Kalpataru IPO: The initial public offering (IPO) of Kalpataru Limited hit the Indian primary market on Tuesday. The public issue will remain open until 26 June 2025. This means investors have just one day to apply for the public issue. The company has declared the Kalpataru IPO price band at ₹387 to ₹414 per equity share. The book build issue is proposed for listing on the BSE and the NSE. The initial public offer aims to raise 1,590 crore from this public issue by issuing fresh shares. Looking at the Kalpataru IPO subscription status, the public issue has received a tepid response in the first two days of bidding.
According to market observers, company shares are available in the grey market well ahead of the IPO subscription opening. One share of Kalpataru Limited is available at a premium of ₹9 in the grey market today.
Kalpataru IPO GMP today
As mentioned above, Kalpataru IPO Grey Market Premium (GMP) today is ₹9, which has been unchanged since the Kalpataru IPO subscription opening date. The market observers believe the grey market is signalling that investors may expect at least some premium on their investment, as the secondary market has been on an uptrend for the last two straight sessions. They predicted a substantial upside in the grey market sentiment if the positive sentiments on Dalal Street continue for the third consecutive session.
Kalpataru IPO subscription status
By 10:15 AM on day 3 of bidding, the public issue had been booked 0.38 times, the retail portion had been filled 0.79 times, the NII portion of the book build issue had been subscribed 0.50 times, and the QIB segment had been booked 0.17 times.
Kalpataru IPO review
On whether one should apply to the Kalpataru IPO, Marwadi Shares and Finance said, “Considering the FY24 EPS of ₹2.80 on a post-issue basis, the company is set to list at a P/E of approximately ~29.31x with a market cap of ₹2,416.22 Cr, whereas its peers namely APL Apollo Tubes Ltd, Hariom Pipes Industries Ltd, Hi-Tech Pipes Ltd, JTL Industries Ltd, Rama Steel Tubes Ltd and Surya Roshni Ltd are trading at P/E ratios of approximately ~65x, 20x, 28x, 29x, 84x and ~22x, respectively. We assign a “Subscribe” rating to this IPO as the company is well-positioned to take advantage of the growing demand for quality ERW steel pipes and tubes with its strong process innovation and execution capabilities. Also, it is available at a reasonable valuation compared to its peers.”
Bajaj Broking has also assigned a ‘subscribe’ tag to the book build issue: “Kalpataru Limited is one of the leading real estate developers engaging in all key activities associated with realty developments. It posted a bumper top line for FY23 following a special land parcel deal arrived. The group enjoys a niche place as a realty developer in the MMR region. It issued equity shares worth Rs. 400 crore to promoters for Rs. 517.25 in March 2025. The company has turned the corner for 9M of FY25, and the management is confident of further improvements in its financial performance in coming years, considering the projects on hand. Though prima-facie the issue appears aggressively priced, well-informed investors may park funds for the long term.”
Disclaimer: The views and recommendations made above are those of individual analysts or broking companies and not of Mint. We advise investors to check with certified experts before making any investment decisions.
