Kalpataru raises ₹708 crore through anchor allotment ahead of IPO

Kalpataru raises ₹708 crore via anchor investors including GIC, SBI MF and Bain Capital ahead of its ₹1,590 crore IPO, with proceeds earmarked for debt repayment

Mumbai-based real estate firm Kalpataru has raised ₹708 crore from nine anchor investors at the upper price band of ₹414 per equity share, one day prior to the launch of its ₹1,590 crore initial public offering (IPO). GIC Singapore and GSS Opportunities Investment (Bain Capital) are among the international anchor investors. Meanwhile, SBI Mutual Fund, ICICI Prudential Mutual Fund, SBI General Insurance, Aditya Birla Sun Life, and 360 ONE WAM are the domestic anchor investors. Other anchor investors include Taurus Mutual Fund and Ayushmat. 

Kalpataru’s IPO will open on Tuesday, while the issue will close on Thursday. The price band has been fixed from ₹387 to ₹414 per equity share of a face value of ₹10 each. Bids can be made for a minimum of 36 equity shares and in multiples of 36 equity shares thereafter. Approximately 17.1 million equity shares of face value ₹10 per equity share were allotted to the nine anchor investors.

  GIC and Bain Capital have taken up a bulk of the anchor investor portion.

 

Besides, so far, the company has developed over 120 projects across 10 Indian cities. Its revenue from operations in 9M FY25 was Rs 1,624.7 crore against that of Rs 1,929.98 crore in FY24. The company generated a profit of Rs 5.51 crore in 9M FY25, against the loss of Rs 116.51 crore. 

 

The management attributed the earlier losses to the revenue recognition method that the company follows, where the revenues are recognised only after a project is completed. 

In 9M FY25, the company recorded sales of Rs 2,727.3 crore against Rs 3,201.98 crore in FY24.

 

About 92 per cent of the company’s portfolio is in the residential segment, and it aims to continue to focus on the same, particularly via asset-light projects like redevelopment, JVs, and JDs. 25 per cent of Kalpataru’s current portfolio consists of asset-light projects, and Munot is expecting the share to grow further.

 

The company aims to utilise the net proceeds from the issue towards repayment/pre-payment, in full or part, of certain borrowings availed by the company and the subsidiaries and general corporate purposes. Rs 1,192.5 crore of the total proceeds is earmarked for debt repayment.