Real estate firm Kalpataru has filed draft prospectus with the Securities and Exchange Board of India (Sebi) for an initial public offering (IPO).

The Mumbai-based company aims to raise up to ₹1,590 crore from the float, proceeds of which will be largely used to trim debt.

While the IPO comprises a fresh issue of shares, aggregating up to ₹1,590 crore, Kalpataru would use ₹1,192.5 crore for repayment or prepayment, in full or in part, of certain borrowings.

"We are an integrated real estate development company involved in all key activities associated with real estate development, including the identification and acquisition of land (or development rights thereto), planning, designing, execution, sales, and marketing of our projects," the DRHP said.

The company focusses on the development of luxury, premium and mid-income residential, commercial, and retail projects, integrated townships, lifestyle gated communities and redevelopment in the real estate space.

The company has a portfolio of 40 ongoing, forthcoming and planned projects comprising 49.77 million square feet (msf) area.

Of these 25 projects having 22 million square feet are currently underway.

The company’s forthcoming projects which, comprise close to 19.93msf of developable area, are expected to launch across 2024-25, 2025-26 and 2026-27 in various phases.

A majority of the company's projects are located in the Mumbai Metropolitan Region (MMR) and Pune, Maharashtra.

Kalpataru also has two ongoing projects in Hyderabad, Telangana and Noida, Uttar Pradesh.

It has land banks in Surat, Gujarat; Nagpur, Maharashtra and Udaipur, Rajasthan.

During the financial year ended March 31, 2024, it posted revenues of ₹1,929.98 crore compared with ₹3,633.18 crore in the previous year.

Kalpataru Ltd is part of the Kalpataru group.