Runwal Enterprises IPO

Runwal Enterprises Limited IPO is a book-built issue comprising an entirely fresh issue of equity shares, aggregating up to ₹500 crore. There is no Offer for Sale (OFS). The fresh issue comprises up to ₹500 crore, including an employee reservation portion of up to ₹3.50 crore. 

The IPO will open for subscription on Friday, September 25, 2026, and close on Tuesday, September 29, 2026, with anchor investor bidding scheduled for Thursday, September 24, 2026. The equity shares are proposed to be listed on both BSE and NSE (mainboard), with NSE being the designated stock exchange. 

The face value of each equity share is ₹2. The price band has been fixed at ₹290 to ₹305 per equity share, and the minimum bid lot is 49 equity shares.

ICICI Securities Limited and Jefferies India Private Limited are the Book Running Lead Managers, while MUFG Intime India Private Limited is the Registrar to the Issue. 

About Runwal Enterprises Limited

Originally incorporated in February 2016 as “Propel Developers Private Limited”, the company was subsequently renamed Runwal Apartments Private Limited in January 2021 and Runwal Enterprises Private Limited in January 2024. It was converted into a public limited company and renamed Runwal Enterprises Limited in October 2024. The company is headquartered in Mumbai, Maharashtra, and operates as a real estate developer focused primarily on the Mumbai Metropolitan Region (MMR).

Runwal Enterprises is engaged in the development of residential, commercial, retail and integrated township projects. Its portfolio spans multiple housing segments, including premium and luxury developments, alongside commercial and retail properties. Key ongoing developments include Runwal Garden City in Dombivli, Runwal City Centre in Kanjurmarg, Runwal Pinnacle in Mulund, Runwal Woods in Chembur, 7 Mahalaxmi and Altitude in Mahalaxmi, among others. The company also has commercial developments such as Runwal BKC and Runwal Commerz and retail projects including Fifth Avenue and R Mall.

The company has established a sizeable presence across key MMR micro-markets, including Dombivli, Kanjurmarg, Mulund, Chembur, Mahalaxmi and BKC. Its development strategy includes large integrated projects; for instance, Runwal Garden City is a 250+ acre integrated township in Dombivli, while Runwal City Centre is a 36-acre integrated development in Kanjurmarg comprising residential, commercial and retail component. 

Runwal Enterprises has also been expanding its development pipeline. In 2026, the company announced developments including a 200-acre township in Alibaug with an estimated gross development value of ₹20,000 crore, redevelopment projects in Marine Lines and Bandra with cumulative GDV exceeding ₹5,000 crore, and a proposed joint venture for a 7.30 lakh sq. ft. Grade-A retail mall in Dombivli.

Industry Outlook

• Real estate remains a major contributor to the Indian economy, accounting for over 7% of India’s Gross Value Added (GVA) over the past decade. The sector has undergone structural changes driven by regulatory reforms, technology adoption and increasing institutional participation.
• Residential real estate remains a key growth driver. Mumbai is one of the leading residential markets in India and accounted for approximately 24% of residential sales and 24% of new launches across India’s top seven residential markets between January 2023 and March 31, 2026.
• Mumbai continues to be a significant market for residential developers, supported by established demand, limited availability of well-located land and infrastructure-led development. Runwal Enterprises ranked third in Mumbai in terms of both new launches and sales, with approximate market shares of 2.33% and 2.46%, respectively, between January 2023 and March 31, 2026.
• Kalyan-Dombivli is another important growth market. Runwal Enterprises ranked first in new launches (11.41% market share) and second in sales (6.33% market share) in the Kalyan-Dombivli submarket between January 2023 and March 2026.
• The residential market is increasingly seeing demand across multiple price segments, ranging from affordable and mid-income housing to premium and luxury residences. Developers are increasingly expanding into premium and luxury housing in established Mumbai micro-markets. Runwal's residential portfolio similarly spans affordable, mid-income and luxury segments.
• Commercial real estate is also supported by strong office demand. JLL's India market data shows gross leasing across India's top seven office markets reached 77.2 million sq. ft. in CY2024, the highest level recorded at that time and 22.6% higher YoY. Mumbai was among the markets recording its highest-ever annual leasing volumes in 2024.

Runwal Enterprises IPO Objectives

The company proposes to utilise the net proceeds from the IPO for the following objectives:

• Towards funding acquisitions of future real estate projects
• Towards repayment or prepayment, in full or in part, of all or a portion of certain outstanding borrowings availed by the company
• Towards general corporate expenses. 

Financial Performance of Runwal Enterprises Limited

Runwal Enterprises Limited Peer Details Comparison

Strengths and Opportunities of Runwal Enterprises IPO

1. Runwal Enterprises has an established presence across key Mumbai micro-markets. Between January 2023 and March 31, 2026, it had approximately 2.46% market share in residential sales and 2.33% share of new launches across Mumbai.
2. The Runwal Group has been operating in the real estate sector since 1978, giving the company a long operating history and established brand recognition in Mumbai.
3. As of March 31, 2026, the company had 19 completed, 28 ongoing and 33 upcoming projects, representing an aggregate developable/estimated developable area of 88.37 million sq. ft. This provides visibility into future project development and cash flows.
4. In the Eastern Suburbs, Runwal ranked first in residential sales, with approximately 7.88% market share, during January 2023–March 2026. In Kalyan-Dombivli, it ranked first in new launches, with approximately 11.41% market share, during the same period.
5. The company's residential portfolio spans affordable, mid-income and luxury segments, with approximately 74.58 million sq. ft. of completed, ongoing and upcoming residential projects as of March 31, 2026.
6. The company has developed large integrated projects incorporating residential developments along with retail, commercial, educational and other community infrastructure, providing an integrated development proposition.
7. The company has been expanding beyond its traditional eastern-suburb presence into Mahalaxmi, Girgaum and Bandra, giving it access to premium residential markets and higher-value development opportunities.
8. Historically focused on affordable and mid-income housing, the company has expanded into luxury developments such as 7 Mahalaxmi and Girgaum. This creates an opportunity to participate in Mumbai's premium housing segment. 

Risks and Threats of Runwal Enterprises IPO

1. As of March 31, 2026, 66.65% of the company’s total developable area was located in Mumbai, comprising 78 projects and 58.89 million sq. ft. A downturn in Mumbai’s real estate market, changes in local regulations, interest rates, supply-demand conditions or other local factors could materially affect the company.
2. The company had 28 ongoing projects and 33 upcoming projects as of March 31, 2026, together accounting for 76.29 million sq. ft., or 86.33% of total developable area. Delays, cost overruns, approval issues, labour shortages, supply-chain disruptions or contractor delays could affect project completion and profitability.
3. As of March 31, 2026, the company had 7,072 unsold units, covering 7.55 million sq. ft. of unsold developable area. Unsold units represented 22.83% of total units across completed and ongoing projects. Slower sales could increase holding, interest and maintenance costs and may require price reductions.
4. The development plans for all 33 upcoming projects were still pending as of the RHP date. Delays or failure to obtain or renew statutory approvals could postpone project launches and construction schedules.
5. The company does not undertake all construction activities itself and is dependent on third-party contractors. Delays, quality issues, labour shortages or contractor failures could disrupt project timelines. It is also exposed to increases in the prices of construction materials.
6. The Mumbai real estate market has several established developers with substantial land reserves, financial resources and established customer and landowner relationships. Increased competition could affect land acquisition, pricing, project launches and market share.
7. The company's business depends significantly on its brand, construction quality, customer satisfaction and timely execution. Negative publicity, customer disputes or allegations involving entities operating under the Runwal brand could affect customer trust and sales.
8. Real estate projects are exposed to events such as floods, earthquakes, severe weather, pandemics and other disruptions, which can damage projects, interrupt construction and increase costs.

Runwal Enterprises IPO Reservation

Runwal Enterprises IPO Promoter Holding

The promoter of the company is Subodh Subhash Runwal. 

Runwal Enterprises IPO Prospectus

• Runwal Enterprises IPO RHP

Runwal Enterprises IPO Registrar and Lead Managers

Runwal Enterprises IPO Lead Managers

• ICICI Securities Limited
• Jefferies India Private Limited

Registrar for Runwal Enterprises IPO

MUFG Intime India Private Limited

• Contact Number:+91 81081 14949
• Email Address: runwalenterprises.ipo@in.mpms.mufg.com

How To Apply for Runwal Enterprises IPO Online?

1. Login to Your Angel One Account: Open the Angel One app or website and log in with your credentials.
2. Locate the IPO Section: Navigate to the 'IPO' section on the platform.
3. Select IPO: Find and select the Runwal Enterprises IPO from the list of open IPOs.
4. Enter the Lot Size: Specify the number of lots you want to bid for.
5. Submit Your UPI ID: Enter your UPI ID to link your payment method and submit your application.
6. Approve Funds: Once you receive the bid request on your UPI app, approve it by entering your UPI PIN.

How To Check the Allotment Status of the Runwal Enterprises IPO?

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1. Log in to the Angel One app.
2. Go to the IPO Section and then to IPO Orders.
3. Select the individual IPO that you had applied for and check the allotment status.
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Contact Details of Runwal Enterprises IPO 

Registered Office:Runwal & Omkar Esquare, 4th floor, Off: Eastern Exp Highway, Opp Sion Chunabhatti signal, Sion-(E), Mumbai City, Mumbai, Maharashtra, India, 400022.

Phone: +91 22 6116 2422

E-mail: company.secretaries@runwalgroup.in