Real estate developer Kalpataru has successfully raised INR 708.34 crore from anchor investors, marking a confident start to its INR 1,590 crore IPO which opens for public subscription today. The shares were allocated at INR 414 apiece, the upper end of the price band, on 23 June 2025.
Kalpataru IPO anchor book was led by sovereign wealth funds from Singapore, large domestic mutual funds, insurance firms, and prominent alternative investment funds. The wide participation reflects robust institutional confidence in Kalpataru’s long-term growth prospects, its strategic land bank, and leadership in premium urban housing in India.
Kalpataru IPO Anchor Book: Highlights
Kalpataru’s anchor book features a diversified mix of 16 investors across geographies and fund types:
- Singapore-based institutions dominate the anchor round, with the Government of Singapore, Monetary Authority of Singapore, and GSS Opportunities Investment VCC together accounting for 67% of the allocation.
- Domestic participation was headlined by SBI Mutual Fund, ICICI Prudential Mutual Fund, and Taurus Mutual Fund, which collectively secured 16.94% of the anchor shares.
- Other investors include Aditya Birla Sun Life Insurance, 360 ONE Special Opportunities Funds, SBI General Insurance, and offshore names like Ayushmat (Mauritius).
🔒 Kalpataru IPO Anchor Allocation: Summary
| No. | Anchor Investor | Shares Allotted | % of Anchor Book | Investment (INR Cr) |
|---|---|---|---|---|
| 1 | Government of Singapore | 56,24,820 | 32.87% | 232.87 |
| 2 | Monetary Authority of Singapore | 16,21,584 | 9.48% | 67.13 |
| 3 | GSS Opportunities Investment VCC | 42,27,084 | 24.71% | 175.00 |
| 4 | SBI Magnum Children’s Benefit Fund – Investment Plan | 7,24,644 | 4.24% | 30.00 |
| 5 | SBI Infrastructure Fund | 7,24,644 | 4.24% | 30.00 |
| 6 | ICICI Prudential Housing Opportunities Fund | 4,83,120 | 2.82% | 20.00 |
| 7 | ICICI Prudential Multicap Fund | 7,24,644 | 4.24% | 30.00 |
| 8 | 360 ONE Special Opportunities Fund – Series 11 | 1,20,780 | 0.71% | 5.00 |
| 9 | 360 ONE Special Opportunities Fund – Series 12 | 3,42,252 | 2.00% | 14.17 |
| 10 | 360 ONE Special Opportunities Fund – Series 13 | 1,93,212 | 1.13% | 8.00 |
| 11 | Aditya Birla Sun Life Insurance Company Ltd | 11,35,296 | 6.64% | 47.00 |
| 12 | SBI General Insurance Company Ltd | 6,56,271 | 3.84% | 27.17 |
| 13 | UTI Retirement Solutions Pension Fund Scheme | 1,35,252 | 0.79% | 5.60 |
| 14 | Taurus Mutual Fund – Taurus Infrastructure Fund | 9,684 | 0.06% | 0.40 |
| 15 | LIC MF Large Cap Fund | 96,624 | 0.56% | 4.00 |
| 16 | Ayushmat Ltd (Mauritius) | 2,89,872 | 1.69% | 12.00 |
| Total | 1,71,09,783 | 100% | 708.34 |
🏗️ About Kalpataru
Kalpataru is a leading real estate developer with deep roots in the Mumbai Metropolitan Region (MMR) and Pune. As of December 2024, the company had:
- 120 completed projects across 25.87 million sq. ft.
- 23 ongoing, 5 upcoming, and 5 planned projects
- A substantial land bank of 1,886.10 acres
- 32.5 million sq. ft. of IGBC/LEED-certified green buildings
The company operates under the larger umbrella of the Kalpataru Group, a 55-year-old conglomerate with a presence in 75 countries and over 29,000 employees.
📅 Kalpataru IPO Details
| Detail | Info |
|---|---|
| Issue Size | INR 1,590 crore (Fresh Issue only) |
| Price Band | INR 387 – 414 per share |
| Lot Size | 36 shares |
| Minimum Investment | INR 14,904 |
| Open Dates | 24 – 26 June 2025 |
| Listing | NSE & BSE (1 July 2025) |
| Face Value | INR 10 per share |
| Lead Managers | ICICI Securities, JM Financial, Nomura |
| Registrar | MUFG Intime India |
🧮 Use of IPO Proceeds
- INR 1,192.5 crore – Repayment/prepayment of borrowings
- Balance – General corporate purposes
📊 Financial Performance
| Metric | FY22 | FY23 | FY24 | 9M FY25 |
|---|---|---|---|---|
| Revenue | 1,000.67 | 3,633.18 | 1,929.98 | 1,624.74 |
| Net Profit) | (125.59) | (235.81) | (117.77) | 4.77 |
| EBITDA Margin (%) | (3.60)% | (1.37)% | (4.04)% | — |
| Net Margin (%) | (12.55)% | (6.49)% | (6.10)% | 0.29% |
| EPS (INR) | (7.50) | (14.08) | (7.03) | 0.31* |
| PE Ratio (Post-Issue) | — | — | — | 1,285–1,340 |
| Debt-to-Equity | 0.88 | 0.88 | 0.91 | — |
*EPS is annualized for FY25
💬 Market Sentiment & Subscription
- GMP (Grey Market Premium): INR 7 on 24 June 2025 (down from INR 9)
- Retail Subscription (Day 1, 10:54 AM): 0.10x
Conclusion
Kalpataru IPO anchor book has shown a solid institutional response, led by long-only sovereign and mutual fund investors. As the company has a robust pipeline and brand strength, it could be a value buy for long-term investors betting on India’s premium real estate segment and urban housing demand, Kalpataru may offer a compelling opportunity.
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