Kalpataru Ltd Shines on Market Debut with 5% Surge

Kalpataru Ltd's shares made a flat debut on the market at Rs 414 but soon climbed nearly 5% higher. The stock concluded the day at Rs 433.80 on BSE. The IPO garnered 2.26 times subscription, raising Rs 1,590 crore for debt repayment and corporate purposes.

Shares of Kalpataru Ltd, a prominent real estate developer, opened flat at Rs 414 on their market debut but later surged nearly 5% by the end of trading. On the BSE, the stock touched a high of Rs 453 and settled at Rs 433.80, marking a 4.78% increase.

The company's performance on the NSE followed a similar trajectory, with shares jumping 9.37% intraday to Rs 452.80 before closing at Rs 432.95. The IPO, priced between Rs 387-414 per share, was entirely a fresh issue and witnessed a 2.26 times subscription.

The Mumbai-based company's offering aimed to raise Rs 1,590 crore to address debt obligations and fund general corporate purposes. Known for residential, commercial, and integrated township developments, Kalpataru is a major player in the Mumbai Metropolitan Region.

(With inputs from agencies.)