IPO Details
Bidding Dates
24 Jun '25 - 26 Jun '25
Minimum Investment
₹14,904 / 1 Lot (36 Shares)
Price Range
₹387 – ₹414
Maximum Investment
₹1,93,752 / 13 Lots (468 Shares)
Retail Discount
To be announced
Issue Size
₹1,590 Cr
Investor category and sub category
Retail Individual Investors (RII) | Non-institutional Investors (NII) | Qualified Institutional Buyers (QIB) | Employees |Kalpataru Limited Important Dates
Important dates with respect to IPO allotment and listing
Opening Date
Jun 24, 25
Closing Date
Jun 26, 25
Basis of Allotment
Jun 27, 25
Initiation of Refunds
Jun 30, 25
IPO Listing Date
Jul 01, 25
IPO Subscription Details
| Date | QIB | NII | Retail | EMP | Total |
|---|---|---|---|---|---|
|
Day 1Jun 23, 2025 |
0.00 | 0.10 | 0.37 | 0.20 | 0.10 |
About Kalpataru Limited IPO
Kalpataru Limited IPO is a book-built issue worth ₹1,590.00 crore. The IPO consists entirely of a fresh issue of 3.84 crore equity shares. The IPO opens for subscription on June 24, 2025, and closes on June 26, 2025. The allotment is expected to be finalised on June 27, 2025, with tentative listing on BSE and NSE scheduled for July 1, 2025.
The IPO is priced in a band of ₹387 – ₹414 per share. Retail investors must apply for a minimum of 1 lot comprising 36 shares, requiring an investment of ₹14,904 at the cutoff price. sNII investors must apply for a minimum of 14 lots (504 shares), amounting to ₹2,08,656, while bNII investors must apply for at least 68 lots (2,448 shares), amounting to ₹10,13,472.
ICICI Securities Limited, JM Financial Limited, and Nomura Financial Advisory and Securities (India) Private Limited are the book-running lead managers to the issue. MUFG Intime India Private Limited (formerly Link Intime India Private Limited) is the registrar.
For detailed information on company financials, business operations, and associated risks, investors are advised to refer to the Kalpataru IPO RHP.
Industry Outlook
- India’s real estate sector is undergoing a significant transformation, driven by rapid urbanisation, evolving consumer preferences, and a growing emphasis on sustainability. The sector, which contributed approximately US$180 billion to the economy in 2020, is projected to reach US$1 trillion by 2030 and US$5.8 trillion by 2047, underscoring its pivotal role in the nation’s economic development.
- The Mumbai Metropolitan Region (MMR), where Kalpataru Limited has a dominant presence, remains one of the most dynamic and complex real estate markets in the country. Despite geographical constraints and high population density, demand for residential and commercial properties continues to rise, fuelled by infrastructure upgrades such as metro expansions, link roads, and trans-harbour connectivity. However, challenges persist, including limited land availability, regulatory hurdles, and high construction costs.
- Government initiatives such as the Real Estate (Regulation and Development) Act, 2016 (RERA) have enhanced transparency and accountability, fostering greater buyer confidence. Simultaneously, the push for green buildings and sustainable development is reshaping project design and execution, with incentive floor space index (FSI) being offered for certified green developments.
- The competitive landscape is marked by a mix of established national developers and emerging regional players. Success in this fragmented market hinges on brand reputation, execution capability, and the ability to anticipate and respond to shifting consumer demands. Developers are increasingly focusing on integrated townships, lifestyle communities, and redevelopment projects to optimise land use and cater to diverse income segments.
Kalpataru Limited IPO Objectives
The company plans to allocate the net proceeds from the issuance to the following purposes:
- A significant portion of the net proceeds will be utilised to repay or prepay certain borrowings availed by Kalpataru Limited and its subsidiaries. This strategic deleveraging is aimed at reducing interest costs, improving the company’s debt-to-equity ratio, and enhancing overall financial stability.
- Funds will be allocated towards general corporate purposes, including administrative expenses, operational enhancements, and strategic initiatives. These investments are intended to bolster Kalpataru’s organisational efficiency and sustain its competitive edge in the real estate sector.
- The IPO will facilitate brand development and visibility, enabling Kalpataru to reinforce its market positioning across key geographies. This includes outreach efforts and initiatives to strengthen customer engagement and trust.
- By listing on the BSE and NSE, Kalpataru aims to elevate its corporate governance standards, improve transparency, and foster investor confidence. The listing is expected to provide better access to capital markets and support long-term growth through strategic partnerships and collaborations.
About Kalpataru Limited
Kalpataru Limited was originally incorporated as Kalpataru Homes Private Limited on 22 December 1988 under the Companies Act, 1956. It was subsequently converted into a public limited company and renamed Kalpataru Homes Limited on 16 May 1995. The company adopted its current name, Kalpataru Limited, on 1 February 2008 to reflect its broader vision in real estate development.
Kalpataru is a prominent integrated real estate developer with a strong presence across the Mumbai Metropolitan Region (MMR) and Pune. The company is engaged in the development of luxury, premium, and mid-income residential projects, as well as commercial and retail spaces, integrated townships, lifestyle gated communities, and redevelopment initiatives.
With decades of experience, Kalpataru has established a reputation for quality construction, innovative design, and timely delivery. As of October 19, 2024, the company had completed 75 projects and was actively developing 25 ongoing projects, with additional forthcoming and planned developments in the pipeline.
Kalpataru’s operations are primarily concentrated in Maharashtra, with strategic expansions into other high-growth cities such as Hyderabad and Noida. The company’s growth strategy is underpinned by its commitment to sustainability, customer-centricity, and operational excellence, supported by a robust pipeline of projects and a diversified portfolio.
How To Check the Allotment Status of the Kalpataru Limited IPO?
Steps to check IPO allotment status on Angel One’s app:
- Log in to the Angel One app.
- Go to the IPO Section and then to IPO Orders.
- Select the individual IPO that you had applied for and check the allotment status.
- Angel One will notify you of your IPO allotment status via push notification and email.
How To Apply for Kalpataru Limited IPO Online?
- Login to Your Angel One Account: Open the Angel One app or website and log in with your credentials.
- Locate the IPO Section: Navigate to the 'IPO' section on the platform.
- Select IPO: Find and select the Kalpataru Limited IPO from the list of open IPOs.
- Enter the Lot Size: Specify the number of lots you want to bid for.
- Submit Your UPI ID: Enter your UPI ID to link your payment method and submit your application.
- Approve Funds: Once you receive the bid request on your UPI app, approve it by entering your UPI PIN.
Contact Details of Kalpataru Limited
Registered Office: 91, Kalpataru Synergy, Opposite Grand Hyatt, Santacruz (East), Mumbai – 400055, Maharashtra, India
Telephone: +91 22 3064 5000
E-mail: investor.cs@kalpataru.com
Kalpataru Limited IPO Reservation
|
Investor Category |
Shares Offered |
|
Anchor Investors |
1,71,09,783 shares (44.51% of the total issue) |
|
Qualified Institutional Buyers (QIB) |
1,14,06,521 shares (29.67% of the total issue, excluding anchor portion) |
|
Non-Institutional Investors (NII) |
57,03,261 shares (14.84% of the total issue) |
|
bNII (Above ₹10 lakhs) |
38,02,174 shares (9.89% of the total issue) |
|
sNII (₹2 lakhs to ₹10 lakhs) |
19,01,087 shares (4.95% of the total issue) |
|
Retail Individual Investors (RII) |
38,02,174 shares (9.89% of the total issue) |
|
Employees |
4,22,872 shares (1.10% of the total issue) |
Kalpataru Limited IPO Lot Size
|
Application |
Lots |
Shares |
Amount |
|
Retail (Min) |
1 |
36 |
₹14,904 |
|
Retail (Max) |
13 |
468 |
₹1,93,752 |
|
sNII (Min) |
14 |
504 |
₹2,08,656 |
|
sNII (Max) |
67 |
2,412 |
₹9,98,568 |
|
bNII (Min) |
68 |
2,448 |
₹10,13,472 |
Kalpataru Limited IPO Promoter Holding
The promoters of the company are Mofatraj P. Munot and Parag M. Munot.
|
Share Holding Pre-Issue |
100% |
|
Share Holding Post Issue |
81.3% |
Key Performance Indicators for Kalpataru Limited IPO
The market capitalisation of Kalpataru Limited IPO is ₹8,524.07 crore. Here are the KPIs of Kalpataru Limited:
|
KPI |
Value |
|
EBITDA Margin (%) |
(4.04) |
|
Basic Earnings per Share (₹) |
(7.41) |
|
Return on Net Worth (%) |
(10.15) |
|
Net Asset Value per Share (₹) |
72.96 |
Kalpataru Limited IPO Prospectus
Kalpataru Limited IPO Registrar and Lead Managers
Kalpataru Limited IPO Lead Managers
- ICICI Securities Limited
- JM Financial Limited
- Nomura Financial Advisory and Securities (India) Private Limited
Registrar for Kalpataru Limited IPO
MUFG Intime India Private Limited (formerly Link Intime India Private Limited)
- Contact Number: +91 810 811 4949
- Email Address: ipo@in.mpms.mufg.com
Kalpataru Limited IPO Registrar
Financial Performance of Kalpataru Limited
| Particulars | Year ending on March 31, 2024 | Year ending on March 31, 2023 | Year ending on March 31, 2022 |
|---|---|---|---|
| Revenue from Operation (in ₹ million) | 19,299.84 | 36,331.82 | 10,006.73 |
| EBITDA (in ₹ million) | (780.12) | (496.67) | (359.77) |
| EBITDA Margin (%) | (4.04) | (1.37) | (3.6) |
| Basic Earnings per Share (₹) | (7.41) | (14.56) | (8.92) |
| Diluted Earnings per Share (₹) | (7.41) | (14.56) | (8.92) |
| Return on Net Worth (%) | (10.15) | (16.74) | (8.74) |
| Net Asset Value per Share (₹) | 72.96 | 87.02 | 102.04 |
Know before investing
Strengths
8-
Kalpataru Limited is a prominent real estate developer in Maharashtra.
-
Kalpataru has completed 68 projects, totaling 14.31 million square feet.
-
Kalpataru leverages a strong brand to sell projects during construction.
-
Kalpataru focuses on sustainable, green building practices in development.
-
Kalpataru's affiliation with the Kalpataru Group enhances its market reputation.
-
Kalpataru has an experienced management team with strong human resource practices.
-
Kalpataru holds over 1,800 acres of land reserves, offering future development potential across key cities.
-
Kalpataru’s focus on innovation and process optimisation helps reduce construction timelines and improve cost efficiency.
Risks
8-
Kalpataru Limited has faced consistent losses, affecting its financial stability.
-
Heavy reliance on the Mumbai and Pune markets exposes regional risks.
-
Delays and cost overruns in projects could hurt Kalpataru’s profits.
-
Limited land availability and rising costs may impede project expansion.
-
Legal proceedings involving Kalpataru could damage its business reputation.
-
Unresolved land acquisitions threaten the completion of Kalpataru’s future projects.
-
Kalpataru’s IT systems are vulnerable to cyber-attacks and data breaches, which could expose sensitive customer and business data, leading to reputational and financial damage.
-
Kalpataru has a high gearing ratio (over 90%), indicating significant reliance on debt. This exposes the company to interest rate fluctuations and liquidity stress, especially during market downturns.
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Kalpataru Limited Peer Details Comparison
| Name of the Company | Revenue from Operations (₹ million) | Face Value (₹) | EPS – Basic (₹) | NAV per Share (₹) |
|---|---|---|---|---|
| Kalpataru Limited | 16,247.36 | 10 | 0.62 | 113.11 |
| Oberoi Realty Limited | 44,957.90 | 10 | 52.99 | 380.76 |
| Macrotech Developers Limited | 103,161.00 | 10 | 16.03 | 175.66 |
| Godrej Properties Limited | 30,356.20 | 5 | 26.09 | 359.39 |
| Sunteck Realty Limited | 5,648.47 | 1 | 4.99 | 213.28 |
| Mahindra Lifespace Developers Limited | 2,120.90 | 10 | 6.34 | 120.82 |
| Keystone Realtors Limited | 22,222.50 | 10 | 9.85 | 157.85 |
| Prestige Estates Projects Limited | 78,771.00 | 10 | 34.28 | 281.59 |
Kalpataru Limited IPO FAQs
The Kalpataru Limited IPO is a book-built issue IPO. It will be open from June 24, 2025, to June 26, 2025.
The Basis of Allotment will happen on Friday, June 27, 2025.
The IPO subscription window will open on June 24, 2025.
The minimum lot size retail investors can subscribe to is 1 lot, and the lot size is 36 shares.
The listing date for Kalpataru Limited is Tuesday, July 1, 2025.
Listing gains cannot be ascertained before the listing of the IPO on the stock exchange.
- Multiple Submissions: Use different Demat accounts to make multiple applications.
- Higher Price Band Bidding: Opt for bidding at the cut-off price or higher price band.
- Timely Subscription: Ensure you subscribe to the IPO within the specified time frame.
You must complete the payment process by logging in to your UPI handle and approving the payment mandate.
You can submit only one application using your PAN card.
To read Kalpataru Limited’s financial statements, download the IPO’s RHP document.
The issue size of the Kalpataru Limited IPO is up to ₹1,590 crores, consisting entirely of a fresh issue of 3.84 crore equity shares.
The open and close dates for Kalpataru Limited IPO are from June 24, 2025, to June 26, 2025.
Pre-apply allows investors to apply for the Kalpataru Limited IPO two days before the subscription period opens, ensuring an early submission of your application.
Your order will be placed when the IPO opens for bidding, and a UPI request will follow within 24 hours.
You will receive a notification once your order is successfully placed with the exchange after the bidding starts.
MUFG Intime India Private Limited (formerly Link Intime India Private Limited) is the registrar managing the IPO allotment process and handling investor-related queries.
Kalpataru Limited IPO is proposed to be listed on the National Stock Exchange (NSE) and the Bombay Stock Exchange (BSE).
