Kalpataru files draft IPO papers with SEBI to raise Rs 15.9 billion

Mumbai-based real estate firm Kalpataru Ltd has filed its draft red herring prospectus (DRHP) with the Securities and Exchange Board of India (SEBI) to launch an initial public offering (IPO) aimed at raising up to Rs 15.9 billion. The primary objective of the IPO is to reduce the company's debt, with Rs 11.92 billion earmarked for the repayment or prepayment of certain borrowings. Kalpataru Ltd is an integrated real estate development company engaged in various activities, including land acquisition, planning, design, execution, sales, and marketing of real estate projects. The company's portfolio includes 40 ongoing, upcoming, and planned projects spanning 49.77 million square feet, with 25 projects, covering 22 million square feet, currently underway. Most of Kalpataru's projects are located in the Mumbai Metropolitan Region (MMR) and Pune, Maharashtra, but the company also has ongoing projects in Hyderabad, Telangana, and Noida, Uttar Pradesh. Additionally, Kalpataru holds land banks in Surat, Gujarat; Nagpur, Maharashtra; and Udaipur, Rajasthan. Kalpataru Ltd is part of the Kalpataru Group, which was established in 1969 by Mofatraj P Munot and has a 55-year legacy. The group operates across multiple sectors, including EPC contracting for power transmission and distribution, oil and gas, railways, civil infrastructure projects, warehousing, logistics, and facility management. Kalpataru Projects International Ltd, another company in the group, is already listed on the NSE and BSE. ICICI Securities Ltd, JM Financial Ltd, and Nomura Financial Advisory and Securities (India) Private Ltd are serving as the book-running lead managers for the IPO. (ET)