Kalpataru IPO: Check IPO Date, Live Subscription and Key Details
Kalpataru Ltd is an integrated real estate development company with a significant presence in the Mumbai Metropolitan Region (MMR) in Maharashtra. The company primarily focuses on the development of luxury, premium, and mid-income residential, commercial, and retail projects, including integrated townships, lifestyle gated communities, and redevelopments. Kalpataru builds various property types such as villas, duplexes, apartments, and plots. As of March 31, 2024, they have completed 113 projects, aggregating over 24.10 million sq. ft. of Developable Area in Mumbai, Thane, Panvel, Pune, Hyderabad, Indore, Bengaluru, and Jodhpur.
Min Investment
₹14904
Price Range
₹387.00-414.00
Issue Size
₹1590.00 Cr
IPO Type
Mainboard
Key Metrics
Check Live GMP
Face Value
₹10
EPS
0.36
P/E Ratio
1160.05
RoNW
-9.8%
ROE
%
Debt to Equity
7
Timeline
IPO Opens
24 Jun
IPO Closes
26 Jun
Allotment
27 Jun
Listing
1 Jul
IPO Objectives
- Repayment/pre-payment, in full or in part, of certain borrowings availed by: Company; and Subsidiaries.
- General corporate purposes.
Strengths
- Prominent integrated real estate company with a strong presence in the Mumbai Metropolitan Region (MMR) and other key cities in Maharashtra and South India.
- Well-established brand with a 55-year legacy, known for trust, quality, and reliability, enabling high sales during the construction phase (over 80% pre-sales).
- Strong project pipeline with significant growth visibility, including 22.02 msf of ongoing projects and 19.93 msf of forthcoming projects, providing substantial future revenue potential.
- Proven end-to-end execution capabilities, with in-house expertise across land acquisition, design, approvals, construction, marketing, and sales, ensuring timely and quality project delivery.
- Experienced and qualified management team with deep industry knowledge and a strategic vision for growth.
Weaknesses
- History of financial losses: The company has reported losses at the operating and net levels from FY22 to FY24, and a significant drop in revenue in FY24, although it turned marginally profitable in 9M FY25. This raises concerns about consistent profitability.
- High debt burden: The company has substantial borrowings (over ₹11,000 crore as of Dec 31, 2024) and a high debt-to-equity ratio of 7.0. Servicing this debt can divert cash from new projects and impact earnings.
- High revenue and geographic concentration: Over 94% of its development portfolio is concentrated in the Mumbai Metropolitan Region and Pune, making it vulnerable to downturns, policy changes, or increased competition in these specific markets.
- Working capital intensive business: The core real estate business ties up substantial cash in land acquisition and construction, often funded by short-term debt, which can strain cash flow and necessitate external funding.
- Reliance on external funding: Despite the IPO proceeds being used for debt reduction, the company's high working capital and capital expenditure demands suggest continued reliance on external funding for future growth.
Financial Performance
| Period Ended | 31 Dec 2024 | 31 Mar 2024 | 31 Mar 2023 | 31 Mar 2022 |
|---|---|---|---|---|
| Assets (₹ Cr.) | 15562.35 | 13879.43 | 12540.77 | 13410.57 |
| Revenue (₹ Cr.) | 1699.49 | 2029.94 | 3716.61 | 1248.55 |
| PAT (₹ Cr.) | 5.51 | -116.51 | -229.43 | -125.36 |
| Net Worth (₹ Cr.) | 1579.54 | 1028.23 | 1221.89 | 1429.01 |
Peer Comparison
| Company | P/B Ratio | P/E Ratio | RONW (%) | Net Worth (₹ Cr.) |
|---|---|---|---|---|
| Kalpataru | 5.62 | 1160.05 | -9.8 | 1579.54 |
| Oberoi Realty Ltd. | 4.61 | 32.53 | 14.17 | 15705 |
| Macrotech Developers Limited | 7.44 | 53.1 | 13.7 | 17534 |
Subscription Details
Daily Bids Status
| Date | Day 1 | Day 2 | Day 3 |
|---|---|---|---|
| QIB | 0.00x | 0.18x | 3.12x |
| NII | 0.10x | 0.49x | 1.40x |
| S-HNI | 0.11x | 0.26x | 0.80x |
| B-HNI | 0.10x | 0.58x | 1.48x |
| RII | 0.37x | 0.80x | 1.43x |
| EMP | 0.20x | 0.40x | 0.75x |
| Total | 0.10x | 0.38x | 2.31x |
Overall Subscription Statistics
| Category | Shares Offered | Shares Bid | Bid Amount (₹ Cr) |
|---|---|---|---|
| QIB | 1,14,06,521 | 3,55,99,716 | 1,473.83 |
| NII | 57,03,261 | 79,66,656 | 329.82 |
| Small NII | 19,01,087 | 15,25,788 | 63.17 |
| Big NII | 38,02,174 | 56,21,652 | 232.74 |
| RII | 38,02,174 | 54,21,672 | 224.46 |
| EMP | 4,22,872 | 3,18,960 | 13.20 |
| Total | 2,13,34,828 | 4,93,07,004 | 2,041.31 |
Company Details
- 91, Kalpataru Synergy, Opposite Grand Hyatt, Santa Cruz (East), Mumbai, Maharashtra-400055, India
- +91 22 3064 5000
- investor.cs@kalpataru.com
- http://www.kalpataru.com/
Registrar Details
- MUFG Intime India Private Limited (Link Intime)
- +91-22-4918 6270
- kalpataru.ipo@linkintime.co.in
- https://linkintime.co.in/Initial_Offer/public-issues.html