| Price | Lot Size | Issue Date | Issue Size |
|---|---|---|---|
| ₹ 387 to ₹ 414 | 36 | 24th Jun, 2025 – 26th Jun, 2025 | ₹1590 Cr |
Kalpataru Limited IPO
Kalpataru Limited, incorporated on December 22, 1988, is part of Kalpataru Group, promoted by Mr. Mofatraj P. Munot and Mr. Parag M. Munot. It is an integrated real estate developer with a strong footprint across all micro-markets of the Mumbai Metropolitan Region (MMR), Maharashtra. It operates across the full spectrum of real estate development activities, including land acquisition, planning, design, execution, sales, and marketing. It is the 5th largest developer in the MCGM area of Maharashtra and the 7th largest developer in Thane, Maharashtra, in terms of units supplied from
January 1, 2019, to December 31, 2024. The company’s development focus lies in luxury, premium, and mid-income residential housing, as well as commercial complexes and retail spaces. Approximately 68% of its residential developable area is located within MMR. As of December 31, 2024, the company and its promoters have delivered 120 completed projects, covering more than 25.87 million sq. ft. of developable area within Mumbai, Thane, Panvel and Pune in Maharashtra, as well as Hyderabad, Indore, Bengaluru, and Jodhpur in the states of Telangana, Madhya Pradesh,
Karnataka and Rajasthan, respectively. In addition to acquiring freehold and leasehold interests in land for development, the company has also adopted an asset-light model with 13 projects through five projects under redevelopment, six agreements under joint development agreements and two joint venture projects with other landowners to develop their land, contributing a combined 12.47 msf, representing 25.5% of its total developable area. As of December 31, 2024, it had 25 ongoing projects with a total developable area of 24.83 msf, six forthcoming projects comprising 16.33 msf, and five planned projects totalling 7.81 msf, amounting to a total development pipeline of 36 projects with 48.97 msf and holds substantial land reserves of approximately 1,886 acres on which there are currently no ongoing projects, forthcoming projects or planned projects. In FY24, the company recorded a sales value of Rs. 32,019.8 mn across 2.83 msf and 2,095 units, while for 9MFY25, the sales value was Rs. 27,272.5 mn across 2.05 msf and 1,407 units.
Objective of the Globe Civil Projects Limited IPO
The company proposes to utilize the net proceeds from the issue towards the following objects:
• Repayment/ prepayment, in full or in part, of certain borrowings availed by the company and its
subsidiaries.
• General corporate purposes.
Rationale To Kalpataru Limited IPO
Prominent real estate developer in MMR and Pune with a diversified portfolio,
proven execution capabilities, and timely project delivery.
The company is a prominent real estate developer with a strong foothold across all key micromarkets in the Mumbai Metropolitan Region (MMR) and Pune, Maharashtra, focusing on ultra-luxury, luxury, high-end, and mid-end residential segments, particularly emphasizing high-end and luxury projects. According to the Anarock Report, MMR was the leading Indian real estate market from 2019 to 2023 in terms of supply, absorption, and average base selling price. During this period, the company ranked fifth in the MCGM area and fourth in Thane in terms of the number of residential units supplied. This performance was made possible by the company’s ability to carry out all key activities associated with real estate development through its in-house resources. Leveraging its inhouse execution capabilities, the company delivered its projects on a timely basis across key markets. As of December 31, 2024, the company had completed 73 projects in MMR and Pune, accounting for 15.01 million square feet (msf). It also had 23 ongoing projects (23.21 msf), five forthcoming projects (15.03 msf), and five planned projects (7.81 msf) in these regions, collectively representing 94.84% of its total development portfolio. Its ability to deliver quality projects on a timely basis across varied price points and geographies strengthens its brand as a reliable, execution-focused developer and positions it well to capture further market share in Maharashtra’s competitive real estate landscape
Strong project pipeline with visibility towards near-term cash flows
The company’s ongoing projects and forthcoming projects, along with their ability to sell throughout the construction phase, provide visibility into near-term cash flows. As of December 31, 2024, the company had 25 ongoing projects, six forthcoming projects, and five planned projects, primarily across key micro-markets in the Mumbai Metropolitan Region (MMR). These projects are expected to benefit from the infrastructural development underway in Greater Mumbai and the MMR, thereby achieving long-term sustainability and increasing the carrying capacity of the city’s transportation networks. This, in turn, will improve traffic and transportation capacity in the MMR, both in terms of capacity and quality. Additionally, the company’s flagship developments, such as Kalpataru Parkcity in Thane, are positioned as “destination developments,” thereby strengthening the brand’s presence. The substantial development pipeline provides a competitive edge and supports the company’s continued leadership in MMR’s high-demand real estate market.
Valuation of Kalpataru Limited IPO
India’s real estate sector is projected to reach USD 1 trillion by 2030 and contribute 13% to GDP by 2025. This strong growth is driven by urbanization, rising incomes, and policy support; between 2019 and 2023, the top seven cities saw robust housing demand with 4.76 lakh units absorbed in 2023 alone, leading to a decline in unsold inventory to around 6 lakh units and the lowest inventory overhang in 6–7 years. As a prominent player with a well-established brand name, Kalpataru, backed by an experienced and qualified management team, the company is well-positioned to capitalise on these growing trends in the Indian real estate industry. The company has maintained its focus on the MMR and Pune regions, with a strong project pipeline. They are working towards the timely completion of these projects, as this will generate cash flow and enable them to unlock potential value in their existing land reserves.
Additionally, the company is exploring new opportunities, including redevelopment, JDA and JV projects. The company currently has 13 such ongoing projects, including five redevelopment projects, two joint venture projects, and six joint development agreements. Financially, the company’s revenue declined from Rs. 36,332 mn in FY23 to Rs. 19,300 mn in FY24, while the 9MFY25 revenue stands at Rs. 16,247 mn. According to management, the topline for FY23 was higher due to one-time income from the sale of its land parcel, and corresponding adjustments of overheads, etc., resulted in higher losses of Rs. 2,268 mn in FY23, which narrowed to Rs. 1,138 mn in FY24. This was also because of the reduction in the company’s interest cost from Rs. 1,303 mn in FY23 to Rs. 342 mn in FY24. In 9MFY25, the company turned profitable, reporting a profit of Rs. 55 mn. The company’s management is confident that it can further enhance its financial performance and maintain its profitable status in the years to come, given its
ongoing projects. Further, as of March 27 , 2025, the company converted Rs. 14,400 mn worth of unsecured debentures into equity shares, which will reduce debt and increase capital. Additionally, the company may monetize land reserves and explore joint ventures to unlock value, while managing financial risks through refinancing and strategic debt repayment to reduce borrowing costs. The company also plans to use the funds raised from this IPO to repay its debt. The company is currently valued at a P/E ratio of 554x on the upper price band, based on FY25 annualized earnings, which is comparatively higher than its peers. Although the company’s ongoing projects in high-growth cities, favourable industry dynamics, and intention to repay debt position it well for long-term growth, the company’s debt and high valuation make it a risky bet; hence, we recommend an “AVOID” rating for this issue. We will reassess our recommendation if there is a sustained improvement in the company’s debt structure and valuation metrics in future
What is the Kalpataru Limited IPO?
The initial public offer (IPO) of Kalpataru Limited offers an early investment opportunity in Kalpataru Limited. A stock market investor can buy Globe Civil Projects IPO shares by applying in IPO before Kalpataru Limited shares get listed at the stock exchanges. An investor could invest in Kalpataru Limited IPO for short term listing gain or a long term.
How to apply for the Kalpataru Limited IPO through StoxBox?
To apply for the Kalpataru Limited IPO through StoxBox one can apply from the website and also from the app. Click here
When will the Kalpataru Limited IPO open?
Kalpataru Limited IPO is opening on 24th Jun 2025. Apply Now
What is the lot size of the Kalpataru Limited IPO?
The Lot Size of Kalpataru Limited IPO is 36 equity shares. Login to your account now.
When is the Kalpataru Limited allotment date?
The allotment Date for Kalpataru Limited IPO is 27th Jun 2025. Login to your account now.
When is the Kalpataru Limited IPO listing date?
The listing Date for Kalpataru Limited IPO is 1st July 2025. Login to your account now
What is the minimum investment required for the Kalpataru Limited IPO?
In the Retail segment the minimum investment required is Rs. 14,904. Login to your account now
What is the maximum investment allowed for the Kalpataru Limited IPO?
In the Retail segment the maximum investment requirement is Rs. 1,93,752. Login to your account now
What are the risks associated with investing in the Kalpataru Limited IPO?
- The company has incurred net losses in the past, and any potential losses in future periods could adversely
affect its financial health, results of operations, and cash flows. - As of December 31, 2024, 94.84% of the company’s real estate development projects were located in and
around the Mumbai Metropolitan Region and Pune. As a result, the company remains exposed to risks arising
from economic, regulatory, political, and other changes in these regions, which could adversely impact its
business, operating results, and financial condition. - The company is exposed to risks associated with land acquisition, including limited land availability, rising
competition, and complex regulatory requirements, which may adversely impact its business, operational
results, and financial condition.
When will the The company has incurred net losses in the past, and any potential losses in future periods could adversely affect its financial health, results of operations, and cash flows. • As of December 31, 2024, 94.84% of the company’s real estate development projects were located in and around the Mumbai Metropolitan Region and Pune. As a result, the company remains exposed to risks arising from economic, regulatory, political, and other changes in these regions, which could adversely impact its business, operating results, and financial condition. • The company is exposed to risks associated with land acquisition, including limited land availability, rising competition, and complex regulatory requirements, which may adversely impact its business, operational results, and financial condition. IPO shares be credited to my Demat account?
The Kalpataru Limited IPO be credited to the account on allotment date which is 30th Jun 2025. Login to your account now
Where can I find the Kalpataru Limited IPO prospectus?
The prospectus of Kalpataru Limited IPO prospectus can be find on the website of SEBI, NSE and BSE
