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Kalpataru’s Rs1,590-Crore IPO Opens June 24 With Rs387-414 Band

Proceeds will go largely to repaying existing borrowings ahead of a planned July 1 listing on India’s major exchanges.

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Mumbai real estate update: Real estate developer Kalpataru, which is set to launch its Initial Public Offering (IPO) next week, announced that it will continue to focus on key markets, including the Mumbai Metropolitan Region (MMR), Pune, and Hyderabad, where it already has ongoing projects.
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Overview

  • The IPO is an entirely fresh issue of equity shares totaling ₹1,590 crore with no offer-for-sale component.
  • Bidding runs from June 24 to June 26 with the anchor book opening on June 23, allotment by June 27 and shares set to list by July 1.
  • Of the net proceeds, ₹1,192.5 crore will repay debt at the company and its subsidiary while the remainder funds general corporate purposes.
  • Grey market premium remains at zero, indicating muted speculative interest ahead of the subscription period.
  • Kalpataru holds nearly 50 million square feet of residential and commercial projects across Mumbai, Pune, Hyderabad and Noida.