Kalpataru initial public offer (IPO) got subscribed 2.26 times on the third day of bidding on Thursday. The initial share sale by the real estate developer received bids for 5.15 crore shares against 2.28 crore shares on offer, according to NSE data.

The Retail Individual Investors (RIIs) part got subscribed 1.29 times, while the non-institutional investors category received 1.31 times subscription. The quota for Qualified Institutional Buyers (QIBs) fetched 3.12 times subscription. Earlier, the company garnered Rs 708 crore from anchor investors.

The company's IPO is entirely a fresh issue of equity shares worth Rs 1,590 crore with no offer for sale (OFS) component. It 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.

Gaurav Garg, Lemonn Markets Desk, noted "We maintain a Subscribe view on Kalpataru, driven by its competitive valuation vis-à-vis peers, robust presence in the ERW steel pipes and tubes segment, and improving financial profile. Also, the company's strategic land deals, improving financials, and strong brand presence in the MMR real estate market, albeit cautioning on pricing aggressiveness."

Shares of the company will be listed on July 1, while the allotment is expected on June 27.