Real estate developer Kalpataru files for IPO

India IPO security WhatsApp reports

16.08.2024 - 04:09

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economictimes.indiatimes.com:

real estate developer Kalpataru has filed its draft red herring prospectus (DRHP) with the Securities and Exchange Board of India (SEBI) on Thursday to raise ₹1,590 crore through an initial public offering (IPO). The IPO will be a fresh issue of shares with no offer for sale from existing investors.
The company plans to use the net proceeds to repay certain borrowings by it and subsidiaries and general corporate purposes.

Kalpataru is a prominent real estate developer in the Mumbai Metropolitan Region, with a presence across all micro-markets.
The company reported a loss of ₹113.8 crore in FY24, compared to a net loss of ₹226.79 crore in FY23. Total income fell 45% in FY24 to ₹2,030 crore, from ₹3,717 crore in FY23.

ICICI Securities, JM Financial, and Nomura Financial Advisory are the book-running lead managers for the issue.

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