Kalpataru IPO GMP: What Grey Market Premium Suggests - Check Details

The Rs 1,590 crore initial public offering (IPO) of Kalpataru Ltd sees a modest grey market premium (GMP), hinting at mild listing gains ahead of its debut on the bourses. The IPO is entirely a fresh issue of 3.84 crore shares, with no Offer-For-Sale (OFS) component. Here is a look at the latest GMP, price band, offer size, and other key details ahead of the launch of the Kalpataru IPO.

Kalpataru IPO GMP 

According to a market tracking website, Kalpataru IPO’s last GMP stood at Rs 9, updated on June 24 at 1:35 PM. With a price band capped at Rs 414 per share, the estimated listing price is Rs 423, reflecting an expected listing gain of Rs 2.17 per share.

Kalpataru IPO: Price Band and Share Allotment

As per a market tracking website, the price band for the IPO is set between Rs 387 to Rs 414 per share, and investors can bid for a minimum of 36 shares per lot, requiring an investment of Rs 14,904 at the upper band.

The company has reserved 75% of the shares in its public offering for Qualified Institutional Buyers (QIBs), 15% for Non-Institutional Investors (NIIs), and the remaining 10% for retail investors. Notably, qualified employees applying under the employee reservation category are eligible for a discount of Rs 38 per equity share.

Also Read: Kalptaru IPO Opens Soon—Here’s Why Investors Are Rushing In! | Republic World

Kalpataru IPO: Subscription Status

By 2:21 PM on the first day of bidding, the public issue had been subscribed over 0.25 times. The retail portion of the public issue had been booked 0.20 times, whereas the NII portion had been subscribed over 0.07 times.

The basis for the allotment of shares is expected to be finalised on Friday, June 27. The company will begin processing refunds on Monday, June 30, and shares will be credited to the demat accounts of allottees on the same day after the refunds.

Kalpataru Limited IPO: Listing Date

The listing is likely to take place on July 1 on both the BSE and NSE. ICICI Securities Limited, JM Financial Limited, and Nomura Financial Advisory and Securities (India) Pvt Ltd will be the book-running lead managers for the IPO, while MUFG Intime India Private Limited (Link Intime) is responsible for the registration of this issue.

Kalpataru IPO: Usage of Proceeds

Kalpataru Limited had earlier indicated that it plans to utilise a large share of the proceeds for debt repayment (Rs 1,192.5 crore). The remaining proceeds will be deployed towards general corporate purposes in order to improve its financial position and invest in future expansion.

About Kalpataru Limited

Founded in 1988 and headquartered in Mumbai, Kalpataru has completed more than 120 residential and commercial projects across key Indian cities including Pune, Bengaluru, Hyderabad, Indore, and Jodhpur. The property developer has a wide project portfolio that spans over 30 countries and 25 million sq. ft. of development.