Kalpataru IPO Last Day; Sees 86% Subscription on Day 3, Retail Quota Full; Check Latest GMP Before Applying?

The Kalpataru IPO has entered its final day of bidding today, June 26, and has received a moderate response so far. While retail investors have fully subscribed to their portion, overall subscription across investor categories remains below expectations. Market participants are closely tracking the Kalpataru IPO GMP and subscription trends to decide whether to invest on the last day.

Kalpataru IPO Subscription Status on Day 3

As of June 26, 11:59 AM, the Kalpataru IPO was subscribed 0.86 times overall. The retail category was subscribed 1.04 times, while Qualified Institutional Buyers (QIBs) booked 0.90 times their quota. The Non-Institutional Investors (NII) portion remained lower at 0.66 times. The tepid response from HNIs and institutional investors has kept the overall figures muted.

Kalpataru IPO GMP Today

The latest Kalpataru IPO GMP is Rs. 3, as of the last update at 11:00 AM on June 26. Given the IPO's price band of Rs. 387 to Rs. 414, the stock is expected to list around Rs. 417, indicating a modest potential upside of 0.72%. The lukewarm premium in the unofficial market points to muted enthusiasm among short-term traders, suggesting limited room for immediate listing gains.

Should You Apply for Kalpataru IPO? Mixed Rating From Analyst

In its latest report, Choice Broking has issued a "Subscribe for Long Term" recommendation for the Kalpataru IPO.

The brokerage noted, "At the higher price band, Kalpataru is seeking an EV/Sales multiple of 9.3x, which remains at a discount compared to peer averages of around 12.5x. The company's strong brand enables it to adopt a premium pricing strategy, reflecting solid pricing power. However, the elevated debt levels raise concerns regarding financial prudence. Considering the overall fundamentals, we assign a 'Subscribe for Long Term' rating."

On the other hand, Canara Bank Securities has taken a neutral stance on the IPO. In its review, the brokerage stated, "From a valuation perspective, the company is currently trading at a steep P/E multiple of 500.81x (based on annualised 9M FY25 earnings), which is significantly higher than the listed peer average of approximately 66x. It also commands a premium on P/B valuation. While Kalpataru demonstrates strong operating fundamentals, the lack of consistent financial stability calls for caution. We maintain a NEUTRAL view and advise investors to wait for upcoming quarterly results before making an investment decision."

About Kalpataru Limited

Kalpataru Limited was founded in 1988 and is a real estate development company based in Mumbai, Maharashtra. The company is known for its presence in the residential, commercial, and retail property sectors. It also develops integrated townships across key Indian cities such as Mumbai, Thane, Panvel, Pune, Hyderabad, Indore, Bengaluru, and Jodhpur. The company is part of the Kalpataru Group, which includes other entities like Kalpataru Projects International Limited, Property Solutions (India) Private Limited, and Shree Shubham Logistics Limited.