MUMBAI: City-based realty major Kalpataru, which is the fifth largest player in the MMR, has fixed the price band for its Rs 1,590-crore IPO at Rs 387-414, and said the issue will open to public subscription on Tuesday.
The IPO is a fresh issue of shares worth Rs 1,590 crore with no offer-for-sale component. At the upper end of the price band, the company is valued at around Rs 8,500 crore.
As much as Rs 950 crore of the IPO proceeds will be used for pre-payment debt, which is a little over Rs 10,000 crore and the rest will be used for general corporate purposes, the 55-year-old company, which has delivered over 25 million sqft of developed areas across 155 projects, said.
Kalpataru, part of the Kalpataru group which has a listed infra arm called Kalpataru Projects International that is primarily into building energy infra through EPC EPC for power transmission and distribution, oil and gas, railways, civil infrastructure projects, warehousing and logistics, and facility management, has most of its projects located in the MMR and Pune. It also has projects in Hyderabad and Noida in Uttar Pradesh.
The company develops luxury, premium, and mid-income residential, commercial, and retail projects, integrated townships, lifestyle gated communities, and redevelopments.
Meanwhile, Kolkata-based industrial gas company Ellenbarrie Industrial Gas has set its IPO price band at Rs 380-400 for a Rs 852-crore issue that also opens on Tuesday.
This comprises a fresh issue of Rs 400 crore, along with an offer for sale (OFS) of 11.3 million shares aggregating to Rs 452 crore at the upper end on the price bank. Through the OFS, the promoters Padam Kumar Agarwala and Varun Agarwal will be selling 11.3 million shares which at the the upper price band will fetch around Rs 452.5 crore.
The company will use Rs 210 crore from the fresh issue to repay borrowings and Rs 104.5 crore for setting up an air separation unit at its Uluberia-II plant in Bengal with a capacity of 220 tonnes per day. The remaining funds will be set aside for general corporate purposes.