Kalpataru IPO Description – Kalpataru is a prominent integrated real estate development company with a strong footprint in the Mumbai Metropolitan Region (MMR), Maharashtra. From 2019 to 2023, MMR ranked first among India’s top seven real estate markets in supply, absorption, and average base selling price. Kalpataru ranked fifth in units supplied within the MCGM area and fourth in Thane during this period. As of 31 December 2024, the company, along with its Promoters, had completed 120 projects totaling over 25.87 million sq. ft. (msf) across Maharashtra, Telangana, Karnataka, Madhya Pradesh, and Rajasthan.
The company had 23 ongoing projects (23.21msf), five forthcoming (15.43 msf), and five planned projects. It also holds land reserves of 1,886.10 acres. Notably, 94.93% of its development portfolio is concentrated in the MMR and Pune, with 67.71% of residential developable area located in the MMR alone. Kalpataru is a founding member of the Indian Green Building Council and has over 32.5 msf of IGBC/LEED-certified built-up area. Backed by the 55-year-old Kalpataru Group, which operates in 75 countries with over 29,000 employees, Kalpataru leverages strong brand equity, in-house execution capabilities, and deep regional insight to drive sustained growth.
As of 31 December 2024, the company has 1,274 employees comprising 1,239 permanent employees, 26 employees on fixed term contracts, and 9 employees on retainer contracts.
Promoters of Kalpataru – Mofatraj P. Munot, and Parag M. Munot
Table of Contents
Kalpataru IPO Details
| Kalpataru IPO Dates | 24 – 26 June 2025 |
| Kalpataru Issue Price | INR 387 – 414 per share |
| Employee Quota | 4,55,587 shares; no discount |
| Fresh issue | INR 1,590 crore |
| Offer For Sale | NIL |
| Total IPO size | INR 1,590 crore |
| Minimum bid (lot size) | 36 shares (INR 14,904) |
| Face Value | INR 10 per share |
| Retail Allocation | 10% |
| Listing On | NSE, BSE |
Kalpataru Financial Performance
| FY 2022 | FY 2023 | FY 2024 | 9M FY 2025 | |
| Revenue | 1,000.67 | 3,633.18 | 1,929.98 | 1,624.74 |
| Expenses | 1,387.59 | 3,874.52 | 2,125.28 | 1,651.02 |
| Net income | (125.59) | (235.81) | (117.77) | 4.77 |
| Margin (%) | (12.55) | (6.49) | (6.10) | 0.29 |
Kalpataru Offer News
Kalpataru Valuations & Margins
| FY 2022 | FY 2023 | FY 2024 (Pre-Issue) | FY 2025 (Post-Issue)* | |
| EPS | (7.50) | (14.08) | (7.03) | 0.31 |
| PE Ratio | – | – | – | 1285.13 – 1340.16 |
| FY 2022 | FY 2023 | FY 2024 | |
| RONW (%) | (8.74) | (16.74) | (10.15) |
| NAV | 85.08 | 72.56 | 60.83 |
| EBITDA (%) | (3.60) | (1.37) | (4.04) |
| Debt/Equity | 0.88 | 0.88 | 0.91 |
Kalpataru IPO GMP Today (Daily Trend)
| Date | Day-wise IPO GMP | Kostak | Subject to Sauda |
| 30 June 2025 | 5 | – | 200 |
| 28 June 2025 | 5 | – | 200 |
| 27 June 2025 | 5 | – | 200 |
| 26 June 2025 | 5 | – | 200 |
| 25 June 2025 | 10 | – | 200 |
| 24 June 2025 | 7 | – | 200 |
| 23 June 2025 | 9 | – | 300 |
Kalpataru IPO Objectives
The company proposes to utilize the Net Proceeds from the Fresh Issue towards funding the following objects:
- Repayment/pre-payment, in full or in part, of certain borrowings availed by the company and its Subsidiaries – INR 1,192.5 crore
- General corporate purposes
Kalpataru IPO Subscription – Live Updates
| Category | QIB | NII | Retail | Employee | Total |
|---|---|---|---|---|---|
| Shares Offered | 1,22,02,326 | 61,01,162 | 40,67,441 | 4,55,587 | 2,28,26,516 |
| 26 Jun 2025 | 3.12 | 1.31 | 1.29 | 0.70 | 2.26 |
| 25 Jun 2025 | 0.17 | 0.45 | 0.72 | 0.38 | 0.35 |
| 24 Jun 2025 | 0.00 | 0.10 | 0.33 | 0.18 | 0.09 |
1,71,09,783 shares allotted to anchor investors are not included in these calculations. Similarly, shares allotted to market makers, if any, are not part of these calculations.
Kalpataru – Comparison With Listed Peers
| Company | PE ratio | EPS | RONW (%) | NAV | Revenue (Cr.) |
| Kalpataru | 1285.13 – 1340.16 | 0.31 | 0.55 | 113.11 | 1,624.74 |
| Oberoi Realty | 35.91 | 52.99 | 13.92 | 380.76 | 4,495.79 |
| Macrotech Developers | 90.84 | 15.99 | 8.87 | 175.66 | 10,316.10 |
| Godrej Properties | 92.10 | 26.08 | 7.26 | 359.39 | 3,035.62 |
Kalpataru IPO Dates & Listing Performance
| IPO Opening Date | 24 June 2025 |
| IPO Closing Date | 26 June 2025 |
| Finalization of Basis of Allotment | 27 June 2025 |
| Initiation of refunds | 30 June 2025 |
| Transfer of shares to demat accounts | 30 June 2025 |
| Kalpataru IPO Listing Date | 1 July 2025 |
| Opening Price on NSE | INR 414 per share (No change) |
| Closing Price on NSE | INR 432.95 per share (up 4.58%) |
Kalpataru IPO Reviews – Subscribe or Avoid?
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Ventura Securities – Not rated
Kalpataru Offer Lead Manager
ICICI SECURITIES LIMITED
ICICI Venture House Appasaheb Marathe Marg Prabhadevi
Mumbai 400 025 Maharashtra, India
Phone: +91 22 6807 7100
Email: [email protected]
Website: www.icicisecurities.com
Kalpataru Offer Registrar
MUFG INTIME INDIA PRIVATE LIMITED
C-101, 1st Floor, 247 Park L.B.S. Marg,
Vikhroli West, Mumbai – 400 083, Maharashtra
Telephone: +91 810 811 4949
Email: [email protected]
Website: www.in.mpms.mufg.com
Kalpataru Contact Details
KALPATARU LIMITED
91, Kalpataru Synergy, opposite Grand Hyatt,
Santacruz (East), Mumbai 400 055, Maharashtra
Phone: +91 22 3064 5000
Email: [email protected]
Website: www.kalpataru.com
Kalpataru IPO FAQs
How many shares in Kalpataru IPO are reserved for HNIs and retail investors?
The investors’ portion for QIB – 75%, NII – 15%, and Retail – 10%.
How to apply for an Kalpataru Public Offer?
The best way to apply for Kalpataru public offer is through Internet banking ASBA (know all about ASBA here). You can also apply online through your stock broker using UPI. If you prefer to make paper applications, fill up an offline IPO form and deposit the same to your broker.
What is Kalpataru IPO GMP today?
Kalpataru IPO GMP today is INR 5 per share.
What is Kalpataru kostak rate today?
Kalpataru kostak rate today is INR NA per application.
What is Kalpataru Subject to Sauda rate today?
Kalpataru Subject to Sauda rate today is INR 200 per application.