Kalpataru IPO sees muted demand; subscription lags at 35%, GMP nil

Kalpataru IPO subscription status Day 3: The portion reserved for retail individual investors was booked 72 per cent, followed by non-institutional investors at 45 per cent

Kalpataru IPO subscription status Day 3: The initial public offering (IPO) of Mumbai-based real estate developer, Kalpataru continues to witness a muted demand from investors as on the second day of subscription the issue was booked only 35 per cent. The mainline offer received bids for 7.95 million shares as against 22.8 million shares on offer, according to National Stock Exchange (NSE) data at 5 PM on Wednesday, June 25. 

 

The portion reserved for retail individual investors was booked 72 per cent, followed by non-institutional investors (NIIs) at 45 per cent, and the employees portion was subscribed 38 per cent. The issue witnessed the lowest demand from qualified institutional investors (QIIs) at 17 per cent subscription. 

 

The issue opened for subscription on Tuesday, June 24, 2025, and will close today, June 26, 2025. 

Kalpataru IPO grey market premium (GMP)

The unlisted shares of Kalpataru were trading at ₹417, a marginal premium of ₹3 or 0.72 per cent compared to the upper-end price of ₹414, according to sources tracking unofficial markets.   ALSO READ | Globe Civil Projects IPO ends today; 15x subscription, GMP at 21%

Here are the key details of Kalpataru IPO:

Kalpataru IPO is a book-building issue worth ₹1,590 crore comprising a fresh issue of 38.4 million equity shares and no offer for sale (OFS) component. The company has set the price band in the range of ₹387 to ₹414. 

 

Ahead of the IPO, the real estate sector company raised ₹708 crore from nine anchor investors at the upper price end. GIC Singapore, GSS Opportunities Investment (Bain Capital), SBI Mutual Fund, ICICI Prudential Mutual Fund, SBI General Insurance, Aditya Birla Sun Life, 360 ONE WAM, Taurus Mutual Fund and Ayushmat are the anchor investors.

 

According to the red herring prospectus, the company intends to use ₹1192.5 crore from the net issue proceeds for the repayment of certain borrowing availed by itself and its subsidiaries. The remaining funds will be used for general corporate purposes. 

 

MUFG Intime India, formerly Link Intime is the registrar for the issue. ICICI Securities, JM Financial, and Nomura Financial Advisory & Securities (India) are the book-running lead managers.   ALSO READ | Indogulf Cropsciences IPO opens today: GMP at 10%, should you subscribe?

About Kalpataru

Kalpataru, a part of Kalpataru Group, is an integrated real estate development company involved in all key activities associated with real estate development, including the identification and acquisition of land, planning, designing, execution, sales, and marketing. It has a strong presence in Mumbai Metropolitan Region (MMR) and Pune, spanning micro-markets and price segments. 

 

By the end of 2024, the company (along with its promoters) had successfully completed 120 projects, covering a developable area exceeding 25.87 million square feet across key locations, including Mumbai, Thane, Panvel, Pune, Hyderabad, Indore, Bengaluru, and Jodhpur.