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Three initial public offerings closed on the main board of the exchanges on Thursday with handsome subscription. Of them, Kalpataru was the largest issue, as the leading real estate company was planning to raise ₹1,590 crore. Its IPO was subscribed 2.26 times. The offer received bids for 5.15 crore shares as against 2.28 crore shares on offer, according to stock exchange data.
The ₹852.53-crore IPO of Ellenbarrie Industrial Gases was subscribed 22.19 times. However, the ₹119-crore IPO of Globe Civil Projects hogged the limelight with a subscription of 86 times, as all categories of investors bid aggressively.
The Kalpataru issue came out with a price band of ₹387-₹414 per share.
Kalpataru IPO shares will be listed on July 1, while the allotment is expected on June 27.
The offer comprises entirely a fresh issue of equity shares aggregating up to ₹1,590 crore. Of the net proceeds from the fresh issue, the company proposes to repay debt of ₹1,192 crore. As of April-end, the company had total borrowings of ₹10,186 crore.
As of last December-end, the company had 48.97 million sq ft of developable area across 485.38 acres, with a strong presence in the Mumbai Metropolitan Region and Pune. Its unsold residential inventory stood at 6.46 mn sqft, valued at ₹8,249 crore.
Ahead of the IPO, Kalpataru had raised ₹708 crore from anchor investors. The board allotted 1.71 crore shares at ₹414 each to 16 anchor investors.
Ellenbarrie Industrial Gases intended to raise ₹852 crore with the offer for sale of ₹452 crore and fresh issue of shares worth ₹400 crore.
The issue received bids of 33.53 crore shares against the offer of 1.51 crore equity shares. The IPO came out with a price band of ₹380-400. QIB portion was subscribed 64.23 times, while NIIs by 15.21 times and the retail portion by 2.14 times.
The IPO of Globe Civil Projects received bids for 100.94 crore shares against 1.17 crore shares on offer. The IPO hit the market with a price band of ₹67-71. Among them, NII was the most aggressive category as their quota saw a subscription of 143.15 times, while the retail investors portion was subscribed 53.72 times and QIBs by 99.76 times.
Published on June 26, 2025
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