June 27, 2025
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Kalpataru IPO GMP grey market premium, review, Subscription, allotment, listing estimate @ Chanakyanipothi.com
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What is the latest news relating to Kalpataru IPO?
The IPO will open on 24 June and will close on 26 June 2025. The listing is expected on 1st July.
What is the latest GMP of Kalpataru IPO?
Kalpataru IPO Subscription Status
Kalpataru IPO (Closed on 26 June) |
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| QIB | B HNI X | S HNI X | NII X | RII X | Total X |
| 3.12 | 1.48 | 0.80 | 1.40 | 1.43 | 2.31 |
| Applications: 119751 Subcription Review: Flow of applications has been slow today |
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Kalpataru IPO Allotment Link:
We will provide allotment link, once the allotment is finalised.
Who are the promoter of Kalpataru?
The promoters of the company are MOFATRAJ P. MUNOT AND PARAG M. MUNOT.
What are the Objects of Kalpataru IPO?
1.Repayment/pre-payment, in full or in part, of certain borrowings availed by: Company; and Subsidiaries
2. General coprorate purposes.
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What is the business of Kalpataru?
Kalpataru is an integrated real estate development company involved in all key activities associated with real estate development, including the identification and acquisition of land (or development rights thereto), planning, designing, execution, sales, and marketing of our projects. We are a prominent real estate developer in the Mumbai Metropolitan Region (“MMR”) in Maharashtra and are present across all micro-markets in the MMR.
It is the fifth largest developer in the MCGM area in Maharashtra and the fourth largest developer in Thane, Maharashtra in terms of units supplied from the calendar years 2019 to 2023. As of March 31, 2024, it (together with its Promoters) had a total of 113 Completed Projects aggregating to more than 24.10 msf of Developable Area within Mumbai, Thane, Panvel and Pune in Maharashtra, and Hyderabad, Indore, Bengaluru, and Jodhpur in the states of Telangana, Madhya Pradesh, Karnataka and Rajasthan, respectively.
The Kalpataru Group was established in 1969 by Mr. Mofatraj P. Munot and has a legacy of 55 years. The Kalpataru Group has a multi-national presence and has operations in EPC contracting for power transmission and distribution, oil and gas, railways, civil infrastructure projects, warehousing and logistics, and facility management. Further, Kalpataru Projects International Limited is listed on the NSE and BSE. As of March 31, 2024, the Kalpataru Group had more than 27,000 employees globally and a footprint in 73 countries.
For more information, click www.kalpataru.com
Kalpataru IPO GMP grey market premium, review, Subscription, allotment, listing estimate
Kalpataru IPO details
Sector: Real Estate |
|
| IPO opens on | 24 June 2025 |
| IPO closes on | 26 June 2025 |
| Issue Type | Book Built Issue IPO |
| Issue Size | Shares / Rs 1590 Crore |
| * Fresh Issue | ? Shares/ Rs. 1590 Crore |
| * Offer for Sale | – |
| Face Value per share: | Rs. 10 |
| Price Band | Rs. 387-414 |
| Retail Discount | Rs 0 per share |
| Employee discount | Rs. 38 per share |
| Retail Lot Size | 36 Shares |
| Listing will at | BSE, NSE |
| Shares offered in this IPO ? |
Shares | Rs. in Crore |
| QIB (75 %) | 28516304 | 1180.57 |
| NII (15 %) | 5703260 | 236.12 |
| RII (10 %) | 3802174 | 157.41 |
| Employees | 384058 | 15.90 |
| Total Shares | 38405797 | 1590.00 |
| Retail portion oversubscribed by | 105616 Forms. | |
| How to apply in? | Amount Rs. |
|
| Min Retail Appli | 36 | 14904 |
| Max Retail Appli | 468 | 193752 |
| Small HNI (Min) | 504 | 208656 |
| Small HNI (Max) | 2412 | 998568 |
| Big HNI | 2448 | 1013472 |
Kalpataru IPO Timetable
| Anchor portion opens on | |
| IPO opens on | 24 June 2025 |
| IPO Closes on | 26 June 2025 |
| IPO Allotment on | 27 June 2025 |
| Unblocking of ASBA | 30 June 2025 |
| Credit of Shares | 30 June 2025 |
| Listing on | 1 July 2025 |
| Registered Office of the company | |
| Kalpataru Limited 91, Kalpataru Synergy, opposite Grand Hyatt, Santacruz (East), Mumbai 400 055, Maharashtra, India |
|
| Who are the Lead Managers of Suraksha Diagnostic IPO? ICICI Securities Limited J M Financial Ltd Nomura financial Advisory |
|
| Registrar to IPO | |
| Mufg Intime India Pvt ltd |
Kalpataru IPO Financials
| Period Ended | 31-Mar-24 | 31-Mar-23 | 31-Mar-22 |
| Assets | 13,879.43 | 12,540.77 | 13,410.57 |
| Revenue | 2,029.94 | 3,716.61 | 1,248.55 |
| Profit After Tax | -113.81 | -226.79 | -121.55 |
| Net Worth | 1,028.23 | 1,221.89 | 1,429.01 |
| Total Borrowing | 10,688.31 | 9,679.64 | 10,365.97 |
| Amount in Rs. Crore | |||
Key Parameters
| KPI | Values |
| RoNW | -9.80% |
How Kalpataru IPO compares with the Peers?
Peer Comparison.
| Company Name | P/E (x) | RoNW (%) |
| Kalpataru Limited | – | 0.55 |
| Oberoi Realty | 35.91 | 13.92 |
| Macrotech Developers | 90.84 | 8.87 |
| Godrej Properties | 92.10 | 7.26 |
| Sunteck Realty Ltd. | 89.64 | 2.27 |
| Mahindra Lifespace Developers . | 56.71 | 5.25 |
| Keystone Realtors | 56.97 | 6.24 |
| Prestige Estates Projects | 48.31 | 12.17 |
# This is only coverage of News related to Grey Market. We do not deal in grey market premium, nor we recommend dealing in Grey Market. Investment decision based on Grey Market trends can be faulty.
Kalpataru IPO Review by Paresh Gordhandas, CA & Research Analyst.
India’s Real Estate Sector: A Giant Poised for Takeoff
India’s real estate sector, along with its vast network of allied industries, is one of the key engines of the country’s economic growth. From being a US$50 billion market in 2008, it has expanded at a CAGR of 10.83% to reach US$180 billion by 2020. The future looks even more promising — estimates suggest the sector could hit US$1 trillion by 2030 and surge to US$5.8 trillion by 2047.
One of the epicenters of this real estate boom is Mumbai, with its diverse sub-markets: the city center, suburbs, extended suburbs, and fast-developing regions like Thane and Navi Mumbai.
Market Pulse: Nifty Realty Index Performance
While long-term prospects remain bullish, recent market performance paints a mixed picture:
- 1 Month: +12.04%
- 3 Months: +25.84%
- 6 Months: -3.2%
Despite short-term volatility, the underlying momentum — driven by urbanization, infrastructure development, and rising demand — suggests that the sector remains fundamentally strong.
Spotlight on Kalpataru: Real Estate Powerhouse in the MMR
Kalpataru Group is a diversified infrastructure conglomerate with a global presence in over 75 countries and a workforce of 29,000+ employees. Its listed entity, Kalpataru Projects International Ltd., operates in sectors such as power transmission, oil & gas, railways, civil infrastructure, and real estate.
Within the real estate space, Kalpataru stands out as a top-tier developer in the Mumbai Metropolitan Region (MMR) — one of India’s most dynamic and high-value property markets.
Key Highlights:
- Ranked #5 in MCGM (Greater Mumbai) and #7 in Thane by units supplied (2019–2024)
- Delivered 120 completed projects with 25.87 million sq. ft. of developable area across Maharashtra, Karnataka, Telangana, Madhya Pradesh, and Rajasthan
- Dominant presence in the MMR: 68.31% of residential development portfolio is based here (33.45 msf)
- Holds land reserves of approximately 1,886 acres across strategic locations
Project Pipeline: Poised for Acceleration
Kalpataru’s growth engine is well-fueled with:
- Ongoing Projects: 24.83 million sq. ft. of developable area
- Forthcoming Projects: 16.33 million sq. ft. expected to launch between FY25–FY27
The company leverages a seasoned in-house team and top-tier partners — architects, consultants, and EPC firms — to deliver quality at scale.
Financial Snapshot: Near-Term Pains, Long-Term Gains
Kalpataru has reported losses over FY22, FY23, and FY24 — largely due to revenue recognition norms under Ind AS 115, which delay income booking until performance obligations (like occupancy certificates) are met.
This mismatch between project costs and deferred revenues has skewed profitability. However, with several projects nearing completion, the company anticipates a strong rebound in net profits in upcoming quarters.
IPO View: A Calculated Bet
While the IPO pricing may seem rich, the fundamentals suggest potential upside:
- Growth Tailwinds from urban housing demand and infrastructure push
- Earnings Surge expected as completed projects begin contributing to revenue
- Robust Pipeline securing medium-to-long-term visibility
# Fundamental View: Moderate-to-Positive – Short-term risks, but long-term promise
# Investment Angle: Suitable for Medium to Long-Term Investors seeking exposure to real estate resurgence
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