Kalpataru Ltd's IPO Achieves Over-subscription Success
Kalpataru Ltd's IPO was subscribed 2.26 times on its closing day, attracting bids for over 5.15 crore shares against the 2.28 crore on offer. Institutional buyers led the subscriptions. The funds will help repay debt and are aimed at corporate uses, with a total fresh issue of Rs 1,590 crore.
- Country:
- India
The real estate developer Kalpataru Ltd has witnessed significant investor interest in its initial public offering, which closed with a subscription rate of 2.26 times. The company attracted bids for approximately 5.15 crore shares as opposed to the 2.28 crore available, based on data provided by the National Stock Exchange.
Qualified Institutional Buyers emerged as the lead subscribers, accounting for 3.12 times the share allocation, while non-institutional investors subscribed to 1.31 times their designated portion. Retail Individual Investors showed interest as well, subscribing to 1.29 times their allotted shares.
The Mumbai-based developer had previously raised Rs 708 crore from anchor investors. With a price band set between Rs 387 to Rs 414 per share, Kalpataru aims to utilize the IPO proceeds for debt repayment and other corporate objectives.
(With inputs from agencies.)
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