, including Singapore sovereign wealth firm GIC and Bain Capital.
The other entities that were allocated shares of the company include SBI Mutual Fund (MF), ICICI Prudential MF, 360 ONE Group, Aditya Birla Sun Life Insurance, SBI General Insurance, Taurus MF and Ayushmat Ltd.
The company has fixed a price band of Rs 387 to Rs 414 per share for its IPO.
As per the latest red herring prospectus, the company sold properties worth Rs 2,727.24 crore during April-December of the last fiscal on strong demand for housing and commercial assets.
The company sold properties worth Rs 3,201.98 crore in FY 2023-24.
Mumbai-based Kalpataru focuses on the development of residential, commercial, retail and integrated township projects. It is also into the redevelopment of societies.
The company’s IPO is entirely a fresh issue of equity shares worth Rs 1,590 crore with no offer for sale (OFS) component. It proposes to utilise funds for the payment of debt and general corporate purposes.
The company, which has been valued at around Rs 8,500 crore, has a huge portfolio of nearly 50 million square feet, which includes 25 million square feet of ongoing projects, 16 million square feet of forthcoming projects, and nearly 8 million square feet of projects at the planning stage.
Kalpataru is one of the leading real estate developers in the country with a significant presence in the Mumbai Metropolitan Region (MMR) in Maharashtra. Since its inception, the company has completed 75 projects, comprising 16 million square feet.
While a majority of the company’s projects are located in the MMR and Pune (Maharashtra), it also has projects in Hyderabad (Telangana) and Noida (Uttar Pradesh).
Kalpataru Group was established in 1969 by Mofatraj P Munot.
The group has a multi-national presence and has operations in EPC contracting for power transmission and distribution, oil and gas, railways, civil infrastructure projects, warehousing and logistics, and facility management.