Kalpataru Ltd shares trade at 2% GMP ahead of issue opening. Key things to know

Shares of Mumbai-based real estate developer Kalpataru Ltd traded at a grey market premium (GMP) of 2.17% or Rs 9 in the unlisted market ahead of the opening of its initial public offering (IPO) on Tuesday, June 24.

The grey market premium (GMP) represents the price at which shares of an upcoming IPO are trading in the informal, unofficial market prior to their listing on a stock exchange. A high or positive GMP typically signals strong investor interest and suggests that the stock may debut at a price above its issue price.

Conversely, a zero or negative GMP points to weak demand and raises the possibility of the stock listing at a discount.


However, it is important to note that GMP is not regulated by SEBI or any stock exchange. It is driven purely by market sentiment and does not guarantee the actual listing price.

About Kalpataru IPO
The Rs 1,590 crore IPO of Kalpataru Ltd is a pure fresh issue, with no offer-for-sale (OFS) component. As a result, the entire proceeds from the offering will go directly to the company to support debt reduction and business expansion. The basis of allotment is expected to be finalised on June 27, with a tentative listing scheduled for July 1 on both the BSE and NSE.

Retail investors can apply for a minimum of one lot comprising 36 shares, requiring an investment of Rs 13,932 at the floor price and Rs 14,904 at the cap price. Small non-institutional investors must bid for at least 14 lots (504 shares), amounting to Rs 2,08,656, while large non-institutional investors are required to apply for 68 lots (2,448 shares), which translates to an investment of Rs 10,13,472.

As per the Red Herring Prospectus, Kalpataru Ltd plans to utilise Rs 1,192.5 crore of the net proceeds from the IPO for the repayment or prepayment of borrowings at both the company and subsidiary levels. The balance amount will be allocated towards general corporate purposes.

Kalpataru IPO key dates
The issue will open on Tuesday, June 24 and will close for public bidding on June 26. The allotment of shares is likely to take place on June 27, and the shares of the company are proposed to be listed on NSE and BSE on July 1.

About Kalpataru Ltd
Founded in 1988, Kalpataru Ltd is a part of the Kalpataru Group and is engaged in the development of residential, commercial, and retail properties, including integrated townships. The company has successfully delivered 70 projects and is currently executing 40 ongoing developments across key cities such as Mumbai, Pune, Hyderabad, Bengaluru, and Indore.

The broader Kalpataru Group ecosystem includes infrastructure and logistics arms like Kalpataru Projects International and Shree Shubham Logistics, enabling strategic synergies across the real estate value chain.

Kalpataru Ltd reported a profit after tax of Rs 5.51 crore for the nine months ended December 2024, marking a turnaround from a loss of Rs 116.51 crore in FY24 and Rs 229.43 crore in FY23. During the same nine-month period, the company recorded revenue of Rs 1,699 crore.

As of December 31, 2024, Kalpataru's total borrowings stood at Rs 11,056 crore, while its total assets amounted to Rs 15,562 crore, according to disclosures in the company’s filings.

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