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Kalpataru shares close over 4% higher after flat debut

The company proposes to utilise the net proceeds from the IPO towards reducing debt, and for general corporate purposes.

On BSE, Kalpataru’s share price rose 4.78 per cent to close the session at Rs 433.80 apiece. On NSE, its shares gained 4.42 per cent to end at Rs 432.3 per share. (Credit: Company website)

Real estate developer Kalpataru Ltd’s shares made a flat debut on both the NSE and BSE, listing at Rs 414 apiece, the same as the issue price. However, after making a weak debut, Kalpataru Ltd’s share price ended over 4 per cent higher on the exchanges.

The price band of Kalpataru Ltd’s initial public offering (IPO) was fixed between Rs 387 and Rs 414 per share. The share price of the real estate player opened at Rs 414 a share each on the BSE and NSE on Tuesday.

On BSE, Kalpataru’s share price rose 4.78 per cent to close the session at Rs 433.80 apiece. On NSE, its shares gained 4.42 per cent to end at Rs 432.3 per share.

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The Rs 1,590-crore IPO of Kalpataru Ltd, which closed on June 26, was subscribed 2.26 times. It received total bids for 5.15 crore equity shares, as against 2.28 crore shares offered. The qualified institutional buyers’ (QIBs) portion was subscribed 3.12 times and the retail portion witnessed a subscription of 1.29 times. The non-institutional investors’ (NII) portion was subscribed 1.31 times.

The company raised Rs 708 crore from anchor investors. GIC, a global long-term investor managing Singapore’s foreign reserves and Bain Capital, a global private investment firm, subscribed to a bulk of the anchor investor portion.

Domestic and anchor investor lists included SBI Mutual Fund and ICICI Prudential MF; long-only leading insurance companies such as SBI General Insurance, Aditya Birla Sun Life Insurance; and 360 ONE WAM among others.

Other anchor investors include Taurus Mutual Fund and Ayushmat Ltd.

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The company proposes to utilise the net proceeds from the IPO towards reducing debt, and for general corporate purposes.

Parichay Kumar, Superintendent of Police (Patna East), who reached the spot, said: "We have been talking to the driver of Rajkumar Yadav. Prima facie, it looks to be a case of land dispute and money transactions."

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