India’s IPO market has maintained its bullish streak through June 2025, following a ₹6,700 crore fundraise in May. The ongoing momentum has fuelled investor enthusiasm across sectors ranging from infrastructure and hospitality to real estate. With a surge in demand for urban housing and mixed-use developments, the spotlight now turns to Kalpataru Limited, a well-established name in the Indian real estate sector.
Let’s take a detailed look at Kalpataru Limited, its upcoming IPO, financials, and sector outlook.
About Kalpataru Limited
Founded in 1988, Kalpataru Limited is a Mumbai-based real estate development company with a pan-India presence. It specialises in residential, commercial, retail, and integrated township projects across key cities such as Mumbai, Pune, Panvel, Thane, Hyderabad, Bengaluru, Indore, and Jodhpur.
As of March 31, 2024, Kalpataru has completed 70 projects and is currently executing 40 ongoing developments. The company is part of the larger Kalpataru Group, including Kalpataru Projects International Ltd., Shree Shubham Logistics Ltd., and Property Solutions (India) Pvt Ltd, among others.
Kalpataru Ltd. IPO Details
Kalpataru Ltd. aims to raise ₹1,590 crore through a purely fresh issue of 3.84 crore shares. The proceeds will be directed towards debt repayment and general corporate purposes, helping the company strengthen its balance sheet and operational agility.
Important Kalpataru Ltd. IPO Timeline
| Event | Date |
| IPO Open Date | June 24, 2025 |
| IPO Close Date | June 26, 2025 |
| Allotment Date (Tentative) | June 27, 2025 |
| Initiation of Refunds | June 30, 2025 |
| Credit of Shares to Demat | June 30, 2025 |
| Listing Date (Tentative) | July 1, 2025 |
| UPI Mandate Cut-off | 5 PM on June 26, 2025 |
Key IPO Details
| Particulars | Details |
| Face Value | ₹10 per share |
| Price Band | ₹387 to ₹414 per share |
| Lot Size | 36 Shares |
| Total Issue Size | 3,84,05,797 shares (₹1,590.00 Cr) |
| Fresh Issue | 3,84,05,797 shares (₹1,590.00 Cr) |
| Issue Type | Bookbuilding IPO |
| Listing at | BSE, NSE |
| Shareholding (Pre-Issue) | 16,74,89,537 shares |
| Shareholding (Post-Issue) | 20,58,95,334 shares |
Lot Size of Kalpataru Ltd. IPO
| Application Type | 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 |
Kalpataru Ltd. Financials
The IPO values Kalpataru Ltd. at a market capitalisation of ₹8,524.07 crore. The company has undergone a strategic financial reshaping over recent years, with losses narrowing and a significant turnaround projected post-listing.
Key Performance Indicators (as of Mar 31, 2024)
- Return on Net Worth (RoNW): -9.80%
- EBITDA Margin: -4.04%
- Price-to-Book Value: 5.62
- Pre IPO EPS: -6.96
- Post IPO EPS: 0.36
- Pre-IPO P/E: -59.52
- Post-IPO P/E: 1,160.05
Company Financial Snapshot
| Period Ended | 31 Dec 2024 | 31 Mar 2024 | 31 Mar 2023 | 31 Mar 2022 |
| Assets (₹ Cr) | 15,562.35 | 13,879.43 | 12,540.77 | 13,410.57 |
| Revenue (₹ Cr) | 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 (₹ Cr) | 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 |
Kalpataru Ltd.: Industry Outlook
- The Indian real estate sector is projected to reach $1 trillion by 2030, contributing around 13% of the country’s GDP by 2025, driven by rapid urbanisation, rising incomes, and favourable government policies.
- The residential segment has witnessed a robust recovery post-pandemic, with housing sales in the top 7 Indian cities growing by 36% YoY in 2024.
- Demand in metros and Tier 1 cities continues to rise, with Mumbai, Pune, and Bengaluru accounting for over 55% of total residential sales in 2024.
- However, the sector faces challenges including tightening liquidity, elevated interest rates, and regulatory complexities.
- Kalpataru’s diversified portfolio across residential, commercial, and township developments in multiple geographies positions it to capitalise on both urban and suburban growth trends.
Use of IPO Proceeds
| Objective | Amount (₹ Cr) |
| Repayment/pre-payment of borrowings by the company and its subsidiaries | ₹1,192.50 |
| General Corporate Purposes | Balance |
Conclusion
Kalpataru Limited’s IPO offers a fresh opportunity for investors to participate in India’s long-term real estate growth story. With over three decades of operational history, a growing portfolio across cities, and post-IPO financial strengthening, Kalpataru is poised for stability and expansion.
That said, investors should carefully evaluate recent financial losses, high debt levels, and a competitive landscape in the residential segment. The IPO may appeal to those with a medium to long-term investment horizon, especially if the company successfully executes its growth and recovery roadmap.
