About Runwal Enterprises IPO
The issue of the Runwal Enterprises IPO is a book-built issue, where fresh issues up to ₹1,000 crores are being made. The DRHP of the company was filed with SEBI on March 31, 2025. The price band and dates of the issue will be decided by the company, while the equity shares will be listed on BSE/NSE. The issue is being handled by ICICI Securities Ltd. and Jefferies India Private Ltd. as BRLMs, while MUFG Intime India Private Ltd. is the registrar to the issue.
Company Background
Runwal Enterprises Ltd. was established on February 17, 2016, as "Propel Developers Private Limited." Since its launch, the company has undergone numerous name changes from 2016 to 2024, with its latest name being "Runwal Apartments Private Limited" from 2021 to 2024, before being registered as a public limited company in October 2024.
The operations of the company are situated in Mumbai, Maharashtra. This is part of a larger group that is known as the Runwal Group, which has been operational since 1978. The company deals with residential real estate development within the Mumbai metropolitan area.
Operations & Product Range
The main business of Runwal Enterprises Ltd. is to develop residential projects. It includes all aspects of development, from purchasing land for development to designing the project and finally managing its construction. The product of Runwal Enterprises Ltd. includes living spaces that are modern and designed in such a way that they cater to the requirements of the market with respect to different segments of people living in the city. The company has an internal team for providing its services. This company includes a team of 329 professionals for managing the construction process and another team of 116 for sales and marketing.
Facilities & Capacity
Runwal Enterprises Ltd. manages many significant residential projects in promising areas. Some of the important projects handled by the firm are "Runwal Bliss," located in the Central Suburbs of Mumbai, "Runwal My City," located in the Kalyan-Dombivali region and so on. The operational capabilities of the company are also reflected through its workforce, which includes design and architecture, contracts and procurement and handover teams. The expansion strategy of the company includes further development of the existing project clusters and the utilization of the IPO funds for project expenditure.
Brands & Market Presence
Runwal Enterprises Ltd. uses the "Runwal" brand, which has achieved significant market presence in Mumbai for almost 5 decades (50+ years). This is an important part of its identity in the competitive market. It has achieved quality status through industry awards, as evidenced by the "Ultimate Luxury Residential Project – Central Suburbs" award received by the Runwal Bliss project at the Hindustan Times Real Estate Awards 2018. Presently, the exposure of the company is only local, i.e., in the state of Maharashtra.
Revenue Streams & Business Model
The major source of revenue for Runwal Enterprises Ltd. is the sale of residential properties. Its business model is based on capturing the entire value chain of real estate development. Revenue from operations increased to ₹605 crore in FY24. During this period, the company earned a profit of ₹128.7 crore in FY24, after a lower profit in the previous year. Its area of operation is mainly in domestic India, with no contribution from exports.
Management & Shareholding
Runwal Enterprises Ltd. is promoted by Subodh Subhash Runwal. Before the issue of IPO, the share capital of the company was entirely held by the promoter and the members of the promoter group, but after the issue of IPO, fresh equity shares will be allotted to the public, which has diluted the shareholding.
Board & Key Management
The board and key management of Runwal Enterprises Ltd. are headed by Promoter Subodh Subhash Runwal, who is responsible for managing the overall strategy. The financial pillar is supported by CFO Shashi Bhushan, with CS Abhishek Kumar Jain. The organization is further strengthened by Independent Director Aparna Chaturvedi, whose oversight ensures good corporate governance and transparency.
Runwal Enterprises IPO Details
| Detail | Description |
|---|---|
| IPO Date | - |
| Listing Date | - |
| Face Value | ₹ 2 per Equity Share |
| Issue Price Band | - |
| Lot Size | - |
| Sale Type | 100 % Book Built Issue |
| Total Issue Size | Up to ₹ 1,000.00 Cr |
| Reserved for Market Maker | - |
| Fresh Issue(Ex Market Maker) | Up to ₹ 1,000.00 Cr (aggregating up to ₹ 10,000.00 million) |
| Offer for Sale | - |
| Net Offered to Public | - |
| Issue Type | Initial Public Offering (IPO) |
| Listing At | BSE and NSE |
| Share Holding Pre Issue | - |
| Share Holding Post Issue | - |
Runwal Enterprises IPO Financial Information
Latest Revenue
310.81
₹ Crore
Profit After Tax
25.53
₹ Crore
Net Worth
434.91
₹ Crore
Total Borrowing
1,497.83
₹ Crore
| Period Ended | Assets | Revenue From Operations | Profit After Tax | Net Worth | Reserves & Surplus | Total Borrowing | |||
|---|---|---|---|---|---|---|---|---|---|
| 30 Sep 2024 | 7,002.81 | 310.81 | 25.53 | 434.91 | 634.10 | 1,497.83 | |||
| 31 Mar 2024 | 6,240.48 | 707.72 | 107.28 | 407.02 | 606.21 | 1,205.63 | |||
| 31 Mar 2023 | 5,250.74 | 234.66 | -6.74 | 298.83 | 498.36 | 1,228.23 | |||
| 31 Mar 2022 | 3,898.08 | 63.19 | -50.99 | 305.02 | 401.96 | 1,574.51 | |||
| Amount in ₹ Crore | |||||||||
Runwal Enterprises Key Performance Indicator
| KPI | Values |
|---|---|
| ROE | - |
| ROCE | - |
| Debt/Equity | - |
| RoNW | 26.69% |
| PAT Margin | 1.68% |
| EBITDA Margin | 23.65% |
| Price to Book Value | - |
| Pre IPO | Post IPO | |
|---|---|---|
| EPS (Rs) | 2.23 (basic/diluted) | - |
| P/E (x) | - | - |
IPO Objectives
Runwal Enterprises Ltd. intends to utilize the proceeds from the fresh issue for several strategic purposes.
- • Repayment or prepayment of debt to strengthen its balance sheet
- • Funding of expenses related to ongoing projects
- • General corporate purposes
Conclusion
The Runwal Enterprises IPO is an opportunity for investors to invest in a company that has a strategic business model, which only focuses on the high-demand residential markets in Mumbai, along with its recent revenue growth trajectory. The company is looking to leverage the trends in the urban living spaces market. In its direction towards the IPO, the company is focused on execution and debt management to achieve its long-term business objectives.
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Competitive Strengths
Leverage of the established brand name "Runwal," which has been synonymous with the Mumbai Realty Market for over three decades now, since 1978.
The business model has an in-house team for design, construction management and sales. This gives us complete control over the execution of the project.
Strategic Project Locations (Central Suburbs, the Kalyan-Dombivali region, etc.)
| Sr.no | Description | Date | File |
|---|---|---|---|
| 1 | SEBI/Exchange approval received | 14/08/2025 | - |
| 2 | Filed with SEBI/Exchange | 03/04/2025 | View DRHP |
Runwal Enterprises IPO Timeline
| IPO Open Date | - |
| IPO Close Date | - |
| Tentative Allotment | - |
| Initiation of Refunds | - |
| Credit of Shares to Demat | - |
| Tentative Listing Date | - |
| Cut-off time for UPI mandate confirmation | - |
IPO Lot Size
| Investors | No.of lots | Shares Offered | Max Bid Amount |
|---|---|---|---|
| Individual investors (Retail) (Min) | 1 | — | ~₹14,000 - ₹15,000 |
| Individual investors (Retail) (Max) | 13-14 | — | Up to ₹200,000 |
| S-HNI (Min) | 14-15 | — | Over ₹200,000 |
| S-HNI (Max) | 66-70 | — | Up to ₹10,00,000 |
| B-HNI (Min) | 71+ | — | Over ₹10,00,000 |