Kalpataru Ltd's Bold IPO Move Amid Surging Real Estate Success
Kalpataru Ltd, a key player in real estate, is launching a Rs 1,590-crore IPO amidst strong market demand, having sold properties worth Rs 3,201.98 crore in 2023-24. The IPO supports debt payment and general corporate uses, with a valuation at Rs 8,500 crore.
- Country:
- India
Mumbai-based real estate giant Kalpataru Ltd is poised to launch a Rs 1,590-crore initial public offering (IPO) next week, even amid global uncertainties that have unsettled markets. The firm reported strong sales figures, moving properties worth Rs 3,201.98 crore in the fiscal year 2023-24, marking a substantial growth from the previous year.
The company, recognized for its extensive development projects in residential, commercial, and integrated townships as well as its expertise in redeveloping societies, outlines in its recent red herring prospectus that the IPO will be entirely fresh equity with no offer for sale. The generated funds are earmarked for debt repayment and advancing corporate initiatives.
Despite potential economic headwinds, Kalpataru's Managing Director, Parag M Munot, expressed optimism regarding the IPO's success, buoyed by India's ongoing economic growth. Kalpataru, founded in 1969, capitalizes on a broad portfolio of current and future projects, reinforcing its stronghold in the Mumbai Metropolitan Region, Pune, and beyond.
(With inputs from agencies.)
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