Kalpataru Limited Confirms Near-Complete Utilisation of ₹1,590 Crore IPO Proceeds with ₹10.94 Crore Remaining as at March 31, 2026
IPO Proceeds Deployed on Schedule
Kalpataru Limited's IPO funds have been largely deployed as planned by March 31, 2026, confirmed by monitoring agency CARE Ratings. The company utilised ₹1,579.06 crore of the ₹1,590 crore raised, leaving ₹10.94 crore undeployed.
The IPO, priced at ₹387–414 per share, raised ₹1,590 crore as a fresh issue when it closed on June 26, 2025. CARE Ratings' verification confirms the deployment aligns with Kalpataru's original fund-use objectives published in the offering documents.
Debt Reduction as Primary Objective
Major allocations included ₹1,192.50 crore towards debt repayment, ₹316.28 crore for general corporate needs, and ₹70.28 crore for IPO expenses. The debt repayment component was completed by July 2025, ahead of the initially scheduled deadline of March 31, 2026.
The debt reduction programme aligns with Kalpataru's stated post-IPO deleveraging strategy. The company's net debt stood at approximately ₹10,120.52 crore as of December 31, 2024, with a debt-to-equity ratio of around 3.7x, which the company expects to reduce to below 2x following the IPO proceeds deployment.
Board Adjustments to Allocations
On February 6, 2026, Kalpataru's Board of Directors approved adjustments to estimated costs for general corporate purposes and issue expenses, allocating an additional ₹13.39 crore to general corporate purposes because actual issue expenses were lower than initially projected.
CARE Ratings, appointed as the independent monitoring agency, filed its SEBI-compliant quarterly report on IPO proceeds with stock exchanges and published it online, reinforcing Kalpataru's financial transparency.
About Kalpataru Limited
Established in 1988, Kalpataru is a Mumbai-based real estate development firm specialising in residential and commercial properties, retail spaces, and integrated townships across Indian cities including Mumbai, Thane, Panvel, Pune, Hyderabad, Indore, Bengaluru, and Jodhpur. As of March 31, 2024, the company has 40 ongoing projects and has completed 70 projects.
Led by Mofatraj P. Munot with over five decades of experience and Parag M. Munot with three decades, Kalpataru is known for delivering high-quality projects. The company manages all aspects of real estate development, from land acquisition to design, construction, and sales, specialising in luxury, premium, and mid-income residential, commercial, and retail developments.