Kalpataru Raises Rs 708 Cr from Marquee Anchor Investors Ahead of IPO

Bengaluru: Real estate developer Kalpataru Ltd has raised Rs 708 crore from marquee anchor investors, including Singapore sovereign wealth firm GIC and Bain Capital, a day ahead of the launch of its initial public offering (IPO).

IPO Details

• The IPO, which opens on June 24 and concludes on June 26, aims to raise up to Rs 1,590 crore.
• The company has fixed a price band of Rs 387 to Rs 414 per share for its IPO.
• Kalpataru allocated over 1.71 crore equity shares at Rs 414 per share to nine anchor investors.

Other Investors

• Other entities that were allocated shares include SBI Mutual Fund, ICICI Prudential MF, 360 ONE Group, Aditya Birla Sun Life Insurance, SBI General Insurance, Taurus MF, and Ayushmat Ltd.

Company Overview

• Kalpataru focuses on the development of residential, commercial, retail, and integrated township projects.
• The company has a huge portfolio of nearly 50 million square feet, including ongoing, forthcoming, and planning-stage projects.
• Kalpataru has completed 75 projects, comprising 16 million square feet, and has a significant presence in the Mumbai Metropolitan Region (MMR) and Pune.

Use of Funds

• The company proposes to utilize funds raised from the IPO for the payment of debt and general corporate purposes.