New Delhi, June 24 -- Real estate major Kalpataru Ltd, set to launch its initial public offering (IPO) on June 24, has secured the backing of GIC Singapore and Bain Capital, among other prominent global investors, in its anchor investment round.
Kalpataru, a prominent real estate developer in the Mumbai Metropolitan Region (MMR) with presence across all micro-markets in the area, raised Rs 708 crore ($82.1 million) in the anchor round. The firm's Rs 1,600-crore IPO is priced in a band of Rs 387-414 per share.
Singapore's sovereign wealth fund GIC, which recently led a $200-million round in mutual fund platform Groww and invested $53 million in fintech firm Cred, was among the largest participants in the round.
GSS Opportunities Investment, a vehicle of global private investment firm Bain Capital, also received a significant share of the anchor allotment.
On the domestic front, institutional investors such as SBI Mutual Fund, ICICI Prudential Mutual Fund, SBI General Insurance, Aditya Birla Sun Life, and 360 ONE WAM participated in the round. Other anchor investors included Taurus Mutual Fund and Ayushmat Ltd.
Kalpataru plans to use the proceeds from the IPO for the repayment or pre-payment of borrowings taken by it and its subsidiaries, as well as for general corporate purposes. It has earmarked nearly Rs 1,193 crore for debt repayment.
Kalpataru's pre-sales figure and collections grew at a CAGR of 23% and 31%, respectively, between FY22 and FY24, the company said. As of the first nine months of FY25, collections stood at Rs 2,621 crore, nearly matching the full-year FY24 total of Rs 2,685 crore.
ICICI Securities Ltd, JM Financial Ltd, and Nomura Financial Advisory and Securities (India) Pvt Ltd are the book-running lead managers (BRLMs) to the issue.
Published by HT Digital Content Services with permission from VC Circle.