Kalpataru shares to list today; mild GMP hints at muted debut
The IPO, which was entirely a fresh issue of 3.84 crore shares, received a strong response from Qualified Institutional Buyers (QIBs), who subscribed 3.12 times their allocated portion. The retail category was subscribed 1.43 times, while non-institutional investors (NIIs) came in at 1.40 times, reflecting measured interest in the offer.
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Despite the subdued GMP and lack of excitement in the unlisted market, Kalpataru commands investor interest due to its legacy as a marquee name in Indian real estate.
Founded in 1988 and part of the broader Kalpataru Group, the company has a portfolio of 70 completed and 40 ongoing projects across Mumbai, Pune, Bengaluru, Hyderabad, Indore, and other cities.
The IPO proceeds will primarily be used to repay or prepay borrowings, totalling Rs 1,192.5 crore, while the remaining funds are earmarked for general corporate purposes. The issue price included a Rs 38 per share discount for employees, though the employee participation was below expectations.
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Financially, the company has been in the red for the past three fiscal years, with FY23 losses at Rs 229 crore. However, it reported a small PAT of Rs 5.5 crore for 9MFY25, hinting at a turnaround. Still, valuations remain steep — the post-issue P/E works out to over 1,160x based on trailing 9-month earnings.
ICICI Securities was the sole book-running lead manager, and MUFG Intime India (Link Intime) acted as registrar. The IPO also saw an anchor book worth Rs 708.35 crore, led by marquee domestic mutual funds and institutional investors.
Given the modest GMP and aggressive pricing, analysts suggest that listing gains, if any, could be short-lived, and long-term investors should evaluate the company's execution track record and leverage levels.
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