Kalpataru IPO
Kalpataru IPO — date, price band, lot size & details 2025
Kalpataru listed on 1 Jul 2025 at ₹414, flat to the ₹414 issue price.
Kalpataru is a Mumbai-based real estate developer working on residential, commercial, retail and township projects. On 31 March 2024 it had 40 ongoing projects and had completed 70.
Stock price
Kalpataru is listed — here is the live share price.
Researched & reviewed by
Abhishek Vohera,
Founder, IPO Guru
Last updated
Figures sourced from the RHP, BSE & NSE
Timetable
Key dates from opening to listing. Today is 10 November.
- Open 24 Jun 2025
- Close 26 Jun 2025
- Allotment 27 Jun 2025
- Refund/credit 30 Jun 2025
- Listing 01 Jul 2025
Issue summary
The terms of the offer, as filed.
| IPO Dates | 24 to 26 Jun, 2025 |
|---|---|
| Price Band | ₹387 – ₹414 |
| Face Value | ₹10 |
| Lot Size | 36 Shares |
| Issue Size | ₹1590 Cr |
| Sale Type | Fresh capital only |
| Listing On | BSE, NSE |
| Employee Discount | Rs 38.00 per share |
| Registrar | MUFG Intime India Private Limited |
| Min Investment | ₹ 14,904 |
Share of the offer set aside for each investor category, as stated in the offer document.
What will it cost me?
Bidding is in multiples of 36 shares at the ₹414 cut-off. Drag to size your application.
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 1 | 36 | ₹14,904 |
| Retail (max) | 13 | 468 | ₹1,93,752 |
| S-HNI (min) | 14 | 504 | ₹2,08,656 |
| S-HNI (max) | 67 | 2,412 | ₹9,98,568 |
| B-HNI (min) | 68 | 2,448 | ₹10,13,472 |
Strengths & risks
Drawn from the offer document — the case for and against, side by side.
Strengths · 5
- 01The company had 40 ongoing projects and 70 completed projects on 31 March 2024.
- 02The whole Rs 1,590 crore issue was fresh capital, and Rs 1,192.50 crore of it was for repaying debt.
- 03It made a small profit of Rs 5.51 crore in the nine months to 31 December 2024 after losses in the three earlier years.
- 04Net worth rose from Rs 1,028.23 crore on 31 March 2024 to Rs 1,579.54 crore on 31 December 2024.
- 05Total assets stood at Rs 15,562.35 crore on 31 December 2024.
Risks · 7
- 01The P/E was 1,160.05 at the upper band of Rs 414, based on post-issue EPS of Rs 0.36.
- 02Total borrowing was Rs 11,056.40 crore on 31 December 2024, about seven times net worth of Rs 1,579.54 crore.
- 03The company made losses of Rs 125.36 crore in FY2022, Rs 229.43 crore in FY2023 and Rs 116.51 crore in FY2024.
- 04Total income fell from Rs 3,716.61 crore in FY2023 to Rs 2,029.94 crore in FY2024, which shows how lumpy real estate revenue can be.
- 05Return on net worth was negative at 10.15% and the EBITDA margin was negative at 4.04%.
- 06Even after using Rs 1,192.50 crore of proceeds for repayment, debt remains large against Rs 1,590 crore raised.
- 07Promoter holding fell from 100% before the issue to 81.3% after it.
Three years of numbers
All figures in ₹ crore, as reported in the Kalpataru offer document.
| Metric | 31 Dec 2024 | 31 Mar 2024 | 31 Mar 2023 | 31 Mar 2022 |
|---|---|---|---|---|
| Assets | 15,562.35 | 13,879.43 | 12,540.77 | 13,410.57 |
| Total Income | 1,699.49 | 2,029.94 | 3,716.61 | 1,248.55 |
| Profit After Tax | 5.51 | -116.51 | -229.43 | -125.36 |
| EBITDA | 101.67 | -78.01 | -49.67 | -35.98 |
| NET Worth | 1,579.54 | 1,028.23 | 1,221.89 | 1,429.01 |
| Total Borrowing | 11,056.40 | 10,688.31 | 9,679.64 | 10,365.97 |
See how this IPO compares — view listing performance of all mainboard IPOs.
Valuation & key ratios
Ratios are for the latest full financial year reported in the Kalpataru RHP. EPS and P/E are post-issue — the table below carries the pre-issue comparison.
Kalpataru IPO Valuation
How the issue prices the company before and after the fresh shares are created.
| Valuation Metric | Pre-Issue | Post-Issue |
|---|---|---|
| EPS (₹) | ₹-6.96 | ₹0.36 |
| P/E Ratio (x) | -59.52 | 1,160.05 |
| Market Cap at Offer Price (₹ Cr) | ₹-327.75 | ₹6,336.50 |
Pre-issue figures use the shareholding reported in the RHP; post-issue figures use the shareholding once the fresh issue has created new shares. The two differ because of that dilution and because post-issue earnings per share are often annualised, so the change can run in either direction. Market capitalisation is calculated at the ₹414 offer price. Compare the post-issue P/E against listed peers before deciding — a premium there is growth you are paying for in advance.
Where the money goes
₹1,590.00 Cr of the issue is earmarked to named objects.
Kalpataru IPO Anchor Investors
16 anchor investors across 10 fund houses committed ₹708.34 Cr a day before the issue opened.
Anchor investors bid a day before the issue opens and are locked in after allotment, so a book weighted towards domestic mutual funds is generally read as a stronger signal than one filled by short-horizon funds. Browse every anchor investor scheme or fund house we track.
About the company
The company is active across micro-markets in the Mumbai Metropolitan Region. It also works in Thane, Panvel, Pune, Hyderabad, Indore, Bengaluru and Jodhpur.
It belongs to the Kalpataru Group, which includes Kalpataru Projects International, Property Solutions (India) and Shree Shubham Logistics. It had 40 ongoing and 70 completed projects on 31 March 2024.
The IPO was a fresh issue of Rs 1,590 crore. Rs 1,192.50 crore of it was planned for repaying borrowings.
Interested in this IPO? Check the live subscription status or browse all upcoming mainboard IPOs.
The bankers & the filings
Who is running the book, and the documents this page is built from.
Kalpataru IPO Documents
Read the filings this page is built from.
Lead Manager Track Record
How the book-running lead managers on this issue have priced their past IPOs, measured on listing day.
JM Financial Ltd.
53 issues handledBest listing: Tempsens Instruments (India) (+111.3%). Weakest: Turtlemint Fintech Solutions (-10.4%).
ICICI Securities
34 issues handledBest listing: Tempsens Instruments (India) (+111.3%). Weakest: Turtlemint Fintech Solutions (-10.4%).
Nomura Financial Advisory & Securities (India) Pvt. Ltd
3 issues handledBest listing: Anthem Biosciences (+26.9%). Weakest: Ather Energy (+2.2%).
Listing gain compares the listing-day opening price with the issue price, using the IPOs on IPO Guru that this lead manager has taken to market. A strong record reflects how the banker has priced past issues — it is not a forecast for this one. See every issue they have handled on the lead managers page.
Company contact
Frequently asked
What is the GMP of Kalpataru?
The current Grey Market Premium is ₹1.
What is the Kalpataru IPO price band?
₹387 to ₹414, on a face value of ₹10.
When is the allotment?
The basis of allotment is 27 June 2025, with listing on 1 July 2025.
How do I check allotment status?
On the IPO Guru allotment page or on the registrar's site — MUFG Intime India Private Limited.
Every number here traces back to a filing.
IPO Guru tracks GMP, subscription and allotment for every Mainboard and SME issue. Every number on this page is sourced from the RHP, BSE & NSE.
Not investment advice. Grey market premium is an unofficial, unregulated indicator and is not a forecast.
