Kalpataru to Launch ₹1,590 Crore IPO; Share Price Range Set at ₹387–₹414

Real estate developer Kalpataru Ltd has set the price band for its upcoming Initial Public Offering (IPO) at ₹387 to ₹414 per equity share. The ₹1,590 crore IPO is entirely a fresh issue with no Offer For Sale (OFS) component. The subscription window for the public issue will open on June 24 and close on June 26, while bidding by anchor investors will take place on June 23.

At the upper end of the price band, the company is estimated to be valued at approximately ₹8,500 crore. The equity shares are expected to be listed on both the BSE and NSE on July 1, 2025. The IPO will allocate 75 percent of shares for Qualified Institutional Buyers (QIBs), 15 percent for Non-Institutional Investors (NIIs), and the remaining 10 percent for Retail Individual Investors (RIIs). Investors can bid for a minimum of 36 shares and in multiples thereof.

Kalpataru plans to use the proceeds from the issue to reduce its outstanding borrowings and for general corporate purposes. The decision to go for a full fresh issue rather than including an OFS suggests the company’s intent to strengthen its capital structure without promoter dilution.

Based in Mumbai, Kalpataru Ltd is a well-established real estate developer with a strong presence in the Mumbai Metropolitan Region (MMR). The firm has developed a wide range of projects, including residential, commercial, and retail properties. Apart from MMR, Kalpataru has ongoing or completed projects in Pune, Hyderabad, and Noida, covering key urban markets.

The company’s portfolio includes luxury, premium, and mid-income housing projects, as well as integrated townships, lifestyle-oriented gated communities, commercial spaces, and redevelopment projects. Its strategy has included participation in both greenfield developments and redevelopment of older properties in core urban areas.

Kalpataru Ltd is part of the larger Kalpataru Group, which has a multinational presence and diversified operations. The group’s business interests include EPC contracting in power transmission and distribution, oil and gas infrastructure, railway construction, civil infrastructure, warehousing, logistics, and facility management.

The IPO comes at a time when the Indian real estate sector is experiencing a phase of renewed activity and recovery in both residential and commercial segments. Developers are increasingly turning to public markets to raise capital for project expansion, and Kalpataru’s move is in line with that trend. The absence of an OFS component may also appeal to investors who prefer fresh capital infusion over promoter exits.

ICICI Securities Ltd, JM Financial Ltd, and Nomura Financial Advisory and Securities (India) Private Ltd have been appointed as the book-running lead managers for the IPO. These firms will oversee the bidding process and ensure regulatory compliance. The listing will provide Kalpataru with a broader investor base and potentially greater visibility in the market as it looks to scale its operations further.