Kalpataru to raise Rs 1,000-cr via IPO, files DRHP

Realty firm Kalpataru has joined the bandwagon of property developers that are planning to cash in the rising stock market and has filed the draft papers with the market regulator Sebi for the Rs 1,008-crore initial public offer.

Kalpataru, the flagship real estate company of the Kalpataru Group, has filed the draft red herring prospectus with the Securities and Exchange Board of India, merchant banking sources told PTI.

The Mumbai-based realtor would be raising Rs 1,008 crore through its initial public offering, sources said.

The company is considering to raise about Rs 200 crore as pre-IPO placement, a source said.
    
The entity may offer some discount to retail investors and its employees over the IPO issue price, he said. The IPO is based on a 100 per cent book building process.
    
Kalpataru is the latest entity in realty sector that is approaching capital market to meet its money requirement. A host of property developers such as infra major HCC-promoted Lavasa Corporation, Oberoi Realty and Sahara Prime City are in queue to enter the market.
    
Recently DB Realty and Godrej Properties hit the primary market.
    
"Indian stock market is upbeat and no one wants to miss the opportunity. A host of companies are lined up to come out with their public issues," an investment banker said.
    
Kalpataru is focused on development of premium residential, commercial, retail, integrated townships and redevelopment projects primarily in Mumbai and Pune.
    
It has also undertaking projects in other cities such as Hyderabad, Surat, Nagpur, Jaipur and Udaipur.
    
Kalpataru Group has interests in real estate development, property and project management, engineering, procurement and construction contracting for the power transmission and infra projects.
    
Morgan Stanley, Citigroup Global Markets India, Collins Stewart Inga, ICICI Securities, IDFC Capital Ltd and Nomura Financial Advisory and Securities India are managing the IPO.