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Kalpataru Ltd has raised INR 708 crore from prominent anchor investors, including GIC and Bain Capital, just before launching its initial public offering (IPO). The IPO, entirely a fresh equity issue worth INR 1,590 crore, is priced between INR 387 and INR 414 per share, with over 1.71 crore shares already allocated at the upper end. The Mumbai-based developer, with a portfolio nearing 50 million sq ft, plans to use the funds to repay debt and support corporate initiatives. The company had reported robust sales of over INR 3,200 crore in FY 2023-24, driven by strong housing and commercial demand.
Kalpataru Ltd, a prominent real estate developer headquartered in Mumbai, secured INR 708 crore from key anchor investors earlier this week, ahead of its public issue opening. The company confirmed that this fundraise came a day prior to the launch of its much-anticipated initial public offering (IPO), aimed at raising up to INR 1,590 crore through a fresh issue of equity shares. Advertisement
The IPO, which has no offer for sale (OFS) component, has been structured within a price band of INR 387 to INR 414 per share. As per a recent filing on the Bombay Stock Exchange, Kalpataru has already allocated more than 1.71 crore equity shares to anchor investors at INR 414 per share - the upper limit of the price range.
Nine institutional investors took part in this pre-IPO anchor round. Among them are globally recognised names such as Singapore's sovereign wealth fund GIC and Bain Capital. Domestic investors such as SBI Mutual Fund, ICICI Prudential Mutual Fund, 360 ONE Group, Aditya Birla Sun Life Insurance, SBI General Insurance, Taurus Mutual Fund and Ayushmat Ltd were also among those allotted shares.
The funds raised are intended to be used for repaying outstanding debt and for general corporate purposes, according to the company's red herring prospectus.
In terms of operational performance, Kalpataru reported sales totalling INR 2,727.24 crore during the April to December period of the previous fiscal year. It closed the 2023-24 financial year with total property sales amounting to INR 3,201.98 crore, indicating a sharp uptick driven by strong demand in both residential and commercial segments.
With its roots tracing back to 1969 under the leadership of founder Mofatraj P Munot, Kalpataru Ltd has grown into one of the country's leading real estate developers. The company has successfully completed 75 projects, amounting to 16 million square feet of development.
At present, Kalpataru's portfolio encompasses approximately 50 million square feet, including 25 million square feet of projects under construction, 16 million square feet in the pipeline, and nearly 8 million square feet still in the planning phase. The company remains heavily concentrated in the Mumbai Metropolitan Region and Pune but also maintains an active presence in Hyderabad and Noida.
The Kalpataru Group operates well beyond real estate as well. Its diversified business interests span engineering, procurement and construction (EPC) in power transmission and distribution, railways, oil and gas, civil infrastructure, logistics and warehousing, and facility management - both domestically and internationally.
Source - PTI
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