MUMBAI:  Kalpataru Limited (the “Company”), one of the prominent real estate developers in the Mumbai Metropolitan Region of Maharashtra (MMR) and present across all its micro-markets in MMR, will open its initial public offering on Tuesday, June 24, 2025.

The Anchor Investor Bidding Date is one Working Day before the Bid/Issue Opening Date, that is, Monday, June 23, 2025. The Bid/ Issue Closing Date will be on Thursday, June 26, 2025.

The Price Band of the Issue has been fixed from ₹ 387 per Equity Share to ₹ 414 per Equity Share. Bids can be made for a minimum of 36 Equity Shares and multiples of 36 Equity Shares thereafter.  

The Issue consists of a fresh issue of up to such number of Equity Shares aggregating up to ₹ 15,900 million (the “Fresh Issue”).

The Company proposes to utilize the net proceeds from the Issue towards repayment/pre-payment, in full or part, of certain borrowings availed by the Company and the subsidiaries; and general corporate purposes.

The Issue is being made through the Book Building Process, in terms of Rule 19(2)(b) of the Securities Contracts (Regulation) Rules, 1957, as amended (“SCRR”) read with Regulation 31 of the SEBI ICDR Regulations and in compliance with Regulation 6(2) of the SEBI ICDR Regulations wherein not less than 75% of the Net Issue shall be available for allocation on a proportionate basis to Qualified Institutional Buyers (“QIBs”, and such portion, the “QIB Portion”), provided that our Company in consultation with the BRLMs may allocate up to 60% of the QIB Portion to Anchor Investors on a discretionary basis (“Anchor Investor Portion”). One-third of the Anchor Investor Portion shall be reserved for the domestic Mutual Funds, subject to valid Bids being received from the domestic Mutual Funds at or above the Anchor Investor Allocation Price by the SEBI ICDR Regulations. In the event of under-subscription or non-allocation in the Anchor Investor Portion, the balance Equity Shares shall be added to the QIB Portion (other than the Anchor Investor Portion) (the “Net QIB Portion”). Further, 5% of the Net QIB Portion shall be available for allocation on a proportionate basis to Mutual Funds only, and the remainder of the Net QIB Portion shall be available for allocation on a proportionate basis to all QIB Bidders, including Mutual Funds, subject to valid Bids being received at or above the Issue Price. Further, not more than 15% of the Net Issue shall be available for allocation to Non-Institutional Investors, out of which (a) one third of such portion shall be reserved for applicants with application size of more than ₹ 0.20 million and up to ₹ 1.00 million and (b) two-third of such portion shall be reserved for applicants with application size of more than ₹ 1.00 million, provided that the unsubscribed portion in either of such sub-categories may be allocated to applicants in the other sub-category of Non-Institutional Investors and not more than 10% of the Net Issue shall be available for allocation to RIIs by the SEBI ICDR Regulations, subject to valid Bids being received from them at or above the Issue Price. Further, up to [•] Equity Shares aggregating to ₹159.00 million will be available for allocation to Eligible Employees, subject to valid Bids being received at or above the Issue Price. All Bidders, other than Anchor Investors, are required to participate in the Issue by mandatorily utilising the Application Supported by Blocked Amount (“ASBA”) process by providing details of their respective ASBA Account (as defined hereinafter) and UPI ID in case of UPI Investors, if applicable, in which the corresponding Bid Amounts will be blocked by the SCSBs or under the UPI Mechanism, as the case may be, to the extent of respective Bid Amounts.

The Equity Shares offered through the Red Herring Prospectus are proposed to be listed on both BSE Limited (“BSE“)and the National Stock Exchange of India Limited (“NSE”, together with BSE, the “Stock Exchanges”).  

ICICI Securities Limited, JM Financial Limited, and Nomura Financial Advisory and Securities (India) Private Limited are the Book Running Lead Managers (BRLMs) to the Issue.

All capitalised terms referred to in this press release that have not been defined shall have the same meaning as prescribed in the red herring prospectus of the Company dated June 18, 2025 (“RHP”).

Disclaimer: Kalpataru Limited is proposing, subject to receipt of requisite approvals, market conditions, and other considerations, an initial public offering of its equity shares and has filed a red herring prospectus dated 18th June, 2025. (“RHP”) with the Registrar of Companies, Mumbai at Maharashtra, and the Securities and Exchange Board of India (“SEBI”). The RHP is available on the website of the Company at www.kalpataru.com, the website of SEBI at www.sebi.gov.in, and the website of the Book Running Lead Managers, ICICI Securities Limited at www.icicisecurities.com, JM Financial Limited at www.jmfl.com and Nomura Financial Advisory and Securities (India) Private Limited at www.nomuraholdings.com/company/group/asia/india/index.html and the websites of BSE Limited and National Stock Exchange of India Limited at www.bseindia.com and www.nseindia.com, respectively. Any potential investor should note that investment in Equity Shares involves a high degree of risk. For details, potential investors should refer to the Red Herring Prospectus, including the section titled “Risk Factors” on page 32 of the RHP. The Equity Shares proposed to be offered in the Offer have not been and will not be registered under the U.S. Securities Act of 1933, as amended (“U.S. Securities Act”), or any state securities laws of the United States and, unless so registered, may not be offered or sold within the United States, except under an exemption from, or in a transaction not subject to, the registration requirements of the U.S. Securities Act and applicable state securities laws. Accordingly, the Equity Shares will be offered and sold outside the United States in “offshore transactions” as defined in and in compliance with Regulation S under the U.S. Securities Act and the applicable laws of the jurisdiction where those offers and sales are made. There will be no public offering of the Equity Shares in the United States.

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MUMBAI: Azad Engineering Limited has announced its initial public offering (IPO) of equity shares, set to open on December 20, 2023. The price band for the IPO has been fixed at Rs. 499-524 per equity share of the face value of Rs. 2 each. The Anchor Investor Bid/Offer Period will be on December 19, 2023, while the Bid/Offer Opening Date is on December 20, 2023, and the Bid/Offer Closing Date is on December 22, 2023. Bids can be made for a minimum of 28 equity shares and in multiples of 28 equity shares thereafter.

The price Band fixed at ₹ 499 per equity share to ₹ 524 per equity share of the face value of ₹ 2 each (“Equity Shares”) of Azad Engineering Limited

• Anchor Investor Bid/Offer Period – Tuesday, December 19, 2023
• Bid /Offer Opening Date – Wednesday, December 20, 2023, and Bid/ Offer Closing Date – Friday, December 22, 2023
• Bids can be made for a minimum of 28 Equity Shares and in multiples of 28 Equity Shares thereafter

The IPO consists of a fresh issue of up to Rs. 2,400.00 million and an offer for sale of up to Rs. 5,000.00 million, comprising equity shares offered by the selling shareholders. The company plans to utilize the net proceeds from the offer towards funding capital expenditure, repayment/pre-payment of certain borrowings, and general corporate purposes.

The offer is being made per Regulation 6(1) of the SEBI ICDR Regulations and through the Book Building Process. Not more than 50% of the Net Offer shall be available for allocation on a proportionate basis to Qualified Institutional Buyers (QIBs), and such portion, “QIB Portion.” The company may allocate up to 60% of the QIB Portion to Anchor Investors on a discretionary basis per the SEBI ICDR Regulations, out of which at least one-third shall be available for allocation to domestic Mutual Funds only.

Axis Capital Limited, ICICI Securities Limited, SBI Capital Markets Limited, and Anand Rathi Advisors Limited are the Book Running Lead Managers to the issue. The Equity Shares offered through the Red Herring Prospectus are proposed to be listed on both BSE Limited and the National Stock Exchange of India Limited.

Investors should note that investment in equity shares involves a high degree of risk. For details, potential investors should refer to the Red Herring Prospectus, including the section titled “Risk Factors” beginning on page 28 of the RHP. Potential investors should not rely on the DRHP filed with SEBI for any investment decision.

Disclaimer

Azad Engineering Limited is proposing, subject to applicable statutory and regulatory requirements, receipt of requisite approvals, market conditions, and other considerations, to make an initial public offering of its Equity Shares and has filed the red herring prospectus (“RHP”) with the Registrar of Companies, Telangana at Hyderabad on December 14, 2023. The RHP is available on the website of the SEBI at www.sebi.gov.in as well as on the website of the book running lead managers i.e., Axis Capital Limited, ICICI Securities Limited, SBI Capital Markets Limited, and Anand Rathi Advisors Limited at www.axiscapital.co.in, www.icicisecurities.com, www.sbicaps.com and www.anandrathiib.com, respectively, and is available on the website of the Stock Exchanges i.e., BSE and NSE at www.bseindia.com and www.nseindia.com, respectively, and the website of the Company at www.azad.in. Investors should note that investment in equity shares involves a high degree of risk. For details, potential investors should refer to the RHP, including the section titled “Risk Factors” beginning on page 28 of the RHP. Potential investors should not rely on the DRHP filed with SEBI for any investment decision.

This press release has been made for publication in India and may not be released in the United States. The Equity Shares offered in the Offer have not been and will not be registered under the United States Securities Act of 1933, as amended (“Securities Act”) or any state securities laws in the United States, and unless so registered, and may not be offered or sold within the United States, except under an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act and applicable U. S. state securities laws. Accordingly, the Equity Shares are being offered and sold outside the United States in offshore transactions in reliance on Regulation S and the applicable laws of each jurisdiction where such offers and sales are made.

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• Bid/ Offer will open on Wednesday, July 26, 2023, and close on Friday, July 28, 2023. The Anchor Investor Bidding Date shall be Tuesday, July 25, 2023;

• Bids can be made for a minimum of 50 Equity Shares and in multiples of 50 Equity Shares thereafter

INDIA: Yatharth Hospital & Trauma Care Services Limited (the “Company”), proposes to open its initial public offering of equity shares of face value ₹ 10 each (“Equity Shares”) on Wednesday, July 26, 2023. The initial public offering comprises of a fresh issue of Equity Shares aggregating up to ₹ 4,900 million (“Fresh Issue”) and an offer for sale up to 6,551,690 Equity Shares by selling shareholders (the “Offer for Sale” together with the Fresh Issue, the “Offer”). The Anchor Investor Bidding Date shall be Tuesday, July 25, 2023.  The Offer will open on Wednesday, July 26, 2023, for subscription and will close on Friday, July 28, 2023.

The Price Band of the Offer has been fixed at ₹ 285 to ₹ 300 per Equity Share. Bids can be made for a minimum of 50 Equity Shares and in multiples of 50 Equity Shares thereafter.

The Company proposes to utilize funds raised through net proceeds of the Fresh Issue towards funding – (i) Repayment/ prepayment, in full or part, of certain borrowings availed by the Company up to ₹ 1,000 million; (ii)  Repayment/ prepayment, in full or part, of certain borrowings availed by the Company’s subsidiaries, namely, AKS Medical & Research Centre Private Limited (“AKS”) and Ramraja Multispeciality Hospital & Trauma Centre Private Limited  (“Ramraja”) up to ₹ 1,450 million; (iii) Funding capital expenditure expenses of the Company for two hospitals, namely, Noida Hospital and Greater Noida Hospital up to ₹ 256.44 million ; (iv) Funding capital expenditure expenses of the Company’s subsidiaries, AKS and Ramraja, for respective hospital operated by them up to ₹ 1,069.66 million; (v) Funding inorganic growth initiatives through acquisitions and other strategic initiatives up to ₹ 650 million; and (vi) Balance amount towards general corporate purposes.

The Offer for Sale comprises of up to 3,743,000 Equity Shares of Vimla Tyagi, up to 2,021,200 Equity Shares of Prem Narayan Tyagi and up to 787,490 Equity Shares of Neena Tyagi (the “Promoter Group Selling Shareholders”).

The Equity Shares are being offered through the red herring prospectus of the Company dated July 18, 2023 (the “RHP”) filed with the Registrar of Companies, National Capital Territory of Delhi and Haryana and are proposed to be listed on recognized stock exchanges (the “Stock Exchanges”) being BSE Limited (“BSE”) and the National Stock Exchange of India Limited (“NSE”). For the purposes of the Offer, BSE is the Designated Stock Exchange.

The Offer is being made through the Book Building Process, in terms of Rule 19(2)(b) of the Securities Contracts (Regulation) Rules, 1957, as amended (“SCRR”) read with Regulation 31 of the SEBI ICDR Regulations and in compliance with Regulation 6(1) of the SEBI ICDR Regulations, wherein not more than 50% of the Offer shall be available for allocation on a proportionate basis to Qualified Institutional Buyers (“QIBs”, the “QIB Portion”), provided that the Company and the Selling Shareholders may, in consultation with the BRLMs, allocate up to 60% of the QIB Portion to Anchor Investors on a discretionary basis in accordance with the SEBI ICDR  Regulations (“Anchor Investor Portion”), of which one-third shall be reserved for domestic Mutual Funds only, subject to valid Bids being received from the domestic Mutual Funds at or above the price at which allocation is made to Anchor Investors in accordance with the SEBI ICDR Regulations. In the event of under-subscription or non-allocation in the Anchor Investor Portion, the remaining Equity Shares shall be added to the QIB Portion (other than Anchor Investor Portion) (“Net QIB Portion”).

Further, 5% of the Net QIB Portion shall be available for allocation on a proportionate basis only to Mutual Funds, and the remainder of the Net QIB Portion shall be available for allocation on a proportionate basis to all QIBs (other than Anchor Investors), including Mutual Funds, subject to valid Bids being received at or above the Offer Price. However, if the aggregate demand from Mutual Funds is less than 5% of the Net QIB Portion, the remaining Equity Shares available for allocation in the Mutual Fund Portion will be added to the remaining QIB Portion for proportionate allocation to QIBs. Further, not less than 15% of the Offer shall be available for allocation to Non-Institutional Bidders, of which (a) one-third of the Non-Institutional Portion will be available for allocation to Non- Institutional Bidders with an application size of more than ₹ 200,000 and up to ₹ 1,000,000; and (b) two-thirds of the Non-Institutional Portion will be available for allocation to Non-Institutional Bidders with an application size of more than ₹ 1,000,000, and under-subscription in either of these two sub-categories of Non-Institutional Portion may be allocated to Non-Institutional Bidders in the other sub-category of Non-Institutional Portion. Further, not less than 35% of the Offer shall be available for allocation to Retail Individual Bidders in accordance with the SEBI ICDR Regulations, subject to valid Bids being received at or above the Offer Price.

All potential Bidders (except Anchor Investors) are required to mandatorily participate in the Offer through the Application Supported by Blocked Amount (“ASBA”) process providing details of their respective ASBA accounts, including UPI ID in case of UPI Bidders using the UPI Mechanism, if applicable, in which the corresponding Bid Amounts will be blocked by the SCSBs or by the Sponsor Banks under the UPI Mechanism, as the case may be, to the extent of respective Bid Amounts. Anchor Investors are not permitted to participate in the Offer through the ASBA process. For details, see “Offer Procedure” beginning on page 384 of the RHP.

Intensive Fiscal Services Private Limited, Ambit Private Limited, and IIFL Securities Limited are the book-running lead managers to the Offer.

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MUMBAI: Keystone Realtors Limited (the “Company”), which operates under the brand ‘Rustomjee’ and is one of the prominent real estate developers (in terms of absorption in a number of units) in the micro markets that it is present in, will open its initial public offering on November 14, 2022.

The Price Band of the offer has been fixed at ₹ 514 to ₹ 541 per Equity Share of face value ₹ 10 each. Bids can be made for a minimum of 27 Equity Shares and in multiples of 27 equity shares thereafter.

The initial public offering comprises a Fresh Issue aggregating up to ₹ 5,600.00 million and an Offer for Sale of up to ₹ 750.00 million by the Selling Shareholders comprising up to ₹ 375.00 million by Boman Rustom Irani, up to ₹ 187.50 million by Percy Sorabji Chowdhry and up to ₹ 187.50 million by Chandresh Dinesh Mehta.

The Company intends to use the proceeds of the fresh issue for repayment/ prepayment, in full or part, of certain borrowings availed by the Company and/or certain of the subsidiaries; funding acquisition of future real estate projects, and general corporate purposes.

This is an Offer in terms of Rule 19(2)(b) of the SCRR, read with Regulation 31 of the SEBI ICDR Regulations. The Offer is being made through the Book Building Process in terms of Regulation 6 (1) of the SEBI ICDR Regulations, wherein not more than 50% of the Offer shall be available for allocation on a proportionate basis to Qualified Institutional Buyers (“QIBs and such portion, the “QIB Portion”), provided that our Company and the Selling Shareholders, in consultation with the BRLMs, may allocate up to 60% of the QIB Portion to Anchor Investors on a discretionary basis (“Anchor Investor Portion”), out of which one-third shall be reserved for domestic Mutual Funds only, subject to valid Bids being received from domestic Mutual Funds at or above the price at which allocation is made to Anchor Investors (“Anchor Investor Allocation Price”), in accordance with the SEBI ICDR Regulations. In the event of under-subscription, or non-allocation in the Anchor Investor Portion, the balance Equity Shares shall be added to the QIB Portion (excluding the Anchor Investor Portion) (“Net QIB Portion”). Further, 5% of the Net QIB Portion shall be available for allocation on a proportionate basis to Mutual Funds only, and the remainder of the Net QIB Portion shall be available for allocation on a proportionate basis to all QIB Bidders, including Mutual Funds, subject to valid Bids being received from them at or above the Offer Price. However, if the aggregate demand from Mutual Funds is less than 5% of the Net QIB Portion, the balance Equity Shares available for allocation in the Mutual Fund Portion will be added to the remaining Net QIB Portion for proportionate allocation to QIBs. Further, not less than 15% of the Offer shall be available for allocation to Non-Institutional Bidders (out of which one-third shall be reserved for Bidders with Bids exceeding ₹ 200,000 up to ₹ 1 million and two-thirds shall be reserved for Bidders with Bids exceeding ₹ 1 million) and not less than 35% of the Offer shall be available for allocation to Retail Individual Bidders in accordance with the SEBI ICDR Regulations, subject to valid Bids being received from them at or above the Offer Price. All potential Bidders (except Anchor Investors) are mandatorily required to utilize the Application Supported by Blocked Amount (“ASBA”) process by providing details of their respective ASBA accounts and UPI ID in case of UPI Bidders using the UPI Mechanism, as applicable, pursuant to which their corresponding Bid Amount will be blocked by the Self Certified Syndicate Banks (“SCSBs”) or by the Sponsor Bank under the UPI Mechanism, as the case may be, to the extent of the respective Bid Amounts. Anchor Investors are not permitted to participate in the Offer through the ASBA Process.

The Equity Shares offered through Red Herring Prospectus are proposed to be listed on BSE and NSE.

Axis Capital Limited and Credit Suisse Securities (India) Private Limited are the Book Running Lead Managers.

Risk to Investors:

We carry the risk of high debt as our business is capital intensive and requires significant expenditure for real estate project development, which we fund through financing from banks and other financial institutions. Our Debt / Equity ratio for Fiscal 2022 is 1.62 as against the average of the listed peer group of 0.53. Further, we had Net Cash Outflow from Operating Activities of ₹ (1,095.51) million in Fiscal 2022. Negative operating cash flows over extended periods, or significant negative cash flows in the short term, could materially impact our ability to operate our business and implement our growth plans.

We carry geographical concentration risk. As of June 30, 2022, all our projects were located within the Mumbai Metropolitan Region (“MMR”) and we generated all of our revenue from operations from the MMR. The table below provides details of our total available inventory and unsold inventory in the MMR for our Completed and Ongoing Projects as of June 30, 2022:

Our revenues carry the risk of concentration from residential projects. We almost entirely focus on residential projects, with very limited exposure to commercial and retail projects. Revenue from residential projects contributed 92.27%, 95.98%, 94.62%, 74.58%, and 94.26% of Revenue from Operations for the Fiscals 2020, 2021, and 2022, and for the three months period ended June 30, 2021, and June 30, 2022, respectively.

We are also subject to cost overruns including due to significant increases in prices or shortage of or delay or disruption in the supply of construction materials. The construction cost (including material cost) as a percentage of Revenue from Operations was 74.37%, 72.20%, 77.89%, 77.77%, and 79.26% in Fiscals 2020, 2021, and 2022 and the three months period ended June 30, 2021, and June 30, 2022, respectively.

The weighted average cost of acquisition per Equity Shares held by the Promoters or Selling Shareholders is as provided below and the Offer Price at the upper end of the Price Band is `541 per Equity Share.

As certified by M R M & Co., Chartered Accountants, pursuant to their certificate dated November 8, 2022.

The two BRLMs associated with the Offer have handled 44 public issues in the past three years, out of which 18 issues closed below the offer price on the listing date.

*Issues handled where there were no common BRLMs

Photo: Keystone Realtors Limited (Rustomjee) 1: L-R: Chirag Negandhi (Jt. Managing Director & Co-CEO, Axis Capital Limited), Sajal Gupta (Group Chief Financial Officer and Head Corporate Strategy, Keystone Realtors Limited), Boman Rustom Irani (Chairman and Managing Director, Keystone Realtors Limited), Chandresh Dinesh Mehta (Executive Director, Keystone Realtors Limited), Percy Sorabji Chowdhry (Executive Director, Keystone Realtors Limited) and Abhishek Joshi (Head of ECM India, Credit Suisse Securities (India) Private Limited) 

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