Pune-based realty firm Kumar Urban Development plans to raise Rs 450 crore through an initial public offer (IPO) to fuel its expansion plans and pay-off debts.

"We are at present awaiting Sebi (market regulator) approval for our IPO. We intend to use the IPO proceeds to fuel our expansion as also to pay-off debts," Kumar Urban Development's Chairman Lalit Kumar Jain said here today.

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The company currently has a land-bank of 1,700-acres spread across Mumbai, Pune, Bangalore, Hyderabad and Nagpur, he said.

The realty developer plans to focus on the residential segment with 75 per cent of its properties to be residential and the balance 25 per cent, commercial.

Jain said going forward, the company's business plan envisages 25 per cent of affordable housing, 50 per cent of mid-segment housing and the rest 25 per cent to be commercial development.

Kumar Urban Development clocked a consolidated net profit of Rs 34 crore, in FY09.

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