Mumbai— Kalpataru Limited, the real estate developer whose IPO opened for bidding on Tuesday, reported a sharp 46.89 percent year-on-year (YoY) decline in revenue from operations, falling from ₹3,633.1 crore in FY23 to ₹1,929.9 crore in the financial year ending March 31, 2024, according to its Draft Red Herring Prospectus (DRHP).
Total income for FY24 also dropped to ₹2,029.9 crore from ₹3,716.6 crore the previous year—a fall of 45.38 percent. Despite the steep decline, the company managed to significantly reduce its net loss, narrowing it to ₹113.8 crore in FY24 from ₹226.7 crore in FY23.
In a more positive sign, Kalpataru reported a net profit of ₹5.51 crore for the nine-month period ending December 31, 2024, with revenues of ₹1,624.7 crore.
Total expenses also saw a substantial decrease, down to ₹2,125.2 crore from ₹3,874.5 crore in FY23.
Kalpataru’s IPO, which opened Tuesday and will remain open through Thursday (June 27), is entirely a fresh issue of 3,84,05,797 equity shares, targeting a total fundraise of ₹1,590 crore. The shares are priced in the range of ₹387 to ₹414 apiece, with a minimum lot size of 36 equity shares.
Ahead of the IPO launch, the company raised ₹708 crore from anchor investors by allotting over 1.71 crore shares at ₹414 per share. The anchor list features major institutional names including GIC, Bain Capital, SBI Mutual Fund, ICICI Prudential MF, 360 ONE Group, Aditya Birla Sun Life, and Ayushmat.
Founded in 1988, Kalpataru Ltd is known for its residential and commercial developments, retail complexes, and integrated township projects across cities such as Mumbai, Thane, Pune, Hyderabad, Bengaluru, Indore, Panvel, and Jodhpur. As of March 31, 2024, the company had completed 70 projects and had 40 ongoing developments.
Kalpataru Ltd is part of the broader Kalpataru Group, which includes other entities like Kalpataru Projects International, Property Solutions (India), and Shree Shubham Logistics.
The company has reserved ₹15.9 crore worth of shares for eligible employees, who will also receive a discount of ₹38 per share. Of the total IPO, 75 percent is allocated for Qualified Institutional Buyers (QIBs), 15 percent for Non-Institutional Investors (NIIs), and 10 percent for retail investors. (Source: IANS)
