Real estate developer Kalpataru, which opened for public subscription on Tuesday, got 35 percent subscribed on the second day of bidding on Wednesday. According to the National Stock Exchange data, Kalpataru’s initial public offer (IPO) received bids for 79,59,780 shares against 2,28,26,516 shares on offer.
On Monday, Kalpataru said that it has garnered Rs 708 crore from anchor investors. The company has fixed a price band of Rs 387-414 per share for its IPO. Kalpataru’s IPO will conclude on Thursday.
Who are the investors in Kalpataru?
Retail Individual Investors (RIIs) part got subscribed 72 per cent, while the non-institutional investors category received 45 per cent subscription. The quota for Qualified Institutional Buyers (QIBs) fetched a 17 percent subscription.
The company’s IPO is entirely a fresh issue of equity shares worth Rs 1,590 crore with no offer for sale (OFS) component. It proposes to utilise funds for the payment of debt and general corporate purposes.
Mumbai-based Kalpataru focuses on the development of residential, commercial, retail, and integrated township projects. It is also in the redevelopment of societies.
Kalpataru is one of the leading real estate developers in the country with a significant presence in the Mumbai Metropolitan Region (MMR) in Maharashtra.
(With inputs from PTI)