IPO-bound Kalpataru sells properties worth Rs 2,727 cr in Apr-Dec FY25

Real estate developer Kalpataru Ltd, which will launch Rs 1,590-crore IPO next week, sold properties worth Rs 2,727.24 crore during April-December of the last fiscal on strong demand for housing and commercial assets.

The company sold properties worth Rs 3,201.98 crore in 2023-24, according to its updated red herring prospectus (RHP) filed with Sebi. The latest document has updates till the third quarter of the 2024-25 fiscal only.

Mumbai-based Kalpataru focuses on the development of residential, commercial, retail and integrated township projects. It is also into the redevelopment of societies.

The company has fixed a price band of Rs 387 to Rs 414 per share for its Rs 1,590 crore initial public offering (IPO), which will open for public subscription on June 24 and conclude on June 26.

The bidding for anchor investors will open on June 23.

The company's IPO is entirely a fresh issue of equity shares worth Rs 1,590 crore with no offer for sale (OFS) component. It proposes to utilise funds for the payment of debt and for general corporate purposes.

At the upper end of the price band, the company is valued at around Rs 8,500 crore, brokerage houses said.

Kalpataru Ltd Managing Director Parag M Munot expressed confidence that the company's IPO would be successful despite global conflicts and economic uncertainties.

He noted that India's growth story is intact, driving demand across sectors, including real estate.

Munot said the company has a huge portfolio of nearly 50 million square feet, which includes 25 million square feet of ongoing projects, 16 million square feet of forthcoming, and nearly 8 million square feet of projects at the planning stage.

Kalpataru is one of the leading real estate developers in the country with a significant presence in the Mumbai Metropolitan Region (MMR) in Maharashtra. Since its inception, the company has completed 75 projects, comprising 16 million square feet.

While a majority of the company's projects are located in the MMR and Pune (Maharashtra), it also has projects in Hyderabad (Telangana) and Noida (Uttar Pradesh).

Kalpataru Group was established in 1969 by Mofatraj P Munot. The group has a multi-national presence and has operations in EPC contracting for power transmission and distribution, oil and gas, railways, civil infrastructure projects, warehousing and logistics, and facility management.

Further, Kalpataru Projects International Ltd is listed on the NSE and BSE.