Kalpataru Limited IPO: GMP And Price

Kalpataru IPO GMP – Complete Overview

Kalpataru Limited is a Mumbai-based real estate company and one of the largest and leading companies of the Kalpataru Group, an electoral conglomerate dealing in engineering and property development businesses in India. Kalpataru IPO ₹1,590 crore IPO (completely new issue, no OFS) comprises a price band of ₹387-414 per share (face value ₹10). The Kalpataru IPO GMP open date on Jun 24, 2025, and closes on Jun 26, 2025.Anchors are allocated on Jun 23, 2025.Shares should officially appear on the BSE and NSE close to July 1, 2025. ICICI Securities, JM Financial and Nomura are running the book as lead managers. Kalpataru IPO  holds a large project pipeline; on March 31, 2024 it had 40 active jobs and 70 finished ones, so a healthy backlog is in place to fuel future income.

 

Kalpataru Limited IPO Details

• Kalpataru IPO Issue Size: ₹1,590 crore (fresh issue). No shares are being sold by promoters (no OFS).

• Kalpataru IPO Price Band: ₹387–414 per share (face value ₹10). The floor and cap are 38.7× and 41.4× the face value.

• Issue Opening/Closing: June 24–26, 2025. Finalization of allotment is tentatively June 27, 2025. Refunds and share crdit are expected by June 30, 2025; listing on BSE/NSE on July 1, 2025.

• Market Lot: 36 shares (₹14,904 at upper band); thereafter in multiples of 36.

• Reservation: 75% of the issue is reserved for QIBs, 15% for NIIs, and 10% for retail investors.

• Retail Investment: Minimum 1 lot (36 shares, ₹14,904); maximum 13 lots (468 shares, ₹193,752).

• Super-HNI Category: (Applicants applying above 13 lots) min 14 lots = 504 shares (₹208,656).

• Big-HNI Category: (Applicants above 68 lots) min 68 lots = 2,448 shares (₹1,013,472).

• Listing: BSE and NSE (full-market listing).
  
  

Company Financials (Consolidated)

(Amount in Cr.)

Period Ended	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
Revenue	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

 

Cash Flow Statement (₹ Million)

Fiscal Year Ended Mar 31	Cash from Operations	Cash from Investing	Cash from Financing
2022	4,022.25	1,043.40	-5,135.10
2023	21,391.25	-319.48	-21,010.11
2024	3,764.61	-1,325.33	-2,579.29

These figures are from the restated consolidated cash-flow statements. The Kalpataru company generated significant operating cash inflows in 2022 and 2023, but had large cash outflows for debt repayment and financing. In FY2024 it again reported positive operating cash flow (~₹3,765 million), but used cash heavily in financing activities for debt servicing (net ~–₹2,579 million). Negative cash from investing in 2024 was due to purchases of property and project investments.

 

Projects and Business Segments

Kalpataru’s business is fully in real estate development. It designs, acquires, builds and sells residential buildings, integrated townships, office/retail spaces and plotted developments. Kalpataru company is active in several major markets (Mumbai/MMR, Pune, Bengaluru, Hyderabad, Indore, Jodhpur etc) By March 31, 2024, the firm was looking after forty live projects and had wrapped up seventy others. Kalpataru IPO prospectus, along with other filings, skips details on revenue from each single job or on earnings broken out by region. Instead, it simply states that income mainly comes from selling finished properties and guiding developments, with strong demand in Mumbai and fast-growing cities steering overall results.

 

The Objectives of  Kalpataru IPO Issue

Kalpataru will use the net IPO proceeds for:

• Repayment/Prepayment of Borrowings: About ₹1,192.5 crore will be used to fully or partially repay certain bank borrowings of the company and its subsidiaries. This should reduce interest costs and leverage.

• General Corporate Purposes: The remainder will fund general corporate needs (working capital, business activities and other upkeep).

The cash will trim debt and tidy the balance sheet, giving room for growth. Nothing set aside here for buyouts or large, stand-alone projects.

 

Peers of Kalpataru Limited

The company’s listed peers in the Indian real estate sector include: Oberoi Realty, Macrotech (Lodha), and Godrej Properties, among others. The table below compares Kalpataru’s key metrics with these peers (based on FY2024 data):

Company	Face Value (₹)	EPS (FY2024, ₹)	Implied P/E (FY2024)
Oberoi Realty Ltd.	10	52.99	33.75
Macrotech Developers (Lodha)	10	15.99	77.82
Godrej Properties	5	26.08	112.18

(These peers’ EPS and trailing P/E ratios are taken from recent financials and stock prices; face values as per each company’s capital structure. Kalpataru’s FY2024 EPS was –₹7.21, reflecting its losses.)

 

Kalpataru IPO Valuation & Evaluation

• Price Band: ₹387–414 per share.

• Implied P/E: Kalpataru’s FY2024 EPS is a loss (–₹7.21/share). Thus at the upper band (₹414), the IPO would imply a negative P/E, making conventional valuation metrics unhelpful. Investors are effectively valuing future growth potential rather than current earnings.

• Book Value: On the restated financials, NAV (net worth per share) is ₹73.63 (FY24). The issue price is ~5.62× NAV (using ₹414).

• Industry Valuations: By comparison, listed peers trade at high P/Es (Oberoi ~34×, Lodha ~78×, Godrej ~112× as of IPO pricing). Kalpataru’s IPO P/E is undefined due to losses, which represents risk for investors.
  
  

Kalpataru IPO Strengths

• Established Project Pipeline: The company has forty active real estate projects as of March 2024 and seventy that are already done showing a good queue of work that should bring in money in the future.

• Diversified Portfolio: A mix of projects-residential blocks, office towers, shopping malls, and new townships-cars in various cities diversifies the exposure opt so downturns in one slice strike less painfully than for companies focused on a single market.

• Kalpataru Group Support: As part of the Kalpataru family-a name that's been associated with large infrastructure and real-estate ventures for years-might provide access to deep pockets, established brand name recognition, and introductions to major industry participants.

• Seasoned Promoters: Under the leadership of Mr. Mofatraj P. Munot and Mr. Parag M. Munot, with three decades of experience in real estate. Their track record includes several large projects, potentially aiding execution and land acquisition.

• Improving Revenue Base: Though FY2024 revenue was lower than FY2023 levels, the company demonstrated its ability to generate massive sales (₹3,633 Cr in FY2023) and cashflow. A better real estate market would hopefully generate strong sales in the days to come.
  
  

Kalpataru IPO Weaknesses

• Operating Losses:The company has incurred net losses over the last three years (FY22-FY24). Negative profitability signifies the absence of economies of scale and incurs large overheads/interest costs.

• Heavy Debt Load: Total borrowings are more than ₹10,600 crore till FY2024, resulting in a debt/equity ratio of >9:1. Borrowings that are very high along with interest payments cause cash flow to be strained and financial flexibility to be limited.

• Decreasing Net Worth: Own funds (net worth) decreased from ₹1,429 Cr (FY22) to ₹1,028 Cr (FY24), which is in the incorrect direction. It has the potential to limit future funding and cause regulatory problems..

• Real Estate Cyclicality: Being a pure-play developer, the revenues are cyclical and correlated to aggregate real estate demand. Softening of Mumbai/Pune or the broader economy would adversely impact prospects. Competition from larger peers can also compress margins.

• IPO Valuation Risk: Given the current losses, the IPO valuation (at ~5.62× NAV) assumes robust growth ahead. If growth disappoints, the stock may trade well below issue price (note no guaranteed capital gains).
  
  

Kalpataru IPO Grey Market Premium (GMP)

As of now, no reliable grey-market premium for Kalpataru IPO has been reported publicly. GMP figures may emerge closer to the listing date if market activity picks up.

 

IPO Timeline

Event	Date
IPO Open (Subscription starts)	June 24, 2025
IPO Close (Subscription ends)	June 26, 2025
Basis of Allotment Finalization	June 27, 2025
Refunds Initiated	June 30, 2025
Shares Credited to Demat	June 30, 2025
Listing on BSE & NSE	July 1, 2025

 

Kalpataru IPO Lot Size and Investment Amount

Investor Category	Minimum Shares (Lot Size)	Amount (at ₹414)
Retail Investor	36 shares (1 lot)	₹14,904
Retail Investor (max)	468 shares (13 lots)	₹193,752
Sub-HNI	504 shares (14 lots)	₹208,656
Big HNI	2,448 shares (68 lots)	₹1,013,472

 

Kalpataru IPO Reservation Details

• Qualified Institutional Buyers (QIB): 75% of the issue

• Non-Institutional Investors (NII): 15% of the issue

• Retail Investors (RI): 10% of the issue

 

Promoters and Management

• Promoters: Mr. Mofatraj P. Munot and Mr. Parag M. Munot. (They hold the promoter stake and have jointly guided the group’s businesses.)

• Key Board Members: Non-Executive Chairman Mr. M.P. Munot and Non-Executive Director Mr. Imtiaz I. Kanga. The independent directors are Mr. Dhananjay N. Mungale, Mr. Om Parkash Gahrotra, Ms. Anjali Seth and Mr. Narayan K..

• Management: Mr. Parag M. Munot is the Managing Director. (The promoters have decades of industry experience.)
  
  

Kalpataru IPO Lead Managers

Book Running Lead Managers for the Kalpataru IPO are ICICI Securities Limited, JM Financial Limited, and Nomura Financial Advisory and Securities (India) Pvt. Ltd. The IPO registrar is Link Intime India Private Ltd.

 

Dividend Policy

Kalpataru Limited has never declared an equity dividend in the past. Future dividend payments, if any, will depend on profitability and cash flows. Given the current losses and high debt, the company does not expect to pay dividends in the near term; thus returns to shareholders will primarily be through share price appreciation (if achieved).

 

Conclusion

Kalpataru IPO offers the chance to invest in a significant Mumbai real estate player with a strong pipeline of projects. Its sponsorship by an established infrastructure house and experienced promoters are positives. However, the company's loss history, negative net worth and huge debt burden are significant minuses. The Kalpataru IPO is offered at a stiff premium to book value on faith in future growth and turnarounds. Investors have to weigh the upside potential from a bounce in the realty space against the here-and-now execution and financial issues the company has on its plate. Caveat emptor as always.

 

Finowings IPO Analysis

Hope you enjoyed the Finowings IPO Analysis. We tried our best to give every required detail about the company that you should know before applying to the IPO. 

You must consult your financial advisor before making any financial decisions. 

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DISCLAIMER: This blog is NOT any buy or sell recommendation. No investment or trading advice is given. The content is purely for educational and information purposes only. Always consult your eligible financial advisor for investment-related decisions.