Mumbai-based real estate developer Kalpataru has mopped up Rs 708.3 crore via the anchor book on June 23, out of the total offer size of Rs 1,590 crore.
The IPO, which consists entirely of a fresh issue, is set to open for public subscription on June 24 and remain open until June 26, with a price band of Rs 387–414 per share.
The real estate firm, in its filing to the exchanges on Monday, said it has finalised the allocation of 1.71 crore equity shares to anchor investors at a price of Rs 414 per share.
Marquee names that showed interest in the Kalpataru brand include the Government of Singapore, the Monetary Authority of Singapore, and GSS Opportunities Investment.
Domestic institutional investors such as SBI Mutual Fund, ICICI Prudential Mutual Fund, 360 ONE Special Opportunities Fund, Aditya Birla Sun Life Insurance Company, SBI General Insurance Company, Taurus Mutual Fund, and Ayushmat also participated in the anchor book.
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"Three domestic mutual funds have applied through a total of seven schemes," the company said.
Established in 1988, Kalpataru seeks a valuation of Rs 8,524 crore with the IPO launch, competing with listed entities like Oberoi Realty, Lodha Developers, Godrej Properties, Mahindra Lifespace Developers, Keystone Developers, and Prestige Estates Projects.
It intends to utilise Rs 1,192.5 crore out of the total IPO proceeds to repay debt, with the remaining funds allocated for general corporate purposes. As of April 2025, its total debt amounted to Rs 10,186.6 crore.
The merchant bankers handling the Kalpataru IPO are ICICI Securities, JM Financial, and Nomura Financial Advisory and Securities (India).
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