Realty firm Kalpataru has joined the bandwagon of property developers that are planning to cash in the rising stock market and has filed the draft papers with the market regulator SEBI for the INR 1,008 crore initial public offer.

Kalpataru the flagship real estate company of the Kalpataru Group has filed the draft red herring prospectus with the Securities and Exchange Board of India, merchant banking sources said.

A source said that the Mumbai based realtor would be raising INR 1,008 crore through its initial public offering, sources said. The company is considering to raise about INR 200 crore as pre-IPO placement.

The entity may offer some discount to retail investors and its employees over the IPO issue price, he said. The IPO is based on a 100 per cent book building process.

Kalpataru is the latest entity in realty sector that is approaching capital market to meet its money requirement. A host of property developers such as infra major HCC promoted Lavasa Corporation, Oberoi Realty and Sahara Prime City are in queue to enter the market.

Recently DB Realty and Godrej Properties hit the primary market.

An investment banker said that “Indian stock market is upbeat and no one wants to miss the opportunity. A host of companies are lined up to come out with their public issues.”

Kalpataru is focused on development of premium residential, commercial, retail, integrated townships and redevelopment projects primarily in Mumbai and Pune.

(Sourced from PTI)