AZB & Partners has acted as legal counsel to the book running lead managers (BRLMs) — ICICI Securities Ltd., JM Financial Ltd., and Nomura Financial Advisory and Securities (India) Pvt Ltd. — for Kalpataru Limited’s proposed ₹15.90 billion initial public offering (IPO).
Kalpataru Limited, a major player in the infrastructure and engineering, procurement and construction (EPC) segment, will use the IPO proceeds to strengthen its balance sheet, fund working capital needs and support ongoing projects across domestic and international markets.
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Deal Overview
| Feature | Details |
|---|---|
| Issuer | Kalpataru Limited |
| Issue Size | ₹15.90 billion IPO (Fresh Issue only) |
| Book Running Lead Managers | ICICI Securities Ltd., JM Financial Ltd., Nomura Financial Advisory and Securities (India) Pvt Ltd. |
| Legal Counsel to BRLMs | AZB & Partners |
| Issuer-side Counsel | Not disclosed publicly |
| Sector | Infrastructure – EPC, Power Transmission |
Parties Involved
Issuer: Kalpataru Limited is among India’s leading diversified infrastructure companies, operating across power transmission, distribution, oil & gas pipelines, railways and civil EPC projects.
Book Running Lead Managers: ICICI Securities, JM Financial and Nomura will manage the investor outreach, roadshows, offer pricing and book building for the IPO.
Legal Counsel to BRLMs: AZB & Partners acted for the syndicate of bookrunners, advising on Indian law due diligence, regulatory filings, disclosures and SEBI compliance.
Issuer-side Counsel: No separate issuer-side Indian counsel has been publicly reported as of this announcement.
AZB & Partners Deal Team
The AZB & Partners team advising the BRLMs included:
Senior Partners: Varoon Chandra, Lionel D’Almeida
Partner: Rahul Aggarwal
Senior Associates: Veeral Vakharia, Bharat Mordani, Shweta Agrawal
Associates: Arika Gupta, Harsh Vardhan Singh, Vaibhav Kumar Shah
The team handled the legal review of offer documents, due diligence, SEBI and stock exchange requirements and other capital markets regulatory work.
Key Transaction Highlights
The IPO consists entirely of a fresh issue of equity shares, ensuring that the full proceeds flow directly into Kalpataru Limited for business expansion.
The funds will be deployed for working capital requirements, debt reduction and ongoing large-scale EPC projects.
The transaction highlights continued pipeline strength for India’s large-ticket infrastructure IPOs, despite macroeconomic challenges.
Strategic Significance
The proposed IPO is strategically important for Kalpataru Limited as it strengthens its balance sheet, reduces financing costs and positions the company to compete for large domestic and international infrastructure contracts.
The fresh equity issue structure avoids promoter dilution via secondary sales, reinforcing the company’s long-term commitment to its core businesses while broadening its public investor base.
Why It Matters
The deal signals sustained institutional investor appetite for India’s infrastructure growth story, especially at a time when EPC and power transmission companies are expected to benefit from government-led capex and global energy transition projects.
Kalpataru Limited’s proposed ₹15.90 billion IPO adds fresh momentum to India’s infrastructure-focused capital markets activity.
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Disclaimer
This article is for informational purposes only and does not constitute legal or financial advice. Readers should consult professionals before making decisions.
