Runwal Enterprises IPO

About Runwal Enterprises IPO

Runwal Enterprises IPO, an SME IPO, opens on Friday, September 25, 2026 and closes on Tuesday, September 29, 2026. The allotment of shares will take place on Wednesday, September 30, 2026. The listing of shares will take place on Monday, October 5, 2026.

Runwal Enterprises IPO’s price band is set at ₹290 to ₹305 per share. The lot size for an application is 49. The minimum amount of investment required by a retail investor is ₹14,945 (49 shares) based on the upper price.

The offer consists of a fresh issue component of 1.64 crore shares of ₹499.83 crore.

Runwal Enterprises Limited is a Mumbai-focused real estate developer operating across the affordable, mid-income, and luxury residential segments, alongside commercial spaces, retail malls, and educational buildings.

Objectives of Runwal Enterprises IPO

• Repayment/pre-payment, in full or in part, of certain outstanding borrowings availed by our company.
  
• Investment in our wholly owned Material Subsidiaries namely Runwal ResidenCYPrivate Limited and 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 and general corporate purposes.
  

Industry Outlook

India’s residential real estate market has scaled rapidly. In terms of residential sales value, the size of the Indian market increased by approximately 1.5 times over the two-year period from CY2023 to CY2025. Mumbai leads the country. Between CY2023 and Q1 CY2026, Mumbai accounted for approximately 23% of India’s total residential sales value, the highest of any city.

The Mumbai residential market reached ₹1,379 billion in residential sales value in CY2025, having grown roughly 1.2 times from CY2023 to CY2025. Demand is broad-based. Mumbai has consistently contributed about a quarter of overall sales and new launches across India’s top seven residential markets. Ongoing infrastructure such as the Metro Lines, the 29.8 km Coastal Road, and the Navi Mumbai International Airport is expected to improve connectivity and support demand in outlying suburbs.

Commercial demand has also strengthened. India’s office market recorded its highest-ever annual net absorption of 57.0 million square feet in 2025, and net absorption is estimated at 50–60 million square feet per year from CY2026 through CY2028. With projects concentrated in Mumbai’s eastern, western, and central suburbs and near Alibaug, Runwal Enterprises is placed to benefit from these residential and infrastructure trends.

About Runwal Enterprises

Runwal Enterprises Limited develops real estate across the affordable, mid-income, and luxury residential segments, together with commercial spaces, retail malls, and educational buildings. Its base is Mumbai. As of March 31, 2026, the company had developed and was developing an aggregate Developable Area of 31.96 million square feet of residential, retail, and commercial properties. Greenfield developments account for 94.56% of its total Developable Area.

The portfolio is deep. As of March 31, 2026, the company had 19 Completed Projects, 28 Ongoing Projects, and 33 Upcoming Projects, and it uses greenfield land acquisition as well as asset-light joint development agreements. In the eastern suburbs submarket it ranked first in sales, at approximately 7.88%, between January 2023 and March 2026.

Strengths of Runwal Enterprises

• Ongoing Projects span 19.88 million square feet and Upcoming Projects span 56.41 million square feet of Estimated Developable Area, giving strong visibility over future cash flows.
• Greenfield developments account for 94.56% of the company’s total Developable Area, supporting an integrated model spanning land acquisition, approvals, design, and construction.
• The company ranks first in sales in the eastern suburbs submarket at approximately 7.88% and first in new launches in the Kalyan-Dombivli submarket at approximately 11.41% between January 2023 and March 2026.
• Built on the well-established “Runwal group” legaCYdating to 1978, the company has delivered marquee projects including Runwal Bliss, Runwal Gardens, and Runwal My City.

Risks of Runwal Enterprises

• The company’s real estate projects were located in Mumbai, so any economic, regulatory, or natural-disaster shock to the Mumbai market could directly impair its revenue and cash flows.
• Ongoing and upcoming Projects made up 86.33% of total Developable Area as of March 31, 2026, and any failure to complete them on schedule or cost overruns would hurt profitability and reputation.
• Residential projects accounted for 84.39% of Developable Area and 93.93% of sales as of March 31, 2026, leaving the company exposed to any downturn in residential demand.
• Development plans for all 33 upcoming projects were still pending finalisation and approval as of the RHP date, and delays in obtaining approvals could force the rescheduling of projects.
• The company depends on third-party suppliers for building materials such as steel, cement, and ready-mix concrete, so price increases or supply disruptions could raise costs and compress margins.

Anchor Investor Bidding Date

Thursday, September 24, 2026

IPO Registrar and Book Running Lead Managers

Registrar Details
MUFG Intime India Private Limited (Formerly Link Intime India Private Limited)
E-mail: runwalenterprises.ipo@in.mpms.mufg.com
Phone: +91 81081 14949

Book Running Lead Manager

• ICICI Securities Limited
  
• Jefferies India Private Limited
  

Runwal Enterprises Contact Details
Runwal & Omkar Esquare, 4th floor, Off: Eastern Exp Highway, Opp Sion Chunabhatti signal, Sion-(E), Mumbai City, Mumbai, Maharashtra, India, 400022.
E-mail: company.secretaries@runwalgroup.in
Phone: +91 22 6116 2422

Runwal Enterprises Business Model

The company earns its revenue through the development and sale of residential and commercial units in the projects it builds, recognised at the point in time when control passes to the customer. Its core business is Mumbai residential real estate spanning the affordable, mid-income, and luxury segments, supplemented by commercial spaces, retail malls, and educational buildings. The Company develops projects through greenfield land acquisition as well as asset-light joint development agreements, and monetises them across the construction and post-construction phases.

Runwal Enterprises Growth Trajectory

Runwal Enterprises’s Total Income for FY26 was ₹1,850.79 crore, whereas in FY25 and FY24 it was ₹1,050.71 crore and ₹2,436.68 crore, respectively.

The Profit After Tax for FY26 was ₹185.76 crore, whereas in FY25 and FY24 it was ₹55.65 crore and ₹93.70 crore, respectively.

Their EBITDA for FY26 was ₹349.81 crore, whereas in FY25 and FY24 it was ₹180.11 crore and ₹201.73 crore, respectively.

Runwal Enterprises Market Position

Runwal Enterprises is a Mumbai-focused developer with a portfolio concentrated in the eastern, western, and central suburbs and near Alibaug. As of March 31, 2026, it had 19 Completed Projects, 28 Ongoing Projects, and 33 Upcoming Projects, together representing an aggregate Developable Area of 31.96 million square feet across residential, retail, and commercial properties.

As of 31 March 2026, the company’s Total Income, Profit After Tax, and EBITDA were ₹1,850.79 crore, ₹185.76 crore, and ₹349.81 crore, respectively.

How to apply for Runwal Enterprises IPO?

• Step 1: Log in to your Kotak Neo Demat account to access IPO investments. Next, select the current IPO section.
• Step 2: Specify IPO details. Enter the number of lots and the price you wish to apply for.
• Step 3: Enter UPI ID. After entering your UPI ID, click submit. This will place your bid with the exchange.
• Step 4: Mandate Notification. Your UPI app will receive a mandate notification to block funds.
• Step 5: Approve Request. Your funds will be blocked once you approve the mandate request on your UPI.