Kalpataru IPO Price: ₹387 to ₹414 per share
IPO Dates: 24th June 2025 – 26th June 2025
Company Overview
Kalpataru Limited is an integrated real estate developer engaged in all key aspects of real estate development, including land acquisition, planning, design, execution, sales, and marketing. Headquartered in the Mumbai Metropolitan Region (MMR), the company has established a significant presence across all micro-markets within the MMR. According to the Anarock Report, between 2019 and December 31, 2024, MMR ranked first among India’s top seven real estate markets in terms of supply, absorption, and average base selling price.
Market Position and Operational Reach
Kalpataru Limited is ranked as the fifth-largest developer in the Municipal Corporation of Greater Mumbai (MCGM) and seventh-largest in Thane, Maharashtra, based on units supplied between 2019 and 2024.
As of December 31, 2024, the company and its Promoters had completed 120 projects across key locations in Maharashtra—such as Mumbai, Thane, Panvel, and Pune—as well as other cities including Hyderabad, Indore, Bengaluru, and Jodhpur. These projects together covered over 25.87 million square feet (msf) of developable area.
Group Association and Legacy
Kalpataru Limited is part of the prestigious Kalpataru Group, established in 1969 by Mr. Mofatraj P. Munot, who continues to serve as one of the company’s Promoters along with Mr. Parag M. Munot. The Kalpataru Group is known for its 55-year legacy in EPC contracting, power transmission, oil and gas, railways, civil infrastructure, logistics, warehousing, and facility management.
As of December 2024, the group operated in 75 countries with a workforce of over 29,000 employees. Kalpataru Limited benefits significantly from the group’s brand equity, execution capabilities, and domain expertise.
Development Portfolio
As of December 31, 2024, Kalpataru Limited’s development portfolio comprised 36 projects with a total developable area of 48.97 msf, distributed as follows:
Ongoing Projects
- Residential: 23 projects – 23.96 msf
- Commercial: 2 projects – 0.87 msf
- Total: 25 projects – 24.83 msf
Forthcoming Projects
- Residential: 5 projects – 7.36 msf
- Mixed-Use Development: 1 project – 8.97 msf (7.59 msf residential + 1.38 msf commercial)
- Total: 6 projects – 16.33 msf
Planned Projects
- Residential: 5 projects – 7.81 msf
- Total: 5 projects – 7.81 msf
Project Types and Offerings
Kalpataru Limited focuses on the development of luxury, premium, and mid-income residential properties, as well as commercial, retail, and mixed-use developments. Residential offerings include apartments, villas, duplexes, and plots. As of December 2024, 68.31% of its residential developable area was located in the MMR, accounting for 33.45 msf.
In the commercial segment, the company adopts a model of developing, leasing, and/or selling office spaces. In retail, Kalpataru Limited develops and manages shopping mall properties, generating lease income.
Asset-Light Development Strategy
The company also adopts an asset-light approach by entering into redevelopment, joint venture (JV), and joint development agreement (JDA) arrangements. As of December 2024:
- Redevelopment Projects: 5 projects – 2.38 msf
- Joint Ventures: 2 projects – 3.56 msf
- JDAs: 6 projects – 6.53 msf
These models represent 4.87%, 7.26%, and 13.33% of the total developable area across its project pipeline.
Geographical Diversification
While the majority of Kalpataru Limited’s projects and land reserves are concentrated in the MMR and Pune, the company is also expanding its footprint in other parts of India.
As of December 2024, it had ongoing projects in Hyderabad (Telangana) and Noida (Uttar Pradesh), a forthcoming project in Nagpur (Maharashtra), and land reserves in Surat (Gujarat), Nagpur, and Udaipur (Rajasthan).
Bidding Starts In
Kalpataru IPO Specifics:
| IPO Date | June 24, 2025 to June 26, 2025 |
| Listing Date | Tuesday, July 1, 2025 |
| Face Value | ₹10 per share |
| Price Band | ₹387 to ₹414 per share |
| Lot Size | 36 Shares |
| Total Issue Size | 3,84,05,797 shares (aggregating up to ₹1,590.00 Cr) |
| Fresh Issue | 3,84,05,797 shares (aggregating up to ₹1,590.00 Cr) |
| Employee Discount | ₹38 per share |
| Issue Type | Book Built Issue IPO |
| Listing At | BSE, NSE |
| Share Holding Pre Issue | 16,74,89,537 shares |
| Share Holding Post Issue | 20,58,95,334 shares |
Kalpataru IPO Timetable (Important Dates)
| IPO Open Date | Tuesday, June 24 2025 |
| IPO Close Date | Thursday, June 26, 2025 |
| Basis of Allotment | Friday, June 27 2025 |
| Initiation of Refunds | Monday, June 30 2025 |
| Credit of Shares to Demat | Monday, June 30 2025 |
| Listing Date | Tuesday, July 1 2025 |
| Cut-off time for UPI mandate confirmation | 5 PM on June 26, 2025 |
Kalpataru IPO Lot Size
Bidders have the opportunity to bid for a minimum of 36 shares, with the option to increase in multiples. The table below outlines the minimum and maximum investment thresholds for both retail investors and High Net Worth Individuals (HNIs), specifying the corresponding number of shares and amounts involved.
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (Min) | 1 | 36 | ₹14,904 |
| Retail (Max) | 13 | 468 | ₹1,93,752 |
| S-HNI (Min) | 14 | 504 | ₹2,08,656 |
| S-HNI (Max) | 67 | 2,412 | ₹9,98,568 |
| B-HNI (Min) | 68 | 2,448 | ₹10,13,472 |
Kalpataru IPO Reservation
| QIB Shares Offered | Not more than 75% of the Net offer |
| Retail Shares Offered | Not less than 10% of the Offer |
| NII (HNI) Shares Offered | Not less than 15% of the Offer |
Kalpataru Limited IPO Financial Information
| Period Ended | 31 Mar 2022 | 31 Mar 2023 | 31 Mar 2024 | 31 Dec 2024 |
|---|---|---|---|---|
| Assets | 13,410.57 | 12,540.77 | 13,879.43 | 15,562.35 |
| Revenue | 1,248.55 | 3,716.61 | 2,029.94 | 1,699.49 |
| Profit After Tax | -125.36 | -229.43 | -116.51 | 5.51 |
| EBITDA | -35.98 | -49.67 | -78.01 | 101.67 |
| Net Worth | 1,429.01 | 1,221.89 | 1,028.23 | 1,579.54 |
| Total Borrowing | 10,365.97 | 9,679.64 | 10,688.31 | 11,056.40 |
Key Performance Indicator – Kalpataru IPO
| KPI | Values |
|---|---|
| Market Cap | ₹8524.07 Cr |
| EPS | ₹-6.96 |
| P/E (x) | -59.52 |
| RoNW | -9.80% |
Objects of the Issue:
Kalpataru’s upcoming IPO aims to utilize the net proceeds raised from the issue for the following purposes:
- Repayment or Prepayment of Borrowings: A significant portion of the proceeds, amounting to ₹11,925 million, will be used to repay or prepay, in full or in part, certain outstanding borrowings availed by the company and its subsidiaries. This move is intended to strengthen the balance sheet and reduce interest obligations.
- General Corporate Purposes: The remaining funds will be allocated towards general corporate activities, which may include business development, operational enhancements, and other strategic initiatives as determined by the management.
Prospectus Links:
Prospectus: Official documents that provide detailed information about the IPO and the company.
