Runwal Enterprises IPO - Price Band, GMP & Subscription Details

Runwal Enterprises Limited was originally incorporated as Propel Developers Private Limited in February 2016, and was later renamed. It is headquartered in Mumbai, Maharashtra, and works in the real estate sector as a developer of residential, commercial and other properties.

The company develops residential projects across affordable, mid-income and luxury segments, along with commercial spaces, retail malls and educational buildings, primarily in the Mumbai Metropolitan Region. As of September 2024, it had 15 completed projects, 25 ongoing projects and 32 upcoming projects, with a residential portfolio spanning about 48.71 million square feet of developable area, and had developed 11 million square feet across more than 10,000 units to date. According to a JLL report cited in the DRHP, it ranked second by new launches and sales in the region, with market shares of about 5.69% and 5.25% respectively between January 2019 and September 2024, and led the Kalyan-Dombivli submarket. The promoter is Subodh Runwal, who held about 84.99% of the company before the offer.

Revenue from operations rose to Rs 662.19 crore in FY24 from Rs 229.49 crore in FY23, an increase of about 188.5%, with an EBITDA margin of 28.25% in FY24 and a net debt-to-equity ratio of 1.68; profit for the six months ended September 2024 was Rs 25.53 crore, as per the DRHP filed on March 31, 2025. The IPO is a mainboard issue of Rs 1,000 crore on the NSE and BSE, structured entirely as a fresh issue of equity shares of face value Rs 2 each, with no offer for sale; the company may also consider a pre-IPO placement of up to Rs 200 crore. Net proceeds from the fresh issue are proposed to be used for repayment of certain outstanding borrowings (Rs 100-200 crore across DRHP summaries), investment in subsidiaries including Runwal Residency and Evie Real Estate for repayment of their borrowings (Rs 225-450 crore), and funding acquisitions of future real estate projects along with general corporate purposes.