NEW DELHI: Shares of real estate developer Kalpataru Ltd had a flat debut on Tuesday, opening at the issue price of Rs 414 but later rallied by over 9%.
The stock began trading at Rs 414.10 on the BSE and gained momentum, increasing by 9.42% to reach Rs 453.
On the NSE, it was listed at Rs 414, before climbing 9.37% to Rs 452.80.
The company had a market valuation of Rs 9,121.99 crore in early trading.
Kalpataru Ltd’s initial public offering (IPO) was subscribed 2.26 times by the end of bidding last Thursday. The IPO’s price band was set between Rs 387-414 per share.
This IPO consists solely of a fresh issue of equity shares worth Rs 1,590 crore, with no offer-for-sale (OFS) component. The funds raised will be used for debt repayment and corporate purposes.
Headquartered in Mumbai, Kalpataru focuses on developing residential, commercial, retail, and integrated township projects, along with redeveloping societies.
Kalpataru is one of India’s prominent real estate developers, with a substantial presence in the Mumbai Metropolitan Region (MMR) in Maharashtra.
