Kalpataru IPO - Day 3 Subscription at 2.31 Times

Kalpataru's initial public offering (IPO) has demonstrated solid investor demand through its third day of subscription, with Kalpataru's stock price set at ₹414 per share and Kalpataru's share price reflecting positive market reception. The ₹1,590.00 crore IPO has witnessed strong progress, with subscription rates opening at 0.10 times on day one, improving to 0.38 times on day two, and reaching 2.31 times by 5:04:43 PM on day three, indicating growing investor interest in this real estate development company.

Kalpataru IPO qualified institutional buyers segment leads with strong 3.12 times subscription, while retail investors demonstrate solid participation at 1.43 times, non-institutional investors show moderate interest at 1.40 times, and employees display cautious participation at 0.76 times, reflecting positive investor confidence in this project management expertise.

Kalpataru IPO subscription reached a solid 2.31 times on day three, led by QIB (3.12x), Retail (1.43x), NII (1.40x), and Employees (0.76x). Total applications reached 1,19,751.

Subscription Status of Kalpataru IPO:

Here are the subscription details for Kalpataru IPO as of Day 3 (June 26, 2025, 5:04:43 PM):

Key Highlights - Day 3:

• Overall subscription reaching a solid 2.31 times, a substantial improvement from day two's 0.38 times
• QIB segment leading with strong demand at 3.12 times, a dramatic increase from day two's 0.18 times
• Retail segment demonstrating solid participation at 1.43 times, improvement from day two's 0.80 times
• NII segment showing moderate interest at 1.40 times, an increase from day two's 0.49 times
• bNII subsegment performing better at 1.48 times compared to sNII at 0.80 times
• Employee segment showing cautious participation at 0.76 times, an increase from day two's 0.40 times
• Total applications reached 1,19,751, indicating good investor participation
• The cumulative bid amount reached ₹2,042.87 crores against the issue size of ₹1,590.00 crores

Kalpataru IPO - Day 2 Subscription at 0.38 Times

Key Highlights - Day 2:

• Overall subscription reaching a modest 0.15 times, an improvement from day one's 0.10 times
• Retail segment leading with moderate demand at 0.57 times, a significant increase from day one's 0.37 times
• NII segment showing limited participation at 0.15 times, improvement from day one's 0.10 times
• Employee segment showing modest interest at 0.28 times, an increase from day one's 0.20 times
• QIB segment showing no participation at 0.00 times, remaining unchanged from day one
• Total applications reached 43,821, indicating limited investor participation
• The cumulative bid amount reached ₹131.34 crores against the issue size of ₹1,590.00 crores

Kalpataru IPO - Day 1 Subscription at 0.10 Times

Key Highlights - Day 1:

• Overall subscription opening cautiously at 0.10 times, showing modest initial investor interest
• Retail segment leading with limited early participation at 0.37 times, indicating measured individual investor confidence
• Employee segment showing modest early interest at 0.20 times, reflecting reserved staff confidence
• NII segment showing minimal early interest at 0.10 times, reflecting reserved high-net-worth confidence
• The QIB segment showed no initial participation at 0.00 times on day one.

About Kalpataru IPO

Kalpataru Limited, founded in 1988, is a real estate development company based in Mumbai, Maharashtra. The company specialises in developing residential and commercial properties, retail spaces, and integrated townships across several Indian cities, including Mumbai, Thane, Panvel, Pune, Hyderabad, Indore, Bengaluru, and Jodhpur.

Kalpataru Limited is part of the Kalpataru Group, which includes Kalpataru Projects International Limited, Property Solutions (India) Private Limited, Shree Shubham Logistics Limited, and their respective subsidiaries, among others. As of March 31, 2024, the company has 40 ongoing projects and has completed 70 projects, with promoters Mofatraj P. Munot and Parag M. Munot holding 100% pre-issue and 81.3% post-issue shareholding.

Financial performance shows a recent turnaround with profit after tax of ₹5.51 crores in December 2024 after massive losses of ₹116.51 crores in FY2024, ₹229.43 crores in FY2023, and ₹125.36 crores in FY2022. The company operates with extremely high debt levels, including total borrowings of ₹11,056.40 crores as of December 2024, a negative EBITDA margin of 4.04%, and faces aggressive valuation with pre-IPO P/E of negative 59.52x and post-IPO P/E of 1160.05x. Market capitalisation post-IPO would be ₹8,524.07 crores with a price-to-book value of 5.62x.

Highlights of the Kalpataru IPO:

• IPO type: Book Building IPO
• IPO size: ₹1,590.00 crores
• Fresh Issue: 3.84 crore shares
• Face value: ₹10 per share
• Issue price band: ₹387 to ₹414 per share
• Lot size: 36 shares
• Minimum investment for retail investors: ₹14,904 (1 lot, 36 shares)
• Minimum investment for sNII: ₹2,08,656 (14 lots, 504 shares)
• Minimum investment for bNII: ₹10,13,472 (68 lots, 2,448 shares)
• Employee discount: ₹38 per share
• Anchor investor allocation: ₹708.35 crores
• Book-running lead managers: ICICI Securities Limited, JM Financial Limited, Nomura Financial Advisory And Securities (India) Pvt Ltd
• Registrar: MUFG Intime India Private Limited (Link Intime)
• Listing at: BSE, NSE
• IPO opens: June 24, 2025
• IPO closes: June 26, 2025
• Allotment date: June 27, 2025
• Listing date: July 1, 2025