Kalpataru Ltd, a major real estate developer based in Mumbai, has filed its Draft Red Herring Prospectus (DRHP) with the Securities and Exchange Board of India (SEBI) to raise funds through an initial public offering (IPO). The company aims to raise ₹1,590 crore by issuing new equity shares, each with a face value of ₹10.
The funds from the IPO will be used for the repayment or pre-payment of some of the company’s outstanding borrowings and for general corporate purposes.
Kalpataru Ltd is an integrated real estate development company with a strong presence in the Mumbai Metropolitan Region (MMR). The company is involved in every aspect of real estate development, including land acquisition, planning, designing, executing, selling, and marketing its projects.
Book Running Lead Managers
ICICI Securities, JM Financial, and Nomura Financial Advisory and Securities (India) are serving as the Book Running Lead Managers for the IPO. Link Intime India is the registrar for the offer.
Kalpataru Ltd is the fifth largest real estate developer in the Mumbai City area and the fourth largest in Thane, Maharashtra, in terms of units supplied between 2019 and 2023, according to ANAROCK. As of March 31, 2024, Kalpataru, along with its promoters, had completed 113 projects totaling over 24.10 million square feet of developable area. The company currently has ongoing projects covering approximately 22.02 million square feet of developable area.
Kalpataru’s Projects
The company’s upcoming projects, which are expected to launch in phases across the financial years 2025, 2026, and 2027, will cover around 19.93 million square feet of developable area. Kalpataru’s projects are primarily located in the MMR and Pune, Maharashtra, with additional projects in Hyderabad, Telangana, and Noida, Uttar Pradesh.
Mofatraj Munot and Parag Munot are the promoters of Kalpataru Ltd. The company is part of the Kalpataru Group, which also includes Kalpataru Projects International Limited, Property Solutions (India) Private Limited, and Shree Shubham Logistics Limited. Kalpataru Projects International Ltd is listed on the NSE and BSE.
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