Kalpataru files draft papers for IPO with SEBI; plans to raise ₹1,590 crore via fresh issue

Kalpataru Ltd, the Mumbai based real estate developer, has filed its Draft Red Herring Prospectus (DRHP) with capital market regulator Securities and Exchange Board of India (SEBI) to raise funds via initial public offering (IPO).

Kalpataru IPO comprises a fresh issue of equity shares worth ₹1,590 crore of face value of ₹10 each, according to the DRHP.

The company proposes to utilize the net proceeds towards repayment or pre-payment of certain borrowings and general corporate purposes.

Mint had in 2023 first reported about Kalpataru Ltd's plan to file draft IPO papers with Sebi.

Kalpataru is an integrated real estate development company in the Mumbai Metropolitan Region (MMR) with presence across all micro-markets in the MMR. It is involved in all key activities associated with real estate development, including the identification and acquisition of land, planning, designing, execution, sales, and marketing of their projects.

ICICI Securities, JM Financial and Nomura Financial Advisory and Securities (India) are the Book Running Lead Managers for the Kalpataru IPO and Link Intime India is the IPO registrar.

About Kalpataru

Kalpataru Ltd is the fifth largest real estate 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, according to a report by ANAROCK.

As of March 31, 2024, Kalpataru (together with its Promoters) had a total of 113 completed projects aggregating to more than 24.10 msf of Developable Area. Its ongoing projects comprised approximately 22.02 msf of Developable Area.

The company’s forthcoming projects comprised approximately 19.93 msf of developable area, and are expected to launch across the Financial Years 2025, 2026 and 2027 in various phases, the company said in a release.

The majority of the Kalpataru’s projects are located in the MMR and Pune, Maharashtra and has two ongoing projects in Hyderabad, Telangana and Noida, Uttar Pradesh.

Mofatraj Munot and Parag Munot are the promoters of Kalpataru Ltd.

The company is a member of the Kalpataru group of companies, consisting of the company, Kalpataru Projects International Limited, Property Solutions (India) Private Limited and Shree Shubham Logistics Limited. Kalpataru Projects International Ltd is listed on the NSE and BSE.

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