Kalpataru Limited

Kalpataru Limited is a real estate developer headquartered in Mumbai, incorporated in 1988. The company designs, builds, and sells residential, commercial, and retail projects, along with integrated townships and redevelopment schemes, concentrated in the Mumbai Metropolitan Region and Pune, with a further presence in Hyderabad, Indore, Bengaluru, and Jodhpur. As of December 31, 2024, it had completed 120 projects spanning more than 25.87 million square feet of developable area. The company traces its lineage to the wider Kalpataru group of businesses, which also has interests in engineering, power transmission, and infrastructure through separately listed and unlisted entities; Kalpataru Limited itself is a standalone real estate business and is not the same legal entity as the group's listed EPC arm. Its promoters are Mofatraj P. Munot and Parag M. Munot, who held the entire pre-IPO share capital before a primary capital infusion and the public issue diluted their stake. The company positions itself across luxury, premium, and mid-income residential segments as well as commercial and retail development, and has increasingly focused on redevelopment projects in land-constrained micro-markets. Its scale of completed and ongoing projects and multi-decade operating history in the MMR give it an established base from which to pursue further launches funded partly by the fresh capital raised in this issue.

Kalpataru raised approximately Rs 708 crore from 16 anchor investors at the IPO's upper price band of Rs 414 per share, ahead of the public issue opening. Singapore-linked institutions including the Government of Singapore, the Monetary Authority of Singapore, and a Bain Capital affiliated fund accounted for the majority of the allocation, alongside domestic investors such as SBI Mutual Fund, ICICI Prudential Mutual Fund, Aditya Birla Sun Life, and SBI General Insurance.