Runwal Enterprises IPO
Grey Market Premium (GMP)
GMP applies before listing only. This IPO has listed — see Listing Performance below for the actual debut.
Subscription Status
| Category | Subscription |
|---|---|
| QIB | 4.1x |
| NII | 4.14x |
| sNII (₹2L–₹10L) | 3.28x |
| bNII (above ₹10L) | 4.57x |
| Retail (RII) | 1.19x |
| Employee | 1.2x |
| Total | 2.64x |
Bidding day 5 · final figures at close of bidding: 5 Oct 2026, 6:30 pm IST
IPO Details
- Open Date
- 25 Sept 2026
- Close Date
- 29 Sept 2026
- Listing Date
- 5 Oct 2026
- Face Value
- ₹2
- Fresh Issue
- ₹500 Cr
- OFS
- ₹0 Cr
- Listing On
- NSE, BSE
- Registrar
- —
The fresh issue is money for the company; the OFS goes to selling shareholders. Fresh issue vs offer for sale, explained
Lot Size & Application Amounts
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (Min) | 1 | 49 | ₹14,945 |
| Retail (Max) | 14 | 686 | ₹2,09,230 |
| B-HNI (Min) | 67 | 3,283 | ₹10,01,315 |
Issue Reservation
| Investor category | Shares offered | % of issue |
|---|---|---|
| Anchor | 48,83,605 | 29.78% |
| QIB (ex-anchor) | 32,55,738 | 19.85% |
| NII | 24,41,804 | 14.89% |
| — sNII (< ₹10L) | 8,13,935 | 4.96% |
| — bNII (> ₹10L) | 16,27,869 | 9.93% |
| Retail | 56,97,541 | 34.74% |
| Employee | 1,20,274 | 0.73% |
| Total | 1,63,98,962 | 100% |
The anchor portion is carved out of the QIB quota. Percentages are of the total shares offered.
Financials (₹ Cr)
| Period Ended | Revenue | PAT | EBITDA | Net Worth | Total Assets | Borrowings | EPS (₹) |
|---|---|---|---|---|---|---|---|
| FY 2024 | 2,436.68 | 93.7 | 201.73 | 372.65 | 7,079.74 | 1,783.65 | — |
| FY 2025 | 1,050.71 | 55.65 | 180.11 | 455.86 | 8,328.14 | 2,312.58 | — |
| FY 2026 | 1,850.79 | 185.76 | 349.81 | 768.2 | 10,254.5 | 2,909.13 | 14.14 |
Restated figures from the offer document. Amounts in ₹ crore; EPS in ₹ per share. FY = the 12 months ended 31 March.
KPIs & Valuation
- P/E (pre-issue)
- 21.57x
- P/E (post-issue)
- 24.26x
- RoNW
- 27.24%
- Debt / Equity
- 3.29
- EPS (pre-issue)
- ₹14.14
- EPS (post-issue)
- ₹12.57
- EBITDA Margin
- 19.44%
- P/BV
- 4.97x
- NAV / share
- ₹61.43
- Market Cap
- ₹4,507.44 Cr
As of 31 Mar 2026 (latest reported period in the offer document). Market cap is computed on a post-issue basis at the upper price band.
Objects of the Issue
| Purpose | Est. Amount |
|---|---|
| Repayment/ pre-payment, in full or in part, of certain outstanding borrowings availed by the Company | ₹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. | ₹225 Cr |
| Funding acquisitions of future real estate projects and general corporate purposes. | ₹117.12 Cr |
| Issue Expenses | ₹57.88 Cr |
Net-proceeds utilisation as disclosed in the offer document.
Issue Expenses
| Purpose | Est. Amount |
|---|---|
| Fees payable to the BRLMs and commissions (including underwriting commission, brokerage and selling commission | ₹28.91 Cr |
| Commission/processing/uploading fee for SCSBs, Sponsor Bank(s) and Banker(s) to the Issue. Brokerage, underwriting commission and selling commission and bidding charges for Members of the Syndicate, Registered Brokers, CRTAs and CDPs | ₹1.04 Cr |
| Fees payable to the Registrar to the Issue | ₹0.02 Cr |
| Advertising and marketing expenses | ₹5.52 Cr |
| Listing fees, SEBI, BSE and NSE processing fees, book building software fees and other regulatory expenses | ₹2.66 Cr |
| Printing and distribution of stationery | ₹0.55 Cr |
| Fees payable to the legal counsels to the Issue | ₹9.56 Cr |
| Fees payable to the statutory auditor | ₹1.3 Cr |
| Fees payable to the industry service provider | ₹0.53 Cr |
| Fee payable to the independent chartered accountant | ₹0.25 Cr |
| Fee payable to the architect | ₹0.14 Cr |
| Miscellaneous | ₹7.41 Cr |
Promoters & Shareholding
Promoters: <p>Subodh Subhash Runwal</p>
- Holding (pre-issue)
- 95.16%
- Holding (post-issue)
- 84.61%
- Dilution
- 10.55%
Anchor Investors
| Investor | Category | Shares | Price | Amount ₹Cr | Allocation |
|---|---|---|---|---|---|
| TATA DIVIDEND YIELD FUND | Other | 8,19,623 | ₹305 | 25 | 16.78% |
| MAYBANK SECURITIES PTE.LTD.-ODI | Bank | 8,19,574 | ₹305 | 25 | 16.78% |
| AUTHUM INVESTMENT & INFRASTRUCTURE LTD. | Other | 6,44,254 | ₹305 | 19.65 | 13.19% |
| TATA ELSS-TAX SAVER FUND | Other | 4,91,813 | ₹305 | 15 | 10.07% |
| SANSHI FUND-I | Other | 4,80,300 | ₹305 | 14.65 | 9.83% |
| 360 ONE PRIME LTD. | Other | 4,80,300 | ₹305 | 14.65 | 9.83% |
| FOUNDERS COLLECTIVE FUND | Other | 3,27,908 | ₹305 | 10 | 6.71% |
| CAPRI GLOBAL CAPITAL LTD. | FII/FPI | 3,27,908 | ₹305 | 10 | 6.71% |
| ASHIKA GLOBAL FINANCE PVT.LTD. | FII/FPI | 3,27,908 | ₹305 | 10 | 6.71% |
| LRSD SECURITIES PVT.LTD. | Other | 1,64,017 | ₹305 | 5 | 3.36% |
Anchor bidding took place on 24 Sept 2026. Anchor lock-in: 50% of shares unlock on 29 Oct 2026, the remainder on 28 Dec 2026.
Peer Comparison
| Company | EPS (₹) | NAV (₹) | P/E | RoNW | Statements |
|---|---|---|---|---|---|
| Runwal Enterprises | 16.74 | 61.43 | — | 27.24% | Consolidated |
| Godrej Properties Ltd. | 61.43 | 635.96 | 27.53x | 9.61% | Consolidated |
| Kalpataru Ltd. | 4.76 | 199.91 | 57.66x | 1.94% | Consolidated |
| Keystone Realtors Ltd. | 6.25 | 226.82 | 56.96x | 3.32% | Consolidated |
| Lodha Developers Ltd. | 34.34 | 233.11 | 33.42x | 14.73% | Consolidated |
| Oberoi Realty Ltd. | 68.96 | 492.89 | 25.88x | 13.99% | Consolidated |
| Prestige Estates Projects Ltd. | 27.76 | 377.8 | 51.7x | 8.02% | Consolidated |
| Sunteck Realty Ltd. | 13.94 | 245.92 | 21.09x | 5.6% | Consolidated |
Peer group as disclosed in the offer document, figures as of 31 Mar 2026. The issuer’s P/E is computed at the upper price band.
Lead Managers (BRLMs)
Tap a lead manager to see every IPO it has run and how those listings fared.
Broker Recommendations
| Reviewer | Verdict |
|---|---|
| Capital Market | Neutral |
Third-party analyst views on the Runwal Enterprises IPO, aggregated for reference. ipostation does not rate IPOs — nothing here is investment advice.
Listing Performance
About the Runwal Enterprises IPO
The Runwal Enterprises mainboard IPO is open between 25 Sept 2026 and 29 Sept 2026, offered at a price band of ₹290–305 per share, and is set to list on NSE and BSE. The IPO seeks to raise ₹500 crore. Retail investors bid in lots of 49 shares, a minimum application of ₹14,945.
Issue structure
The IPO is structured entirely as a fresh issue of ₹500 crore, so the full proceeds flow to the company to fund its stated objects of the issue.
Objects of the issue
Per the offer document, the company intends to deploy the net proceeds primarily toward 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. (₹225 crore), alongside funding acquisitions of future real estate projects and general corporate purposes. (₹117.12 crore). In all, 4 objects are disclosed — the full break-up is in the table above.
Financials
In FY2026, Runwal Enterprises reported revenue of ₹1,850.79 crore and a net profit of ₹185.76 crore. Revenue declined from ₹2,436.68 crore in FY2024 to ₹1,850.79 crore in FY2026 (-24.0%). Net worth stood at ₹768.2 crore at the end of FY2026. At the upper band, that puts the issue at roughly 21.6× FY2026 earnings (P/E), a figure worth comparing against listed peers in the sector.
Valuation
At the upper band, the issue is priced at 24.26× post-issue earnings and 4.97× book value, against a return on net worth of 27.24% and a debt-to-equity ratio of 3.29. These ratios come from the offer document and are for comparison, not a recommendation.
Peer comparison
The offer document names listed peers including Godrej Properties Ltd. and Kalpataru Ltd., with a median peer P/E of about 33.4×. The issue's own post-issue P/E works out to 24.26×.
Promoters
The promoters of the company are <p>Subodh Subhash Runwal</p>. Promoter holding stands at 95.16% before the issue and comes down to 84.61% after listing.
Grey market premium (GMP)
In the unofficial grey market, Runwal Enterprises shares are quoted at a premium of ₹0 implying an expected listing around ₹305, about +0.0% over the upper band. Grey market premium is a sentiment indicator set by private dealers, not the company or the exchange — it moves quickly and is not a reliable predictor of the actual listing price.
Subscription
The Runwal Enterprises IPO was subscribed 2.64 times overall. The strongest demand came from non-institutional investors (NII) at 4.14 times, with qualified institutional buyers (QIB) at 4.1× and retail investors at 1.19×.
Listing performance
Runwal Enterprises listed on 5 Oct 2026 at ₹306, a premium of +0.3% over the issue price of ₹305.
What to weigh
When evaluating the Runwal Enterprises IPO, the data points most investors look at are the fresh-issue-versus-OFS split, the revenue and profitability trend, subscription demand across investor categories and the grey market premium. Grey market premium and subscription figures reflect short-term sentiment rather than long-term fundamentals; the figures on this page are for information only and are not investment advice.
About Runwal Enterprises
Runwal Enterprises Limited is an integrated real estate development company with a diversified presence across residential, commercial, retail, and institutional real estate segments. The company develops residential projects catering to affordable, mid-market, and premium housing categories, while also undertaking commercial developments, shopping malls, and educational infrastructure projects. As of September 30, 2024, the company’s portfolio comprised 15 completed projects, 25 projects under development, and 32 planned projects. Across these developments, the residential portfolio represented a combined Developable Area and Estimated Developable Area of approximately 48.71 million square feet. Between January 2019 and September 2024, Runwal Enterprises Limited established a strong market presence in key Mumbai Metropolitan Region (MMR) micro-markets. In the Eastern Suburbs, the company launched nearly 4,688 residential units and recorded sales of approximately 4,198 units. During the same period, it emerged as the leading developer in the Kalyan-Dombivli market based on both project launches and unit sales, with around 16,043 units launched and approximately 11,481 units sold. Key Business Associations: Banking & Finance Partners: IndusInd Bank Limited, Kotak Mahindra Bank Limited, ICICI Bank Limited, and Piramal Capital & Housing Finance Limited Construction Partner: New Consolidated Construction Company Limited Architectural Consultants: Architect Hafeez Contractor and HBA International Limited Engineering & Technical Consultant: Mahimtura Consultants Private Limited As of September 30, 2024, the company, together with its subsidiaries, employed 791 permanent personnel across its operations.
Runwal Enterprises — Contact Details
- Registered office
- Runwal & Omkar Esquare, 4th floor, Off:, Eastern Exp Highway, Opp Sion Chunabhatti signal, Sion-(E), Mumbai, Maharashtra, 400022
- Phone
- +91 22 6116 2422
- Website
- runwalenterprises.com/
- Registrar (IPO queries)
- runwalenterprises.ipo@in.mpms.mufg.com
Frequently asked questions
- What is the Runwal Enterprises IPO price band?
- The Runwal Enterprises IPO price band is ₹290 to ₹305 per share, with a lot size of 49 shares.
- What was the Runwal Enterprises IPO GMP before listing?
- The final grey market premium recorded before the Runwal Enterprises IPO listed was ₹0. The IPO listed on 5 Oct 2026 at ₹306, +0.3% against the issue price. GMP is an unofficial figure and was never a guarantee of the listing price.
- When does the Runwal Enterprises IPO open and close?
- The Runwal Enterprises IPO opens on 25 Sept 2026 and closes on 29 Sept 2026.
- When is the Runwal Enterprises IPO allotment and listing date?
- Allotment is expected on 30 Sept 2026. The shares are scheduled to list on 5 Oct 2026 on NSE and BSE.
- How many times was the Runwal Enterprises IPO subscribed?
- The Runwal Enterprises IPO was subscribed 2.64 times in total across all investor categories.
- What is the reservation split in the Runwal Enterprises IPO?
- Of the total shares offered, retail investors get 34.74%, QIBs 19.85% (plus 29.78% anchor), non-institutional investors 14.89%. The full category-wise break-up is in the Issue Reservation table on this page.
- Who are the promoters of Runwal Enterprises and what is their holding?
- The promoters are <p>Subodh Subhash Runwal</p>. Promoter holding is 95.16% before the issue and 84.61% after listing.
- What is the P/E ratio of the Runwal Enterprises IPO?
- At the upper price band, the Runwal Enterprises IPO is valued at 21.57× pre-issue earnings and 24.26× post-issue earnings, based on the financials disclosed in the offer document.
- What are the objects of the Runwal Enterprises IPO?
- The net proceeds go primarily toward 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., among 4 disclosed objects. See the Objects of the Issue table for the full break-up.
- Who are the lead managers and registrar of the Runwal Enterprises IPO?
- The book-running lead managers are ICICI Securities Ltd., Jefferies India Pvt.Ltd..
- Is Runwal Enterprises a Mainboard or SME IPO?
- Runwal Enterprises is a Mainboard IPO, listing on NSE and BSE.