The IPO will involve a fresh issue of shares with a face value of Rs 10 each, aggregating up to the total amount of Rs 1,590 crore.
Mumbai-based real estate company Kalpataru has filed a draft red herring prospectus (DRHP) with the Securities and Exchange Board of India (SEBI) to launch an initial public offering (IPO) aimed at raising up to Rs 1,590 crore. The primary objective of the IPO is to reduce the company’s debt burden.
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The IPO will involve a fresh issue of shares with a face value of Rs 10 each, aggregating up to the total amount of Rs 1,590 crore. Kalpataru plans to allocate Rs 1,192.5 crore of the proceeds towards the repayment or prepayment of certain borrowings, either partially or fully.
Kalpataru is an integrated real estate development company engaged in various aspects of the real estate business, including land acquisition, planning, designing, execution, sales, and marketing. The company’s project portfolio includes 40 ongoing, forthcoming, and planned projects, covering a total area of 49.77 million square feet. Currently, 25 projects, accounting for 22 million square feet, are under development.
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While most of the company’s projects are concentrated in the Mumbai Metropolitan Region (MMR) and Pune, Maharashtra, it also has ongoing projects in Hyderabad, Telangana, and Noida, Uttar Pradesh. Additionally, Kalpataru holds land banks in Surat, Gujarat; Nagpur, Maharashtra; and Udaipur, Rajasthan.
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Kalpataru is part of the Kalpataru Group, established in 1969 by Mofatraj P Munot. The Group has a 55-year legacy and operates across various sectors, including EPC contracting for power transmission and distribution, oil and gas, railways, and civil infrastructure projects.
ICICI Securities Ltd, JM Financial Ltd, and Nomura Financial Advisory and Securities (India) Private Ltd are the lead managers for the IPO.
