Mumbai: The Rs 1,590 crore IPO of real estate and infrastructure company Kalpataru has been subscribed 14 percent by 12 PM on June 25, the second day of bidding. The company is offering around 2.28 crore shares, and has received bids for nearly 31.48 lakh shares so far.
Retail investors show strong interest
- Retail investors have led the demand, subscribing 53 percent of their portion.
- Non-Institutional Investors (NII) have subscribed 14 percent of their quota.
- Qualified Institutional Buyers (QIBs) have not placed major bids yet.
IPO details
- The IPO is open from June 24 to June 26.
- The price band is Rs 387 to Rs 414 per share.
- Investors can apply for a minimum of 36 shares (Rs 14,904), and in multiples thereafter.
- The shares are expected to list on July 1.
Grey Market Premium (GMP)
According to Investorgain and IPO Watch, Kalpataru shares are trading at around Rs 423 in the grey market. This means there is a 2 percent premium over the issue price, showing mild investor interest ahead of listing.
Use of funds
The company had already raised Rs 708 crore from anchor investors before the IPO opened to the public.
Funds raised will be used to:
- Repay company debts
- Support general business needs
Kalpataru’s IPO is being watched by market experts as one of the notable infrastructure offerings this year.
About Kalpataru
Kalpataru is a 50-year-old group with operations in:
- Power transmission and distribution
- Railways, oil & gas, civil infrastructure
- Warehousing, logistics, and facility management
It has a global presence in EPC contracting and infrastructure.
