Kalpataru shares makes a muted D-Street debut, list at Rs 414 on BSE and NSE
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Shares of Mumbai-based real estate developer Kalpataru listed on a flat note on the BSE and NSE on Tuesday. The stock debuted at Rs 414 on both exchanges. The company's Rs 1,590 crore closed with a moderate overall subscription of 2.31 times. The IPO, which was entirely a fresh issue of 3.84 crore shares, received a strong response from Qualified Institutional Buyers (QIBs), who subscribed 3.12 times their allocated portion. The retail category was subscribed 1.43 times, while non-institutional investors (NIIs) came in at 1.40 times, reflecting measured interest in the offer. Founded in 1988 and part of the broader Kalpataru Group, the company has a portfolio of 70 completed and 40 ongoing projects across Mumbai, Pune, Bengaluru, Hyderabad, Indore, and other cities. The IPO proceeds will primarily be used to repay or prepay borrowings, totalling Rs 1,192.5 crore, while the remaining funds are earmarked for general corporate purposes. ...