Kalpataru invites bids for ₹1,590 cr IPO: GMP flat, should you subscribe?

Kalpataru IPO: The Mumbai-based real estate firm Kalpataru's initial public offering (IPO) opens for public subscription today, Tuesday, June 24, 2025. At the upper price band, the company seeks to raise ₹1,590 crore from the public offering. 

 

Ahead of the opening of the issue, Kalpataru has already raised ₹708 crore from nine anchor investors at the upper price band of ₹414 per equity share.  As the public issue opens for bidding, here are the key details of the Kalpataru IPO:

 

Kalpataru IPO is a book-built issue comprising an entirely fresh issue of 38.4 million equity shares, aggregating up to ₹1,590 crore. The public offering does not have any offer-for-sale (OFS) component.

 

The company has reserved not less than 75 per cent of the net offer for qualified institutional buyers, not more than 10 per cent for retail investors, and not more than 15 per cent for non-institutional investors. 

Kalpataru IPO lot size, price band

Kalpataru IPO is available at a price band of ₹387-414 per share, with a lot size of 36 shares. Accordingly, investors can bid for a minimum of one lot or 36 shares of Kalpataru and in multiples thereof.

 

The minimum amount required by a retail investor to bid for the IPO is ₹14,904. A retail investor can bid for a maximum of 13 lots or 468 shares, amounting to ₹1,92,096. 

Kalpataru IPO grey market premium (GMP)

The unlisted shares of Kalpataru were commanding a modest premium in the grey market ahead of the opening of the public issue. Sources tracking unofficial market activities revealed that Kalpataru shares were seen trading at around ₹419 per share, reflecting a grey market premium (GMP) of ₹5 or 1.2 per cent over the upper end of the issue price.

Kalpataru IPO allotment date, listing date

The three-day subscription window to bid for the issue will conclude on Thursday, June 26, 2025. Following the closure of the subscription window, the basis of allotment of shares is likely to take place on Friday, June 27, 2025.

 

Shares of Kalpataru are scheduled to make their D-street debut on Tuesday, July 1, 2025, by listing on the BSE and NSE.

Kalpatru IPO objective

As per the Red Herring Prospectus (RHP), the company intends to use the net issue proceeds for repayment or pre-payment, in full or in part, of certain borrowings availed by itself and its subsidiaries.

Kalpataru IPO registrar, lead managers

MUFG InTime India (formerly Link InTime India) serves as the registrar for the public offering. The book-running lead managers for the public offering include ICICI Securities, JM Financial, and Nomura Financial Advisory and Securities.

Should you subscribe to the Kalpataru IPO?

Bajaj Broking - Subscribe for long-term

According to analysts at Bajaj Broking, Kalpataru posted a bumper top line for fiscal 2022-23 (FY23) following a special land parcel deal arrived at. The group enjoys a niche place as a realty developer in the Mumbai Metropolitan (MMR) region. It issued equity shares worth ₹400 crore to promoters at a price of ₹517.25 in March 2025. The company has turned the corner for the first nine months of FY25 and the management is confident of further improvements in its financial performance in coming years considering the projects on hand. 

 

"Though prima-facie the issue appears aggressively priced, well-informed investors may park funds for the long term," the brokerage said in its note. 

About Kalpataru

Kalpataru is an integrated real estate development company involved in all key activities associated with real estate development, including the identification and acquisition of land (or development rights thereto), planning, designing, execution, sales, and marketing of projects. It is a prominent real estate developer in the Mumbai Metropolitan Region (MMR) in Maharashtra. It is the fifth largest developer in the MCGM (Municipal Corporation of Greater Mumbai) area in Maharashtra and the seventh largest developer in Thane, Maharashtra in terms of units supplied from the calendar year 2019 to December 31, 2024.