Kalpataru Projects IPO: Real Estate Play With a Redevelopment Twist

Kalpataru Projects International Ltd. opening its ₹1,590 crore IPO for subscription from June 24 to June 26, with a price band of ₹387–₹414 per share. It’s a fresh issue with zero OFS — a big plus for investors! About the Company Kalpataru is one of Mumbai’s top 5 real estate developers, with a portfolio spanning mid-income to ultra-luxury housing. It has delivered 120+ projects and is now entering the redevelopment space with ₹400 crore capex planned — a major long-term growth lever. Financial Snapshot (9MFY25) Revenue: ₹1,625 crore EBITDA Margin: 6.2% PAT: ₹9 crore (likely first full year of profitability) Pre-sales: ₹4,800 crore (up 50% YoY) Past losses were due to high interest costs, which the IPO aims to reduce — funds raised will be used to repay debt and invest in new projects. Should You Apply? Pros: 100% fresh issue — no promoter exit Strong presence in under ₹3 crore housing (over 70% portfolio) Redevelopment projects can unlock long-term value Risks: Past losses till FY24 Margins are thin (EBITDA at 6.2%) IPO price is on the expensive side, and GMP hints at flat listing This IPO may not offer quick gains, but it could be a high-conviction long-term play on Mumbai real estate if the redevelopment strategy pays off. IPO Window: June 24–26 Listing: July 1 Minimum Investment: ₹14,904 (36 shares) peers