MUMBAI:
Real estate developer Kalpataru Group announced on Monday that it has received regulatory approval to launch an initial public offering (IPO) worth ₹1,590 crore. The company, which primarily focuses on the Mumbai Metropolitan Region (MMR) market, had filed its Draft Red Herring Prospectus (DRHP) on August 14.
According to the IPO prospectus, the offer consists of a fresh issue of up to ₹1,590 crore, which the company plans to use for the pre-payment of certain borrowings and for general corporate purposes.
As of March 2024, Kalpataru has approximately 22.02 million square feet (msf) of area under development and 19.93 msf of upcoming projects, which are expected to be launched between fiscal years 2025 and 2027. While the majority of its projects are located in the MMR and Pune, the company also has ongoing and upcoming projects in Hyderabad, Noida, Nagpur, Surat, and Udaipur.
Led by Mofatraj P. Munot and Parag M. Munot, Kalpataru is currently the fifth-largest developer in the MMR.