Property developer Kalpataru’s Rs.1,590-Cr IPO subscribed 2.26 times

Mumbai-based property developer Kalpataru Ltd ’s initial public offering (IPO) was oversubscribed 2.26 times, receiving bids for over 5.15 crore shares against 2.28 crore offered. The company’s IPO is entirely a fresh issue of equity shares with no offer-for-sale (OFS) component.The Qualified Institutional Buyers (QIBs) category received 3.12 times subscription, while the portion for non-institutional investors got subscribed 1.31 times. The Retail Individual Investors (RIIs) part received 1.29 times the subscription. Kalpataru had raised INR 708 crore from anchor investors.The firm plans to use the INR 1,590 crore from the fresh issue for debt repayment.