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₹290 - 305Day cells show that day's addition; Now is the running total. Amounts at the upper price band.
Runwal Enterprises Ltd
RealtyIPO
₹290 - 305
We are a real estate developer present across the full spectrum of real estate development, specializing in residential projects that cater to affordable, mid-income, and luxury segments, as well as commercial spaces, retail malls and educational buildings. We are a recognized brand in the industry and have a strong presence in Mumbai.
Lot49Min Invest₹14,945Face Value₹2Issue Size₹500 CrFresh Issue₹500 CrListing Price₹305CMP₹249
Timeline
25 Sept
Bidding opens
29 Sept
Bidding closes
30 Sept
Allotment
1 Oct
Refund & demat credit
5 Oct
Listing
Subscription · As of 7:58 PM, 29 Sept
Demand by day
CategoryDay 1Day 4Day 5Now+0.96x+0.10x+2.84x3.89x+0.28x+0.66x+3.00x3.94x+0.18x+0.24x+0.70x1.12xOverall+0.42x+0.29x+1.79x2.50x
Shares & amount
CategorySubscriptionShares OfferedShares BidAmt ₹ CrQIB3.89x77.39 L3.01 Cr919.07NII3.94x23.22 L91.38 L278.72Retail1.12x54.17 L60.89 L185.72Total2.50x1.64 Cr4.10 Cr1,250.00
Reports
Offer Details
Terms
Issue Size₹500 Cr1.64 Cr shares
Fresh Issue₹500 Cr
Face Value₹2
Lot Size49 shares
ReservationQIB 50% · NII 15% · RETAIL 35%
Application Sizes
Retail₹14,9451-13 lots
sNII₹2,09,230from 14 lots
bNII₹10,01,315from 67 lots
Managers & Registrar
Lead ManagerICICI Securities Ltd
Co-ManagerJefferies India Pvt Ltd
RegistrarMUFG Intime India Pvt Ltd
Ownership & Proceeds
Shareholding
CategoryPre IPOPost IPOPromoter Group95.16%84.6%Public4.84%15.4%
Objects of the Issue
- Repayment/ pre-payment, in full or in part, of certain outstanding borrowings availed by the Company.
- Investment in the wholly owned Material Sub namely Runwal Residency Pvt Ltd & Evie Real Estate Private Limited, for repayment/ pre-payment, in full or in part, of all or a portion of certain of their outstanding borrowings.
- Funding acquisitions of future real estate projects & general corporate purposes.
Anchor Book
Bid Date24-Sep-2026Bid Price₹305Shares48,83,605Amount₹149 CrMutual Funds26.85% of the book30-day lock-in29-Oct-202690-day lock-in28-Dec-2026
Financials
Profit & Loss
| Financial Year | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| RevenueCr | 61 | 229 | 2,409 | 1,008 | 1,799 |
| Operating ProfitCr | -66 | -4 | 174 | 137 | 298 |
| OPM% | -106.9 | -1.9 | 7.2 | 13.6 | 16.6 |
| PBTCr | -69 | -18 | 157 | 98 | 224 |
| PATCr | -51 | -7 | 94 | 56 | 186 |
| EPS | -4 | 0 | 6 | 6 | 17 |
Balance Sheet
| Financial Year | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Equity CapitalCr | 25 | 25 | 25 | 25 | 25 |
| ReservesCr | 402 | 498 | 391 | 485 | 808 |
| BorrowingsCr | 1,575 | 1,228 | 1,784 | 2,313 | 2,931 |
| Total AssetsCr | 3,898 | 5,251 | 7,080 | 8,328 | 10,255 |
Cash Flow
| Financial Year | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Operating Cash FlowCr | -40 | 513 | -549 | -198 | -181 |
| Investing Cash FlowCr | -268 | -275 | 251 | -168 | -213 |
| Financing Cash FlowCr | 729 | -578 | 352 | 310 | 496 |
| Net Cash FlowCr | 420 | -341 | 54 | -56 | 102 |
Strengths & Risks
Strengths · as stated in the DRHP
- We are a prominent residential real estate developer in Mumbai.
- We are a well-established brand.
- Robust pipeline of Ongoing Projects and Upcoming Projects providing strong visibility of cash flows.
- Ability to sell at premium pricing and throughout the construction phase.
- We have a unique core competency in developing large townships which include schools, malls, retail shops and shopping arcades.
- Demonstrated strong project execution capabilities with in-house functional expertise and tie-ups with reputable design and architect firms.
Strategies · as stated in the DRHP
- Continued focus on Mumbai.
- Continue to pursue asset-light growth opportunities through redevelopment, joint ventures and joint development projects.
- Continue to focus on all segments of residential projects while selectively developing retail, commercial and other projects as part of mixed-use developments.
- Expand the use of IT driven processes.
Risks · as stated in the DRHP
- As of March 31, 2026, 66.65% of the company's real estate development projects were located in Mumbai. Consequently, the company faces risks stemming from economic, regulatory and other changes, including natural disasters in these areas affecting the performance of the real estate market in Mumbai, which might adversely impact the company's business, results of operations, cash flows and financial condition.
- As of March 31, 2026, the company had 28 Ongoing Projects and 33 Upcoming Projects which consists of 86.33% of its total Developable Area. Failures to complete these projects or future projects within their expected timelines, or at all, and any cost overruns could adversely affect the company's business, reputation, financial condition and results of operations.
- As of March 31, 2026, the company had an aggregate of 7,072 unsold units consisting of a total unsold Developable Area of 7.55 million square feet across its Completed Projects and Ongoing Projects. If the company is unable to sell its existing or future inventory within the company's expected timelines or at all, its business, financial condition and results of operations may be adversely affected.
- The Company and Runwal Residency Private Limited have in the past entered into certain related party transactions which have been identified by the respective statutory auditors for the respective period in which such related party transactions have been undertaken, to be prejudicial to the interest of the respective entity, and may continue to enters into such related party transactions that may involve conflicts of interest, which, may adversely affect the company's business, results of operations, cash flows and financial condition.
- The company propose to either repay or pre-pay, in full or part, all or a portion of certain outstanding borrowings availed by its wholly owned Material Subsidiaries namely, Runwal Residency Private Limited and Evie Real Estate Private Limited, from the Net Proceeds. However, as of the date of this Red Herring Prospectus, Evie Real Estate Private Limited has not obtained any credit rating letters for their borrowings and has also incurred losses in Fiscal 2025. The non-availability of a credit rating poses risks to the ability of this entity to secure financing as lenders are unable to assess its creditworthiness and this may limit the company's ability to raise debt financing. If Evie Real Estate Private Limited is unable to raise adequate capital in a timely manner and on acceptable terms, or at all, its business, results of operations, cash flows and financial condition could be adversely affected.
- Any uncertainty in land acquisition and title could adversely affect the company's business and growth prospects.