Kalpataru raises ₹708 crore from anchor investors ahead of IPO launch
Kalpataru
has raised ₹708 crore from a nine anchor investors, ahead of the opening of its ₹1,590 crore initial public offering (IPO) scheduled for June 24–26, 2025. The anchor allotment was executed at the upper end of the price band—₹414 per equity share. The price band for the IPO is set at ₹387 to ₹414 per share.
Among international investors, GIC (Singapore) and GSS Opportunities Investment, affiliated with
Bain Capital
, were allocated a significant portion. Domestic institutions in the anchor tranche included SBI Mutual Fund, ICICI Prudential Mutual Fund, SBI General Insurance, Aditya Birla Sun Life Insurance, and 360 ONE WAM, among others.
A total of 1,71,09,783 equity shares of face value ₹10 were allotted through the anchor investor segment.
Robust financial metrics and institutional confidence
According to the company's regulatory filings, pre-sales and collections grew at a CAGR of 23% and 31%, respectively, between FY22 and FY24. Collections in the first nine months of FY25 stood at ₹2,621 crore, nearly equalling FY24's total.
Despite accounting losses due to revenue recognition norms under the Project Completion Method (PCM), the company has already turned profitable in 9M FY25, with EBITDA margins expanding to 32% from 23% in FY24. Average realization has also seen a sharp rise—up 38% from ₹9,600 in FY22 to ₹13,300 as of YTD December 2024.
Out of 25 million sq ft of ongoing projects, approximately 70% of the inventory is already sold, with around 10 million sq ft scheduled for delivery by FY27. Kalpataru has a track record of achieving ~90% inventory sales by OC (Occupancy Certificate), providing strong near-term cash flow visibility.
IPO structure and use of proceeds
According to the offer document, ₹1,192.5 crore of the net IPO proceeds are earmarked for repayment or prepayment of debt, with the balance allocated to general corporate purposes.
Lead managers and market strategy
ICICI Securities
, JM Financial, and Nomura Financial Advisory and Securities India are acting as the book running lead managers (BRLMs) for the issue.
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