Kalpataru Raises Rs 708 Crore from Anchor Investors Ahead of IPO Launch
- Kalpataru raises Rs 708 crore from anchor investors ahead of IPO launch on June 24.
- Top investors include Govt of Singapore, Bain Capital, SBI MF, and ICICI Prudential.
- IPO proceeds to reduce Rs 1,193 crore debt, with total market cap estimated at Rs 8,524 crore.
Mumbai realty developer Kalpataru Ltd has raised Rs 708 crore from anchor investors ahead of its soon-to-be-launched initial public offering (IPO). According to the filing by the company with the Bombay Stock Exchange (BSE), Kalpataru issued 1,71,09,783 equity shares at an issue price of Rs 414 a share, having a face value of Rs 10.
Some of the well-known institutional investors joining the anchor round included 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 Singapore Government was the largest investor, taking 32.87% of the total anchor allotment. GSS Opportunities (Bain Capital) was allotted 24.17%, while the Monetary Authority of Singapore took 9.48% of the shares dedicated to anchor investors.
IPO is priced between Rs 387 and Rs 414 a share, and the subscription period begins on June 24. Investors can bid in minimum lot size of 36 shares with multiples thereof.
Earlier this week, Kalpataru's grey market premium (GMP) was at Rs 5 per share, indicating a possible listing at Rs 419 a 1.21% premium over the higher price band, as per Investorgain.com data. But on Monday, the GMP fell to Rs 3 a share from Rs 9, indicating a relatively cooler market sentiment.
The IPO includes a new issue of up to Rs 1,590 crore, with proceeds going directly into the company. Kalpataru intends to utilize Rs 1,193 crore from the funds raised to pay off its outstanding debt, which was Rs 10,186.6 crore as of April 2025.
If the IPO is priced at the top end of the band, the market capitalization of Kalpataru is put at approximately Rs 8,524 crore.
Kalpataru Ltd, part of the larger Kalpataru Group, is in competition with major listed realty participants such as Oberoi Realty, Lodha Developers, Godrej Properties, Keystone Realtors, Prestige Estates Projects, Sunteck Realty, and Mahindra Lifespace Developers. Kalpataru Ltd enjoys a dominant position in the Mumbai Metropolitan Region and is engaged in luxury, premium, and mid-income residential housing, commercial and retail developments, integrated townships, gated communities, and re-development projects.
The Kalpataru Group also includes companies such as Kalpataru Projects International, Property Solutions (India), and Shree Shubham Logistics, and their respective subsidiaries.
