Kalpataru Developers Files DRHP For ₹1,590 Crore IPO With SEBI

The Securities and Exchange Board of India (SEBI), the market regulator, has received draft documents for an initial public offering (IPO) from real estate company Kalpataru Limited.

Issue size of IPO

The draft red herring prospectus (DRHP) states that the Mumbai-based company plans to issue new shares in order to raise up to Rs 1,590 crore. Rs 1,192.5 crore of the IPO proceeds will go towards pre-paying and repaying some loans.

Kalpataru's DRHP said the company will issue 159 crore shares with a face value of Rs 10 per share.

We are an integrated real estate development firm that engages in all significant real estate development-related activities, such as finding and purchasing land (or the right to develop it), as well as organising, creating, carrying out, selling, and promoting our projects, the DRHP stated.

Total area under construction

The company currently has 40 projects in progress, one in the works, and one planned that together total 49.77 million (4.97 crore) square feet (sq ft). Of these, 25 projects totalling 22 million (2.2 crore) square feet are presently under construction.

The majority of Kalpataru's projects are situated in Pune and the Mumbai Metropolitan Region (MMR). Additionally, it is working on two projects in Hyderabad and Noida. It also has land banks in Surat, Udaipur, and Nagpur.

Company profile

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

The engineering, procurement, and construction (EPC) firm Kalpataru Group was founded in 1969 by Mofatraj P. Munot and operates on a global scale in the fields of power transmission and distribution, railroads, oil and gas, and civil infrastructure projects, as well as facility management, warehousing, and logistics.