New Delhi, Jul 1 (PTI) Shares of real estate developer Kalpataru Ltd on Tuesday made a flat market debut against the issue price of Rs 414, but later bounced back and ended nearly 5 per cent higher.
The stock started trading at Rs 414.10 on the BSE. During the day, it gathered momentum and climbed 9.42 per cent to Rs 453 against the issue price. Shares of the real estate developer finally ended at Rs 433.80 apiece, up 4.78 per cent.
On the NSE, the stock got listed at par with the issue price of Rs 414. Later, it surged 9.37 per cent to Rs 452.80 apiece in the intra-day trade. The stock ended at Rs 432.95, a gain of 4.57 per cent.
The company commanded a market valuation of Rs 8,932.55 crore.
The initial public offering of Kalpataru Ltd garnered 2.26 times subscription on the closing day of bidding on Thursday last week.
The company had fixed a price band of Rs 387-414 per share for its IPO.
Its IPO was entirely a fresh issue of equity shares worth Rs 1,590 crore with no offer-for-sale (OFS) component. The company proposes to utilise funds for the payment of debt and general corporate purposes.
Mumbai-based Kalpataru focuses on the development of residential, commercial, retail and integrated township projects. It is also in the redevelopment of societies.
Kalpataru is one of the leading real estate developers in the country with a significant presence in the Mumbai Metropolitan Region (MMR) in Maharashtra.