Kalpataru files draft papers with SEBI to raise ₹1,590 crore via IPO

Real estate firm Kalpataru Limited has filed draft papers for an initial public offering (IPO) with the market regulator Securities and Exchange Board of India (SEBI).

The Mumbai-based company intends to raise up to ₹1,590 crore via fresh issuance of shares, according to the draft red herring prospectus (DRHP). Of the IPO proceeds, ₹1,192.5 crore will be used to repay and prepay certain borrowings.

"We are an integrated real estate development company involved in all key activities associated with real estate development, including the identification and acquisition of land (or development rights thereto), planning, designing, execution, sales, and marketing of our projects," the DRHP said.

Currently, the company has a portfolio of 40 ongoing, upcoming, and planned projects encompassing 49.77 million square feet (sq ft). Of these, construction work is underway in 25 projects with 22 million sq ft.

Kalpataru's majority of projects are located in Mumbai Metropolitan Region (MMR) and Pune. It also has two ongoing projects in Noida and Hyderabad. Further, it has land banks in Nagpur, Udaipur and Surat.

About Kalpataru Group

Kalpataru Ltd is part of the Kalpataru Group, which also includes Kalpataru Projects International Ltd, Shree Shubham Logistics Ltd, and Property Solutions (India).

Established in 1969 by Mofatraj P Munot, Kalpataru Group has a multi-national presence and operations in engineering, procurement, and construction (EPC) contracting for power transmission and distribution, railways, oil and gas,civil infrastructure projects, facility management, warehousing, and logistics.

ICICI Securities Ltd, Nomura Financial Advisory and Securities (India) Private Ltd, and JM Financial Ltd are the book-running lead managers for the issue.