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Kalpataru Ltd. and Unimech Aerospace have secured approval from SEBI to raise funds via Initial Public Offerings. Kalpataru aims to raise INR 1,590 crore, with INR 1,192.5 crore earmarked for debt reduction. Based in Mumbai, Kalpataru is a major real estate developer with projects spanning multiple cities. Unimech Aerospace, located in Bengaluru, plans to raise INR 500 crore, with funds directed toward machinery purchases, working capital, and debt repayment. ICICI Securities, JM Financial, and Nomura Financial Advisory are managing Kalpataru's IPO, while Anand Rathi Advisors and Equirus Capital manage Unimech Aerospace. Both companies will list on the BSE and NSE.
Kalpataru Ltd and Unimech Aerospace and Manufacturing Ltd have obtained regulatory approval from the Securities and Exchange Board of India (SEBI) to launch their initial public offerings (IPOs). Kalpataru aims to raise INR 1,590 crore, while Unimech Aerospace plans to secure INR 500 crore through these offerings. The approvals follow the submission of draft prospectuses in August, with SEBI granting its observations on November 21 and 22, indicating clearance for the IPOs. Advertisement
Kalpataru's IPO will consist solely of a fresh equity issue aggregating INR 1,590 crore. The company intends to allocate INR 1,192.5 crore of the proceeds to reduce its debt burden. A prominent player in India's real estate sector, Kalpataru Ltd is a part of the broader Kalpataru Group, which also includes entities like Kalpataru Projects International Ltd, Property Solutions (India), and Shree Shubham Logistics Ltd.
As of March 2024, Kalpataru has an extensive portfolio with 22.02 million square feet (msf) under development and 19.93 msf in planned projects set for launch between FY2025 and FY2027. While the company's primary focus remains on the Mumbai Metropolitan Region (MMR) and Pune, it has an expanding presence in cities such as Hyderabad, Noida, Nagpur, Surat, and Udaipur. Led by Mofatraj P. Munot and Parag M. Munot, Kalpataru holds the position of the fifth-largest real estate developer in the MMR.
Unimech Aerospace's IPO will comprise a fresh equity issue worth INR 250 crore and an Offer for Sale (OFS) of INR 250 crore by the promoter and promoter group. Additionally, the offering will reserve a portion of shares for eligible employees. Funds raised from the fresh issue will support the purchase of machinery, working capital requirements, investments in the company's material subsidiary, debt repayment, and other corporate purposes. Unimech is an expert in precision engineering, providing advanced manufacturing solutions for the aerospace, security, energy, and semiconductor industries.
ICICI Securities Limited, JM Financial Limited, and Nomura Financial Advisory and Securities (India) Private Limited will manage Kalpataru's IPO as book-running lead managers. KFin Technologies serves as the registrar for Unimech Aerospace's IPO, while Anand Rathi Advisors and Equirus Capital act as the book-running lead managers. The company will list its shares on the Bombay Stock Exchange (BSE) and the National Stock Exchange (NSE) upon completion.
These IPOs highlight Kalpataru's robust real estate portfolio and Unimech Aerospace's skilled expertise, reflecting their strategic focus on expansion and value creation. The developments present promising investment opportunities while highlighting their contribution to India's economic growth.
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