Kalpataru IPO

2.27x

subscribed

Kalpataru IPO

Construction - Real Estate
listed
₹13,932Min. investment
  1. Pre-apply
    20 Jun
  2. Bid start
    24 Jun
  3. Bid end
    26 Jun
  4. Allotment
    27 Jun
  5. Release of funds
    30 Jun
  6. Demat transfer
    30 Jun
  7. Listing
    1 Jul

About Kalpataru Limited

SectorConstruction - Real Estate
Price range₹387 – ₹414
IPO type
Regular
Lot size36 shares
Issue size₹1,590Cr
Red Herring Prospectus
Read
Market Cap
₹8,524.07CrHigher than sector avg
RevenueApr 2024 - Mar 2025
₹1,929.98CrHigher than sector avg
Growth rate3Y CAGR
38.88%

Kalpataru Limited IPO Overview

Kalpataru Limited IPO Date

Kalpataru Limited IPO will open for subscription on June 24, 2025, and the closing date for the IPO is June 26, 2025. After this, investors are expected to be updated about the allotment status on Friday, June 27, 2025. Investors who have been allotted shares can expect them to be credited to their demat account on June 30, 2025. The shares will be listed on the NSE and the BSE on Tuesday, July 1, 2025.

Kalpataru Limited IPO Price Band

The IPO includes only a fresh issue of shares. The IPO price band has been set between ₹387 to ₹414 per share. Interested investors can choose a price within this band to apply for the IPO.

The IPO is a book-building issue, comprising a fresh issue of ₹1,590 crore and no offer for sale component.

The Kalpataru Limited IPO listing price will be determined on July 1, 2025. The listing price is the price at which a company’s shares debut on the stock exchanges.

Kalpataru Limited IPO Lot Size

The Kalpataru Limited IPO details have been declared. The minimum lot size for an application is 36 shares, and the investor would have to apply for a minimum of 1 lot. Meanwhile, the IPO issue size is approximately ₹1,590.00 crore.

Checklist

Quality analysis
Revenue growth
Company valuation
Earnings expansion
Risk analysis
Debt to Equity ratio
Promoter holdings
Shares pledged
The investment checklist helps you understand a company's financial health at a glance and identify quality investment opportunities easily

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Revenue
Higher revenue means strong sales and good market demand
This IPO
₹1,929.98Cr
This sector
₹459.59Cr
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PAT
Higher PAT means strong profitability and efficient cost management
This IPO
-₹116.51Cr
This sector
₹44.01Cr
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Market cap
Higher market cap means strong confidence but may suggest overvaluation
This IPO
₹8,524.07Cr
This sector
₹4,335.58Cr
Compare with companies
D/E ratio
Lower ratio usually means fewer liabilities
This IPO
0.86
This sector
0.89
Compare with companies

Objectives

Repayment of Borrowing
75.00%
General corporate purposes
25.00%

Strength and Weakness

Dominant MMR market position

The company is the 5th largest developer in the MCGM region and the 7th largest in Thane by units supplied (CY19-Dec2024), with a presence across all micro-markets in the MMR. The company has 73 completed projects totalling 15.03 msf of developable area, with 93.63% concentrated in the premium MMR and Pune markets.

Premium brand command & pricing power

The "Kalpataru" brand, backed by 55 years of group legacy, enables significant pricing premiums of 2-29% over sub-market averages across locations. This strong brand recognition facilitates exceptional pre-sales performance, with 94.74% average sales achieved before occupancy certificates and 60.25% sales within the first year of project launches.

End-to-End execution capabilities

The company operates an integrated development model with in-house capabilities across land acquisition, design, execution, and marketing. The experienced management team averages 23+ years in real estate with 16+ years at the company, supported by strong quality control frameworks and established vendor relationships.

Diversified Revenue Mix Across Price Segments

The company operates across the entire price spectrum, with ultra-luxury projects contributing 40% of sales value, high-end projects 37.1%, luxury 18.8%, and mid-end 4.1%. This diversification across price points provides revenue stability and reduces dependence on any single market segment, while the higher contribution from premium segments ensures strong margins.

About Kalpataru Limited

Incorporated in 1988, Kalpataru Limited is a prominent real estate developer in the Mumbai Metropolitan Region (MMR), maintaining a strong presence across all micro-markets within the MMR. The company also operate in Pune, Hyderabad, Bengaluru, Indore, and Jodhpur.
The Kalpataru Limited focuses on luxury, premium, and mid-income residential, commercial, and retail projects, integrated townships, lifestyle gated communities, and redevelopments. As per the company, it is the 5th largest developer in the MCGM region and the 7th largest developer in Thane, Maharashtra, in terms of units supplied between 2019 and December 31, 2024.
The company is part of the Kalpataru Group, established in 1969 by Mr. Mofatraj P. Munot. The group has a multinational presence with operations in 75 countries in segments like power transmission and distribution, oil and gas, railways, and civil infrastructure projects. One of its group companies, Kalpataru Projects International Limited, is already listed on the NSE and BSE.
As of December 31, 2024, Kalpataru Limited has completed 120 projects totalling over 25.87 million square feet (msf) of developable area across multiple cities. The company has 36 ongoing, forthcoming projects, comprising 48.97 msf of developable area, with 25 ongoing projects (24.83 msf), 6 forthcoming projects (16.33 msf), and 5 planned projects (7.81 msf). The company sold 1,407 units covering 2.05 msf of saleable area and collected ₹2,621 crore in sales during the first nine months of FY25.
The company majorly operates in the MMR, which commands the largest market share among India's top seven cities, with an average 31% share in supply and 32% in absorption. With pan-India inventory overhang declining to just 14 months in 2024, the lowest in 6-7 years, and absorption consistently outpacing supply since 2021, which is optimal conditions for the established developers like Kalpataru Limited.
The shift toward premium segments is particularly favourable for Kalpataru, as supply in the affordable segment (under ₹40 lakhs) has declined from 40% to 16% between 2019-2024, while luxury and ultra-luxury segments have expanded substantially. This premiumisation trend aligns perfectly with Kalpataru's positioning as a branded developer in high-value micro-markets. The branded developers command a 15-30% price premium over micro-market averages due to superior brand trust, quality, and amenities. This pricing power, combined with higher sales velocity compared to tier-2 developers, provides Kalpataru with stronger margins and faster capital turnover.
Mumbai's massive infrastructure development program creates a powerful tailwind for the company’s growth. The completion of the Mumbai Trans Harbour Link, the expansion of the metro network with 13 high-capacity lines, the Coastal Road project, and the upcoming Navi Mumbai International Airport will significantly enhance connectivity and drive real estate demand. Looking ahead to 2025-2027, industry forecasts continued growth with gradual increases in both supply and absorption, while pricing is expected to maintain an upward trajectory with MMR and Pune growing at a 3-5% CAGR. Kalpataru's diversified presence across all MMR micro-markets from South-Central Mumbai to Thane positions the company to capture growth opportunities across different price segments and geographies.
Now, Kalpataru Limited is launching its initial public offering (IPO), which consists of a fresh issue of over 3.84 crore equity shares. The total issue size of the IPO is ₹1,590 crore. Its shares will be listed on the NSE and BSE.

IPO Subscription Status

Date
QIB
NII
Retail
Total
24-Jun-25
0.0 times (X)
0.1 times (X)
0.36 times (X)
0.09 times (X)
25-Jun-25
0.17X
0.45X
0.77X
0.35X
26-Jun-25
3.12X
1.17X
1.36X
2.27X

Frequently asked questions

How to invest in the IPO?

Investors can apply for the IPO through their Demat account via the stock exchange or through their broker.

What is the issue size of Kalpataru IPO ?

The issue size of the Kalpataru IPO is 1590 Cr.

What is 'pre-apply' for Kalpataru IPO ?

Pre-applying for an IPO allows you to submit your application before the official subscription period begins.

Which exchanges will Kalpataru IPO shares list on?

The IPO shares will typically list on major stock exchanges such as the National Stock Exchange (NSE) and Bombay Stock Exchange (BSE), as specified in the IPO prospectus.