Runwal Enterprises IPO- Complete Overview
Runwal Enterprises IPO is a Mainboard IPO with an issue size of Rs. 499.83 Cr by Runwal Enterprises Limited, which is active in all sectors of real estate, including residential, commercial, and institutional properties.
The company primarily operates in Mumbai and is well known in the industry. The company is ranked 3rd in Mumbai for both new launches and units sold during the period from January 2023 to March 2026, with market shares of 2.33% and 2.46% for new launches and unit sales, respectively.
In the eastern suburbs of Mumbai, during the same time period, the company ranked first for unit sales with a market share of 7.88% and fourth for new launches with a market share of 2.89%.
In Kalyan-Dombivli during the same time period, the company ranked first for new launches with a market share of 11.41% and second for unit sales with a market share of 6.33%. (JLL Report)
The company has 19 completed projects and 28 ongoing projects, as of March 31, 2026.
The company has developed township projects and has experience in the full range of real estate development, including shopping malls, retail outlets, schools, and other infrastructure.
This new IPO is to be launched on 25 Sep 2026, and its ‘initial public offering’ will end on 29 Sep 2026.
Runwal Enterprises IPO Details
This Mainline IPO comprises a wholly fresh issue of 1.64 crore shares. The Runwal Enterprises IPO listing date (expected) might be Monday, Oct 05, 2026, and the listing on the BSE and NSE.
The Runwal Enterprises IPO price band is Rs. 290 to Rs. 305.
IPO Timetable (Tentative)
The Runwal Enterprises IPO date is from 25 Sep to 29 Sep, with IPO allotment on Sep 30, refund initiation on Oct 01, and listing on Oct 05, 2026.
|
Events |
Date |
|
IPO Opening Date |
Sep 25, 2026 |
|
IPO Closing Date |
Sep 29, 2026 |
|
IPO Allotment Date |
Sep 30, 2026 |
|
Refund Initiation |
Oct 01, 2026 |
|
IPO Listing Date |
Oct 05, 2026 |
If you want to apply for the IPO, click to open a Demat Account.
Industry Overview & Outlook
India’s office market has witnessed significant growth over the past two and a half decades, establishing itself as a prominent player in the global commercial real estate industry. The top seven markets in India have experienced a tremendous surge in Grade A office stock, growing from ~59.5 mn sq ft in December 2004 to around 918.1 mn sq ft, as of March 2026.
Runwal Enterprises Company Financial Performance
(Amount in Cr)
|
Period Ended |
31 Mar 2026 |
31 Mar 2025 |
31 Mar 2024 |
|
Assets |
10,254.50 |
8,328.14 |
7,079.74 |
|
Total Income |
1,850.79 |
1,050.71 |
2,436.68 |
|
Profit After Tax |
185.76 |
55.65 |
93.70 |
|
EBITDA |
349.81 |
180.11 |
201.73 |
|
NET Worth |
768.20 |
455.86 |
372.65 |
|
Reserves and Surplus |
819.81 |
460.07 |
426.07 |
|
Total Borrowing |
2,909.13 |
2,312.58 |
1,783.65 |
Cash Flows
The cash flows for various activities are shown below:
(Amount in Mn)
|
Net Cash Flow In Multiple Activities |
31 Mar 2026 |
31 Mar 2025 |
31 Mar 2024 |
|
Net Cash Flow Operating Activities |
(1,807.13) |
(1,981.36) |
(5,494.82) |
|
Net Cash Flow Investing Activities |
(2,132.31) |
(1,676.74) |
2,514.86 |
|
Net Cash Flow Financing Activities |
4,960.10 |
3,097.63 |
3,518.10 |
Runwal Enterprises IPO- Business Model
The company operates across the full real estate value chain:
-
Land identification and acquisition (or rights via joint development agreements/development agreements / joint ventures).
-
Obtaining regulatory approvals.
-
Planning, design, and construction.
-
Marketing, sales (or leasing), and handover.
How the Company Earns Money
Primary revenue source: Sale of residential (and some commercial/retail) units.
-
Units are sold via agreements; revenue is recognized primarily from these sales (under Ind AS, typically based on progress of construction and transfer of control).
-
Revenue from operations comes mainly from:
-
Sale of residential apartments/units.
-
Sale or lease of commercial/retail spaces.
-
Related services.
Revenue Bifurcation
(Source : RHP)
The Objective of the Issue
-
Repayment/ pre-payment, in full or in part, of certain outstanding borrowings availed by the Company. ~ Rs. 100 Cr.
-
Investment in the Material Subsidiaries namely Susneh Infrapark Pvt. Ltd. and Runwal Residency Pvt. Ltd. and Subsidiary namely Evie Real Estate Pvt. Ltd., for repayment/ pre-payment, in full or in part, of all or a portion of certain of their outstanding borrowings. ~ Rs. 225 Cr.
-
General Corporate Purposes.
Peers of Runwal Enterprises
|
Name of the Company |
Face Value (₹ per share) |
EPS Basic (₹) |
P/E (x) |
|
Oberoi Realty Limited |
10 |
68.96 |
25.88 |
|
Lodha Developers Limited |
10 |
34.34 |
33.42 |
|
Godrej Properties Limited |
5 |
61.43 |
27.53 |
|
Sunteck Realty Limited |
1 |
13.94 |
21.09 |
|
Keystone Realtors Limited |
10 |
6.25 |
56.96 |
|
Prestige Estates Projects Limited |
10 |
27.76 |
51.70 |
|
Kalpataru Limited |
10.00 |
4.76 |
57.66 |
Evaluation of P/E Ratio
Considering the period ended on FY 2026 with an EPS of Rs. 16.74 from the last year, the resulting P/E ratio is 18.22x.
Runwal Enterprises IPO Valuation
|
Debt/Equity |
3.29 |
|
RoNW |
27.24% |
|
EBITDA Margin |
19.44% |
IPO's Strengths
-
Focus on sustainable development.
-
Robust pipeline of ongoing and upcoming projects.
-
Expertise in developing large integrated townships.
-
Well-established brand and strong market presence.
IPO's Weaknesses
-
Mumbai accounted for 66.65% of the company's real estate development projects as of March 31, 2026. The commercial and financial success of the company may be negatively impacted by changes in the economy, regulations, or other factors, such as local natural catastrophes.
-
As of March 31, 2026, the company's 28 existing and 33 planned projects accounted for 86.33% of its total Developable Area. Project delays, failures, or cost overruns could negatively affect its business, reputation, financial position, and operational outcomes.
-
The corporation had 7,072 unsold units as of March 31, 2026, which equates to about 7.55 million square feet of unsold Developable Area across finished and continuing projects. Its company and financial performance could be negatively impacted if this current or future inventory is not sold within the anticipated timeframes.
Runwal Enterprises IPO GMP Today
Runwal Enterprises IPO GMP is Rs. 18 as of September 23, 2026, when this information was written.
IPO Other Details
|
IPO Opening & Closing Date |
25 Sep 2026 to 29 Sep 2026 |
|
Face Value |
Rs. 2 per Share |
|
Issue Price |
Rs. 290 to Rs. 305 |
|
Lot Size |
49 Shares |
|
Issue Size |
1,63,93,442 shares (Rs. 500 Cr) |
|
Offer for Sale |
- |
|
Fresh Issue |
1,63,93,442 shares (Rs. 500 Cr) |
|
Listing At |
BSE, NSE |
|
Issue Type |
Book Built Issue IPO |
|
Registrar |
MUFG Intime India Pvt. Ltd. |
IPO Grey Market Premium
The current IPO GMP is available at our live IPO GMP page, where you can get the GMP today for open Mainboard and SME IPOs.
Runwal Enterprises IPO Lot Size
The IPO allows retail investors to invest in a minimum and maximum of 1 Lot (49 Shares) amounting to Rs. 14945 and 13 Lots (637 Shares) for Rs. 1,94,285, respectively, while for HNI investors, the minimum Lot is 14 (686 Shares) amounting to Rs. 2,09,230.
|
Minimum Lot Investment (Retail) |
1 Lot |
|
Maximum Lot Investment (Retail) |
13 Lots |
|
S-HNI (Minimum) |
14 Lots |
|
S-HNI (Maximum) |
66 Lots |
|
B-HNI (Minimum) |
67 Lots |
Runwal Enterprises IPO Reservation
|
Institutional Share Portion |
50% |
|
Retail Investors' Share Portion |
35% |
|
Non-Institutional Shares Portion |
15% |
Promoters and Management of Runwal Enterprises Ltd.
-
Subodh Subhash Runwal.
|
Pre-Issue Promoter Shareholding |
95.16% |
|
Post-Issue Promoter Shareholding |
84.61% |
IPO Lead Managers
ICICI Securities Ltd.
Dividend Policy
The company has not paid a dividend during the last three FYs.
Runwal Enterprises IPO Review: Subscribe or Avoid?
Runwal Enterprises is a Mumbai-focused real estate developer with a strong presence in residential (affordable to luxury), commercial, and integrated township projects, ranking among the top players by launches and sales in key local submarkets.
Financials show recovering revenue and improving profitability in FY26 after a dip, supported by a large pipeline of ongoing and upcoming projects, though the company carries elevated debt levels and significant geographic concentration.
Before making any decision to subscribe or avoid, you should consult your SEBI-registered financial advisor.
Runwal Enterprises IPO News
Runwal Enterprises DRHP
Runwal Enterprises RHP
Runwal Enterprises IPO Allotment Status
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NSE IPO GMP
The NSE IPO GMP is Rs. 67 as of 21 September 2026 at 14:01 pm while writing this information.
SS Retail IPO GMP
SS Retail IPO GMP is Rs. 156, showing a gain/loss of 36.79% as of 21 September 2026, while writing this information.
Finowings IPO Analysis
Hope you enjoyed the Finowings IPO Analysis. We tried our best to give every required detail about the company that you should know before applying to the IPO.
You must consult your financial advisor before making any financial decisions.
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DISCLAIMER: This blog is NOT any buy or sell recommendation. No investment or trading advice is given. The content is purely for educational and information purposes only. Always consult your eligible financial advisor for investment-related decisions.
