New Delhi, June 21, 2025 — Kalpataru Ltd, a Mumbai-based real estate developer, has announced property sales worth ₹2,727.24 crore for the April to December period of FY2024–25. The sales performance comes ahead of the company’s upcoming initial public offering (IPO), underlining its strong operational momentum.
Strong Sales Performance in FY25
Kalpataru’s sales of ₹2,727 crore in the first nine months of FY25 reflect stable demand across its residential and commercial projects. In comparison, the company had achieved sales of ₹3,201.98 crore in the full financial year 2023–24. The sales data was disclosed in the updated red herring prospectus filed with the Securities and Exchange Board of India (SEBI).
₹1,590 Crore IPO Launch
The company is set to launch a ₹1,590 crore IPO on June 24, 2025. The issue will open for anchor investors on June 23 and close on June 26. Entirely comprising a fresh issue of equity shares, the IPO proceeds will primarily be used to repay outstanding borrowings, with ₹1,192.5 crore allocated for debt reduction. The remaining funds will go toward general corporate purposes.
The IPO price band has been fixed at ₹387 to ₹414 per share. At the upper end of the price range, Kalpataru Ltd is expected to attain a market capitalization of approximately ₹8,500 crore. The company’s shares are expected to be listed on the BSE and NSE by July 1.
Focus on Mid to Premium Segment
According to Managing Director Parag M Munot, Kalpataru continues to see healthy demand in the mid to premium segments, particularly for homes and commercial units priced between ₹1 crore and ₹10 crore. The company’s stronghold includes major Indian cities such as Mumbai, Pune, Hyderabad, and Noida.
Robust Development Portfolio
Kalpataru has a total development portfolio of nearly 50 million square feet. This includes 25 million square feet currently under development, 16 million square feet planned for upcoming launches, and 8 million square feet in the planning stage. Over the years, the company has completed more than 75 projects, comprising around 16 million square feet of built-up area.
Group Legacy and Diversified Operations
Kalpataru Ltd is part of the larger Kalpataru Group, founded in 1969 by Mofatraj P Munot. The group operates across various sectors, including power transmission, railways, logistics, infrastructure, oil and gas, and facility management. One of its key subsidiaries, Kalpataru Projects International Ltd, is already listed on Indian stock exchanges.
Investor Sentiment and Market Outlook
Despite the company’s strong fundamentals and consistent sales growth, the IPO is currently witnessing muted activity in the grey market, with no significant premium over the issue price. This indicates a cautious approach from investors, possibly due to prevailing market conditions. However, the IPO’s focus on reducing debt and strengthening the company’s balance sheet may attract long-term institutional interest.
Listing Timeline and Expectations
The IPO bidding window for retail and institutional investors will be open from June 24 to June 26, with allotments expected by June 27. The stock is likely to debut on the exchanges on July 1. Market observers will be closely watching the IPO subscription numbers and the listing response, especially given Kalpataru’s strong performance and future growth plans.
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