New Delhi – In a major development ahead of its highly anticipated Initial Public Offering (IPO), real estate firm Kalpataru Ltd has successfully raised ₹708 crore from prominent anchor investors. The pre-IPO anchor round saw participation from major domestic and global institutions, signaling strong investor confidence in the company’s fundamentals and growth outlook.
Kalpataru allotted approximately 1.71 crore equity shares at ₹414 per share, the upper limit of its IPO price band of ₹387 to ₹414. Leading the anchor round were global investment giants like Singapore’s sovereign wealth fund GIC, which took up nearly 33% of the allocation, and Bain Capital-backed GSS Opportunities Investment, which received about 25%. Other investors included SBI Mutual Fund, ICICI Prudential Mutual Fund, SBI General Insurance, Aditya Birla Sun Life, 360 ONE WAM, Taurus Mutual Fund, Ayushmat Ltd, and the Monetary Authority of Singapore.
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The Kalpataru IPO will open for public subscription from June 24 to June 26, 2025. The issue comprises a 100% fresh issue of shares, with no offer-for-sale component. Investors can bid for shares in lots of 36, with the aim of raising ₹1,590 crore. A major portion of the IPO proceeds—around ₹1,192.5 crore—is earmarked for debt repayment or prepayment, while the remaining funds will be utilized for general corporate purposes.
Over the past few years, Kalpataru has demonstrated robust financial performance. The company’s pre-sales and collections grew at a compounded annual growth rate (CAGR) of 23% and 31% respectively from FY22 to FY24. In the first nine months of FY25 alone, collections stood at ₹2,621 crore—almost equal to the total for the previous fiscal year. Additionally, the company turned profitable during this period, with EBITDA margins rising from 23% to 32%, and average realizations improving from ₹9,600 per sq ft in FY22 to ₹13,300 in H1 FY25.
Kalpataru’s real estate portfolio includes over 25 million square feet of ongoing projects, with about 70% already sold. The company expects to deliver approximately 10 million square feet by FY27. Its strong project execution track record and high pre-completion sales ratio (nearly 90%) reflect consistent demand and healthy cash flow visibility.
As one of the key IPOs launching this week, alongside other notable offerings, Kalpataru’s public issue comes at a time when investor sentiment towards the real estate sector is on an upward trend. With strong anchor backing, solid financials, and a well-diversified portfolio, Kalpataru’s IPO is poised to attract significant interest from institutional and retail investors alike.
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