Shares of Kalpataru Ltd made a flat debut on the stock exchanges today, listing at Rs 414 per share on the NSE, matching the upper end of its IPO price band. On the BSE, the stock opened at Rs 414.10, reflecting a marginal 0.02 per cent premium. The listing comes after the company’s Rs 1,590-crore initial public offering (IPO), which received a subscription of 2.26 times in the primary market.

The IPO, with a price band of Rs 387–414 per share, garnered interest mainly from institutional investors. The Qualified Institutional Buyers (QIBs) segment was subscribed 3.12 times, while the non-institutional investor (NII) portion was subscribed 1.31 times. The Retail Individual Investors (RIIs) category saw 1.29 times subscription.

Following the listing, Kalpataru Ltd’s market capitalisation stood at Rs 8,524.84 crore.

The company’s IPO had seen a decent response in terms of demand, though market sentiment ahead of listing was cautious, as reflected in muted grey market premium (GMP) trends. Analysts had largely anticipated a flat to modest listing, considering the broader market conditions and valuations.

Kalpataru Ltd is part of the Kalpataru Group, a diversified conglomerate with a presence across real estate, infrastructure, and EPC businesses. This newly listed company focuses primarily on the real estate development segment, including residential and commercial projects in key urban markets.

Despite the flat start, market participants will now look to how the company delivers on its post-listing growth plans and whether the stock can attract investor interest in the coming sessions. Analysts suggest that consistent project execution and stable earnings visibility could drive re-rating over the medium term.