Real estate firm Kalpataru Ltd has filed draft prospectus with market regulator SEBI to launch its initial public offering (IPO) for raising up to Rs 1,590 crore, mainly to reduce debt. The Mumbai-based company has filed the draft red herring prospectus (DRHP) to launch its IPO, which comprises fresh issue of shares, having face value of Rs 10 each, aggregating up to Rs 1,590 crore. It would use Rs 1,192.5 crore for repayment/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 has a portfolio of 40 ongoing, forthcoming and planned projects comprising 49.77 million square feet area. Of these 25 projects having 22 million square feet are currently underway. While a majority o