Realty developer Kalpataru gets SEBI approval for Rs 1,590-crore IPO
capital market regulator the Securities and Exchange Board of India (SEBI) for its maiden equity share sale. The company’s initial public offering (IPO) comprises a fresh issue of up to Rs 1,590 crore.
The developer proposes to utilize the net proceeds towards repayment and pre-payment, in full or in part, of certain borrowings availed by the company and its subsidiaries, and general corporate purposes.
The company had filed its draft red herring prospectus (DRHP) on August 14.
Kalpataru focuses on the development of luxury, premium, and mid-income residential, commercial, and retail projects, integrated townships, lifestyle gated communities, and redevelopments.
As of March end, Kalpataru’s ongoing projects comprised around 22.02 million sq ft of developable area. Its forthcoming projects comprised around 19.93 million sq ft of developable area and are expected to launch across the financial years 2025, 2026 and 2027 in various phases.
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