Kalpataru Limited is a Mumbai-based real estate company and one of the largest and leading companies of the Kalpataru Group, an electoral conglomerate dealing in engineering and property development businesses in India. Kalpataru IPO ₹1,590 crore IPO (completely new issue, no OFS) comprises a price band of ₹387-414 per share (face value ₹10). The Kalpataru IPO GMP open date on Jun 24, 2025, and closes on Jun 26, 2025.Anchors are allocated on Jun 23, 2025.Shares should officially appear on the BSE and NSE close to July 1, 2025. ICICI Securities, JM Financial and Nomura are running the book as lead managers. Kalpataru IPO holds a large project pipeline; on March 31, 2024 it had 40 active jobs and 70 finished ones, so a healthy backlog is in place to fuel future income.
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Kalpataru Limited IPO Details
Kalpataru IPO Issue Size: ₹1,590 crore (fresh issue). No shares are being sold by promoters (no OFS).
Kalpataru IPO Price Band: ₹387–414 per share (face value ₹10). The floor and cap are 38.7× and 41.4× the face value.
Issue Opening/Closing: June 24–26, 2025. Finalization of allotment is tentatively June 27, 2025. Refunds and share crdit are expected by June 30, 2025; listing on BSE/NSE on July 1, 2025.
Market Lot: 36 shares (₹14,904 at upper band); thereafter in multiples of 36.
Reservation: 75% of the issue is reserved for QIBs, 15% for NIIs, and 10% for retail investors.
Retail Investment: Minimum 1 lot (36 shares, ₹14,904); maximum 13 lots (468 shares, ₹193,752).
Super-HNI Category: (Applicants applying above 13 lots) min 14 lots = 504 shares (₹208,656).
Big-HNI Category: (Applicants above 68 lots) min 68 lots = 2,448 shares (₹1,013,472).
Listing: BSE and NSE (full-market listing).
These figures are from the restated consolidated cash-flow statements. The Kalpataru company generated significant operating cash inflows in 2022 and 2023, but had large cash outflows for debt repayment and financing. In FY2024 it again reported positive operating cash flow (~₹3,765 million), but used cash heavily in financing activities for debt servicing (net ~–₹2,579 million). Negative cash from investing in 2024 was due to purchases of property and project investments.
Projects and Business Segments
Kalpataru’s business is fully in real estate development. It designs, acquires, builds and sells residential buildings, integrated townships, office/retail spaces and plotted developments. Kalpataru company is active in several major markets (Mumbai/MMR, Pune, Bengaluru, Hyderabad, Indore, Jodhpur etc) By March 31, 2024, the firm was looking after forty live projects and had wrapped up seventy others. Kalpataru IPO prospectus, along with other filings, skips details on revenue from each single job or on earnings broken out by region. Instead, it simply states that income mainly comes from selling finished properties and guiding developments, with strong demand in Mumbai and fast-growing cities steering overall results.
The Objectives of Kalpataru IPO Issue
Kalpataru will use the net IPO proceeds for:
Repayment/Prepayment of Borrowings: About ₹1,192.5 crore will be used to fully or partially repay certain bank borrowings of the company and its subsidiaries. This should reduce interest costs and leverage.
General Corporate Purposes: The remainder will fund general corporate needs (working capital, business activities and other upkeep).
The cash will trim debt and tidy the balance sheet, giving room for growth. Nothing set aside here for buyouts or large, stand-alone projects.
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