Kalpataru Ltd's IPO Sees Steady Progress, Closes Soon

Kalpataru Ltd's IPO saw a 35% subscription on its second bidding day. The company plans to raise Rs 1,590 crore through fresh equity shares. Funds will address debt and general corporate purposes. The share price is set between Rs 387-414. The IPO will conclude on Thursday.

Kalpataru Ltd's initial public offering (IPO) attracted 35 per cent subscription by the second day of trading, signaling investor interest in the real estate developer's venture.

On offer are 2,28,26,516 shares; 79,59,780 have been bid, as per NSE statistics. Retail Individual Investors showed 72 per cent interest, non-institutional investors subscribed at 45 per cent, while Qualified Institutional Buyers' subscription stood at 17 per cent.

Having raised Rs 708 crore from anchor investors earlier, the Mumbai-based firm, known for its prominent projects in the Mumbai Metropolitan Region, has priced its shares between Rs 387-414. The IPO aims to secure Rs 1,590 crore to service debt and for general corporate purposes, closing the bidding on Thursday.