Kalpataru Ltd's Stock Rally: A Promising Start on BSE and NSE

Kalpataru Ltd, a notable real estate developer, saw a strong stock market debut. Initially priced at Rs 414, shares surged over 9% on both BSE and NSE. The IPO, a fresh issue worth Rs 1,590 crore, excludes an offer-for-sale, aiming to address debt and general corporate expenses.

Shares of the real estate developer Kalpataru Ltd experienced a promising start on the stock market, with the listing initially flat but later jumping over 9%.

Opening at Rs 414.10 on the BSE, the shares quickly gained momentum, rising to Rs 453, while on the NSE, they paralleled this performance with a similar surge.

The IPO, which drew 2.26 times subscription, is part of Kalpataru's strategy to manage debt and finance general corporate operations, marking a fresh equity issuance of Rs 1,590 crore with no offer-for-sale.

(With inputs from agencies.)