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19 Nov 2024
Mumbai-based real estate developer Kalpataru has filed a draft red herring prospectus (DRHP) with the Securities and Exchange Board of India (SEBI) to raise up to ₹1,590 crore through an initial public offering (IPO). The IPO will consist solely of a fresh issuance of equity shares with no offer-for-sale (OFS) component.
The primary objective of the IPO is to repay or prepay certain borrowings, either partially or fully, amounting to ₹1,192.5 crore. The remaining proceeds will be used for general corporate purposes.
Kalpataru is an integrated real estate development company engaged in various aspects of the business, including land acquisition, planning, designing, execution, sales and marketing. As of March 2024, the company has a portfolio of 40 ongoing, forthcoming and planned projects with a developable area of 49.77 million square feet.
The company's projects are primarily concentrated in the Mumbai Metropolitan Region (MMR) and Pune (Maharashtra), with additional ongoing projects in Hyderabad (Telangana) and Noida (Uttar Pradesh). Kalpataru also holds land banks in Surat (Gujarat), Nagpur (Maharashtra) and Udaipur (Rajasthan).
Kalpataru is part of the Kalpataru Group, established in 1969 by Mofatraj P Munot. The group operates across various sectors, including EPC contracting for power transmission and distribution, oil and gas, railways, and civil infrastructure projects.
ICICI Securities Ltd, JM Financial Ltd, and Nomura Financial Advisory and Securities (India) Private Ltd are the lead managers for the IPO.
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