Kalpataru Limited, a well-known real estate developer with a strong presence in multiple cities across India, is coming up with its Initial Public Offering (IPO). This Kalpataru IPO Review covers all key aspects including IPO dates, price band, financials, GMP, and whether investors should subscribe or avoid this IPO.
About Kalpataru Limited
Incorporated in 1988, Kalpataru Limited is a leading real estate company headquartered in Mumbai. The company is engaged in the development of residential, commercial, retail, and integrated township projects. As of March 2024, the company has successfully completed 70 projects and has 40 ongoing developments across cities like Mumbai, Pune, Hyderabad, Bengaluru, Indore, Thane, and Jodhpur.
Kalpataru is part of the Kalpataru Group, which includes other entities such as Kalpataru Projects International Ltd and Shree Shubham Logistics Ltd.
Kalpataru IPO Issue Details
- IPO Opening Date: June 24, 2025
- IPO Closing Date: June 26, 2025
- Listing Date (Tentative): July 1, 2025
- IPO Price Band: ₹ 387 to ₹ 414 per share
- Lot Size: 36 shares
- Minimum Investment (Retail): ₹ 13,932 (recommended ₹ 14,904 at cut-off)
- Total Issue Size: ₹ 1,590 Crores (Fresh Issue only)
- Face Value: ₹ 10 per share
- Listing At: BSE, NSE
- Lead Managers: ICICI Securities, JM Financial, Nomura Financial
- Registrar: MUFG Intime India Pvt Ltd
Objectives of the IPO
- Repayment/pre-payment of certain borrowings availed by the company and its subsidiaries – ₹ 1,192.5 Crores
- General corporate purposes
Kalpataru Financials (Consolidated)
| Particulars | 31-Dec-2024 | FY2024 | FY2023 | FY2022 |
|---|---|---|---|---|
| Revenue (₹ Cr) | 1,699.49 | 2,029.94 | 3,716.61 | 1,248.55 |
| PAT (₹ Cr) | 5.51 | -116.51 | -229.43 | -125.36 |
| EBITDA (₹ Cr) | 101.67 | -78.01 | -49.67 | -35.98 |
| Net Worth (₹ Cr) | 1,579.54 | 1,028.23 | 1,221.89 | 1,429.01 |
| Total Borrowings (₹ Cr) | 11,056.40 | 10,688.31 | 9,679.64 | 10,365.97 |
Key Performance Indicators (KPI)
- Market Capitalization: ₹ 8,524.07 Crores
- Post-Issue EPS: ₹ 0.36
- Post-Issue P/E Ratio: 1,160x
- Return on Net Worth (RoNW): -10.15%
- Price to Book Value: 5.62x
Reasons to Invest in Kalpataru IPO
- Revival in profitability in recent quarters
- Strong brand and experienced management
- Exposure to high-growth real estate markets like Mumbai, Pune, Bengaluru
- Positive real estate market sentiment in India
Risks Factors in Kalpataru IPO
- Losses in FY22 and FY23, marginal profits in 9MFY24
- High debt of over ₹ 11,000 Crores
- High post-issue valuation (P/E of 1,160x)
- Real estate sector sensitivity to interest rates and regulatory risks
Kalpataru IPO GMP (Grey Market Premium)
As of June 20, 2025, Kalpataru IPO GMP is around ₹ 35-40 per share. This indicates mild investor interest, and listing gains might be limited unless subscription picks up significantly.
How to Apply for Kalpataru IPO?
Retail investors can apply through:
- Net banking via ASBA (e.g., SBI, ICICI, HDFC, Axis)
- UPI-based applications via apps like Zerodha, Groww, Paytm Money
Kalpataru IPO – Should You Invest or Avoid?
Kalpataru IPO has strong brand recall and presence in India’s key real estate markets. However, the financial performance is weak, with high debt and thin profitability. The post-issue valuation appears steep (P/E of over 1,100x), which may not be justifiable at this stage. Investors looking for short-term listing gains might see limited upside unless GMP strengthens. Long-term investors may consider it only if the company demonstrates consistent profitability going forward.
My Personal View: Avoid for now. Wait for better financial visibility.
Frequently Asked Questions (FAQs)
- What is Kalpataru IPO Date?
Kalpataru IPO opens on June 24, 2025 and closes on June 26, 2025. - What is Kalpataru IPO Price Band?
The price band is ₹ 387 to ₹ 414 per share. - What is the Kalpataru IPO size?
The IPO size is ₹ 1,590 Crores, entirely a fresh issue. - What is Kalpataru IPO GMP today?
As of June 20, 2025, Kalpataru IPO GMP is ₹ 35 to ₹ 40. - Is Kalpataru IPO good or bad for investment?
Given high valuation and weak financials, it is currently considered high-risk. Conservative investors may avoid. - What is the lot size and minimum investment?
Lot size is 36 shares. Minimum investment is ₹ 13,932, though bidding at cutoff requires ₹ 14,904. - When is Kalpataru IPO listing date?
Tentative listing date is July 1, 2025 on BSE and NSE.
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