latest IPO in India: Powerful 2025 Kalpataru Ltd Surge Gains!
latest IPO in India–Kalpataru Ltd has launched a landmark ₹1,590 crore IPO, offering a fresh issue of 3.84 crore shares. The company, backed by the robust Kalpataru Group, is set to list on both BSE and NSE on July 1, 2025.
Company Overview
Founded in 1988 and headquartered in Mumbai, Kalpataru Limited specializes in residential, commercial, and township development. It ranks among the top developers in the MMR and Pune, with projects underway in Hyderabad, Bengaluru, Indore, Jodhpur, and other cities.
IPO Timeline
| Event | Date |
|---|---|
| Anchor investor bid opens | June 23, 2025 |
| Public subscription opens | June 24, 2025 |
| Subscription closes | June 26, 2025 |
| Basis of allotment | June 27, 2025 |
| Refunds & demat credit | June 30, 2025 |
| Listing on BSE/NSE | July 1, 2025 |
Price Band
The IPO’s price range is ₹387–₹414, with a face value of ₹10—representing 38.7× to 41.4× of its FV.
Lot Size
A minimum lot of 36 shares is available, costing ~₹14,904 at the upper end. Retail investors can apply up to 13 lots (468 shares, ₹1,93,752).
Key Dates
- Anchor: June 23
- Open: June 24
- Close: June 26
- Allotment: June 27
- Refund & Demat: June 30
- Listing: July 1
Financials
- Revenue: ₹1,699.49 cr (Dec 31, 2024)
- Profit after tax: ₹5.51 cr
- Borrowings: ₹11,056.40 cr
Strengths
- Strong presence in MMR & Pune with brand credibility
- Integrated execution model from land acquisition to sales
- Commitment to sustainable and green-certified projects
Risks
- High debt burden (~₹11,000 cr) could strain cash flows
- Real estate sector is cyclical and varies by region
IPO Anchor Investors Details
- 75% reserved for QIBs
- 15% for NIIs
- 10% for Retail Investors
IPO Promoter Holding Details
| Promoter | Pre-IPO Holding | Post-IPO Holding |
|---|---|---|
| Mofatraj P. Munot & Parag M. Munot | 100% | ~81.3% |
IPO Grey Market Premium (GMP)
| Date | GMP | Est. Listing Gain |
|---|---|---|
| June 19, 2025 | ₹0 | 0% |
The GMP reflects a cautious mood with no premium, suggesting listing at cap price (~₹414).
Final Thoughts
Kalpataru’s IPO offers investors a play on premium real estate in Mumbai and Pune, backed by a proven brand and integrated execution. While its high debt is a concern, the return to profitability is encouraging. Retail investors with a long-term horizon might find value at the upper band, though a flat GMP signals tempered expectations. Institutional interest will be a key factor to monitor.