The allotment of Kalpataru shares is expected to be finalised on June 27. All eyes are now on how the company is performing in the grey market and what this could mean for its listing price when it debuts on Dalal Street next week, on July 1.
Kalpataru IPO: Grey market buzz
Shares of Kalpataru are currently trading at a premium of Rs 3 over the issue price in the unofficial grey market. With the IPO’s upper band fixed at Rs 414, implying a possible listing price of around Rs 417.
It is further important to note that GMP (Grey Market Premium) is not a formal measure. It often reflects market sentiment ahead of the listing.
Kalpataru IPO: Subscription status across all categories
Kalpataru IPO, which opened its bidding from June 24 to June 26, saw a good response, especially from non-institutional investors. By the end of Day 3, the issue was subscribed to 2.3 times in total.
On the final day of bidding, retail investors subscribed to the issue 1.43 times, while Qualified Institutional Buyers (QIBs) put in bids 3.12 times the allotted quota, showing the highest participation among all the categories.
Kalpataru IPO snapshot: Price, size, and listing
The Rs 1,590 crore issue is entirely a fresh offer of 3.84 crore shares. The bidding price was set at Rs 414, and investors had to apply for a minimum lot of 36 shares, requiring an investment of Rs 14,904. The lead book runners of the issue are ICICI Securities, JM Financial, and Nomura Financial Advisory And Securities (India), while MUFG Intime India (Link Intime) is the registrar to the IPO.
About the company
Kalpataru is a real estate development company based in Mumbai, Maharashtra. The company specialises in developing residential and commercial properties, retail spaces, and integrated townships across several Indian cities, including Mumbai, Thane, Panvel, Pune, Hyderabad, Indore, Bengaluru, and Jodhpur.
Kalpataru is part of the Kalpataru Group, which includes Kalpataru Projects International Limited, Property Solutions (India) Private Limited, Shree Shubham Logistics Limited, and their respective subsidiaries, among others.