Kalpataru IPO Subscription On 24-06-25: Check Real Estate IPO's DAY 1 Bids & GMP; Should You Subscribe?

Kalpataru IPO Subscriptions: The Rs 1,590 crore worth public issue received dull demand on the day of opening on June 24. Retail investors showed high demand, however, no bidders came from the qualified institutional category. Despite the lacklustre buying on Tuesday, Kalpataru IPO is recommended for long-term investment.

Kalpataru IPO Day 1 Subscription:

As per NSE data, cumulatively, the IPO received bids of 20,35,764 equity shares, which is merely 9% of the total offered size of 2,28,26,516 equity shares. Retail individual investors category subscribed 33% with bids of 13,55,112 equity shares against its reserved portion of 40,67,441 equity shares.

Non-institutional investors (NIIs) subscribed 10% with 5,98,248 equity shares against its reserved size of 61,01,162 equity shares. Employees quota saw 18% subscription against reserved 4,55,587 shares.

However, there were no buyers from the QIB category. The reserved shares for QIB are 1,22,02,326.

The IPO is 100% book building and opened on June 24. The subscription window will be available for 3 days till June 26, 2025. The price band for the IPO is fixed at Rs 387 to Rs 414 per equity share. There is a Rs 38 discount offered to eligible employees. The bid lot size is 36 Equity Shares and in multiples thereof.

Kalpataru IPO GMP:

As per Investor Grain data, Kalpataru IPO's last GMP is Rs 9, last updated Jun 24th 2025 05:29 PM. With a price band of 414.00, Kalpataru IPO's estimated listing price is Rs 423 (cap price + June 24 GMP). The expected percentage gain/loss per share is 2.17%.

Should You Subscribe to Kalpataru IPO?

Gaurav Garg, Lemonn Markets Desk said, "Kalpataru Limited's IPO presents a high-conviction bet on brand strength in Mumbai real estate, supported by a sizable project pipeline and significant land bank. The company's green development credentials and operational focus add merit to its long-term positioning."

However, Garg added, "The success of this offering will rest on the company's ability to deliver profitable growth, reduce leverage, and compete effectively against better-capitalized peers. Risk-averse investors may await more consistent earnings visibility post-listing, while aggressive investors looking for turnaround stories with strong asset backing may find this IPO compelling."

Meanwhile, Choice Broking analysts compared Kalpataru to its peers. Their note said Kalpataru is an integrated real estate development company involved in the entire project lifecycle-from land acquisition to planning, designing, execution, sales, and marketing. It is a prominent developer in the Mumbai Metropolitan Region (MMR), active across all its micro-markets.

From 2019 to December 31, 2024, MMR ranked first among India's top seven markets in supply, absorption, and average base selling price. Kalpataru is the fifth largest developer in the MCGM area and seventh in Thane by units supplied during this period. As of December 31, 2024, Kalpataru has completed 75 projects totalling over 16.01 million sq. ft. of Developable Area across Maharashtra, Telangana, Madhya Pradesh, Karnataka, and Rajasthan, as per Choice Broking data.

Whether to subscribe to the IPO or not, the analysts said, "At the higher price range, Kalpataru is seeking an EV/Sales multiple of 9.3×, which still trades at a discount compared to peer averages of around 12.5×. The company's strong brand allows it to command a premium pricing strategy, reflecting solid pricing power. However, a high debt load introduces financial prudence concerns. Thus, we recommend a "Subscribe for long Term" rating for this issue."

Kalpataru IPO Allotment & Listing Date:

After the IPO closes on June 26, the allotment status will be carried on June 27. The company will initiate refunds or credit shares to eligible shareholders on June 30. The tentative date for listing is said to be July 1st.

Kalpataru Ltd. (Kalpataru), is an integrated real estate development company involved in all key activities associated with real estate development, including the identification and acquisition of land, planning, designing, execution, sales, and marketing.