Kalpataru IPO Subscribed 9% on Day 1

New Delhi, Jun 24 (PTI) The initial share sale of real estate developer Kalpataru Ltd subscribed 9 per cent on the first day of bidding on Tuesday.

The initial public offer (IPO) received bids for 20,35,764 shares against 2,28,26,516 shares on offer, as per data available with the NSE.

Retail individual investors (RIIs) category fetched 33 per cent subscription, while the quota for non-institutional investors subscribed 10 per cent.

Kalpataru Ltd on Monday said it has garnered Rs 708 crore from anchor investors.

The company has fixed a price band of Rs 387-414 per share for its IPO.

Kalpataru's IPO will conclude on June 26.

The company's IPO is entirely a fresh issue of equity shares worth Rs 1,590 crore with no offer for sale (OFS) component. It proposes to utilise funds for the payment of debt and general corporate purposes.

Mumbai-based Kalpataru focuses on the development of residential, commercial, retail and integrated township projects. It is also in the redevelopment of societies.

Kalpataru is one of the leading real estate developers in the country with a significant presence in the Mumbai Metropolitan Region (MMR) in Maharashtra.