The ₹1,590 crore initial public offering (IPO) of Kalpataru Ltd continued to see moderate investor interest on Day 2 of bidding, with the issue subscribed 14% overall as of June 25, 2025. The retail individual investor (RII) segment led the activity, reaching 53% subscription, while the Qualified Institutional Buyers (QIB) and Non-Institutional Investors (NII) categories remained largely underbooked.
Grey Market Premium (GMP) Trends
According to market observers, the IPO is commanding a grey market premium (GMP) of ₹5–₹7, indicating a potential listing price of ₹419–₹421 against the upper price band of ₹414. The modest GMP reflects cautious optimism among investors amid a crowded IPO calendar.
IPO Snapshot
- Issue Size: ₹1,590 crore (entirely fresh issue of 3.84 crore shares)
- Price Band: ₹387–₹414 per share
- Lot Size: 36 shares (₹14,904 minimum investment)
- Subscription Window: June 23–25, 2025
- Tentative Listing Date: June 30, 2025 on NSE and BSE
- Lead Managers: JM Financial, ICICI Securities, Nomura
- Registrar: Link Intime India
Company Overview
Kalpataru Ltd is a Mumbai-based real estate developer with a portfolio spanning 41.95 million sq. ft. across luxury, premium, and mid-income residential and commercial projects. The IPO proceeds will be used primarily for debt repayment and general corporate purposes.
Should You Subscribe?
Analysts suggest that investors with a high-risk appetite may consider subscribing, citing improved financials and reduced inventory overhang. However, subdued GMP and partial subscription levels may warrant a wait-and-watch approach for conservative investors.
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