Runwal Enterprises IPO
Runwal Enterprises LtdMainboard
This IPO is now Live.
- Open date
- 25 Sep 2026
- Close date
- 29 Sep 2026
- Min. Investment
- ₹14,945
- Lot Size
- -
- Fresh Issue
- ₹500.00 Cr
- Price Range
- -
- Face Value
- -
- IPO Document
- DRHP - PDF(opens in a new tab)
Subscription rate
- Qualified Institutional Buyers1.05x
- Non-Institutional Investors0.94x
- Retail-Individual Investors0.42x
- Total0.71x
Schedule
- Completed: IPO open date25 Sep 2026
- Current step: IPO close date29 Sep 2026
- Upcoming: Allotment date30 Sep 2026
- Upcoming: Funds unblock or debit1 Oct 2026
- Upcoming: Tentative listing date5 Oct 2026
About
Promoter shareholding in Runwal Enterprises Ltd, before and after the issue.
| Promoter | Pre-issue shares | Pre-issue % | Post-issue shares | Post-issue % |
|---|---|---|---|---|
| Subhash Suganlal Runwal | 1,00,03,003 | 7.61% | 1,00,03,003 | 6.26% |
| Subodh Subhash Runwal | 10,62,81,849 | 80.89% | 10,62,81,849 | 66.49% |
| Chanda Subhash Runwal | 87,52,628 | 6.66% | 87,52,628 | 5.48% |
| Sangeeta Vikas Lalwani | 5 | 0.00% | 5 | 0.00% |
| Snehal Subodh Runwal | 5 | 0.00% | 5 | 0.00% |
| Sidharth Subodh Runwal | 5 | 0.00% | 5 | 0.00% |
Financials of Runwal Enterprises IPO
| Key Performance Indicators | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|
| Operating Revenue | - | - | - |
| Other Income | - | - | - |
| Total Income | 662.19 | 1007.77 | 1798.95 |
| Total Expenses | 549.25 | 953.15 | 1626.88 |
| Profit Before Tax | - | - | - |
| Total Profit | 108.64 | 78.39 | 209.29 |
Runwal Enterprises IPO Strengths & Risks
- We are a prominent residential real estate developer in Mumbai.
- We are a well-established brand.
- Robust pipeline of Ongoing Projects and Upcoming Projects providing strong visibility of cash flows.
- Ability to sell at premium pricing and throughout the construction phase.
- We have a unique core competency in developing large townships which include schools, malls, retail shops and shopping arcades.
- Demonstrated strong project execution capabilities with in-house functional expertise and tie-ups with reputable design and architect firms.
- Strong focus on sustainable development.
- Experienced Promoter, qualified senior management and credible financial partners.
- Risks Relating to the Business: As of March 31, 2026, 66.65% of the company's real estate development projects were located in Mumbai. Consequently, the company faces risks stemming from economic, regulatory and other changes, including natural disasters in these areas affecting the performance of the real estate market in Mumbai, which might adversely impact the company's business, results of operations, cash flows and financial condition.
- Risks Relating to the Business: As of March 31, 2026, the company had 28 Ongoing Projects and 33 Upcoming Projects which consists of 86.33% of its total Developable Area. Failures to complete these projects or future projects within their expected timelines, or at all, and any cost overruns could adversely affect the company's business, reputation, financial condition and results of operations.
- Risks Relating to the Business: As of March 31, 2026, the company had an aggregate of 7,072 unsold units consisting of a total unsold Developable Area of 7.55 million square feet across its Completed Projects and Ongoing Projects. If the company is unable to sell its existing or future inventory within the company's expected timelines or at all, its business, financial condition and results of operations may be adversely affected.
- Risks Relating to the Business: The Company and Runwal Residency Private Limited have in the past entered into certain related party transactions which have been identified by the respective statutory auditors for the respective period in which such related party transactions have been undertaken, to be prejudicial to the interest of the respective entity, and may continue to enters into such related party transactions that may involve conflicts of interest, which, may adversely affect the company's business, results of operations, cash flows and financial condition.
- Risks Relating to the Business: The company propose to either repay or pre-pay, in full or part, all or a portion of certain outstanding borrowings availed by its wholly owned Material Subsidiaries namely, Runwal Residency Private Limited and Evie Real Estate Private Limited, from the Net Proceeds. However, as of the date of this Red Herring Prospectus, Evie Real Estate Private Limited has not obtained any credit rating letters for their borrowings and has also incurred losses in Fiscal 2025. The non-availability of a credit rating poses risks to the ability of this entity to secure financing as lenders are unable to assess its creditworthiness and this may limit the company's ability to raise debt financing. If Evie Real Estate Private Limited is unable to raise adequate capital in a timely manner and on acceptable terms, or at all, its business, results of operations, cash flows and financial condition could be adversely affected.
- Risks Relating to the Business: Any uncertainty in land acquisition and title could adversely affect the company's business and growth prospects.
- Risks Relating to the Business: The company's Subsidiaries, Runwal Real Estates Private Limited, Evie Holdings Private Limited, Wheelabrator Realty Private Limited, Runwal Milestone Developers Private Limited, Runwal Highrise Private Limited, Runwal Commercial Plaza Private Limited, Evie Infrapark Private Limited, Horizon Projects Private Limited (formerly Evie Realty Private Limited), Susneh Developers Private Limited, Evie Real Estate Private Limited, Evie Construction Private Limited, Evie Developers Private Limited, Susneh Infrapark Private Limited, Susneh Homes Private Limited, Susneh Real Estate Private Limited and Garden City Malls Private Limited have incurred losses in certain of Fiscals 2026, 2025 and 2024. In addition, the company's Subsidiaries, Runwal Real Estates Private Limited, Evie Holdings Private Limited, Wheelabrator Realty Private Limited, Runwal Highrise Private Limited, Runwal Commercial Plaza Private Limited, Evie Infrapark Private Limited, Horizon Projects Private Limited (formerly Evie Realty Private Limited), Evie Developers Private Limited, Susneh Homes Private Limited, Susneh Real Estate Private Limited and Runwal Milestone Developers Private Limited have had negative net worth in certain of Fiscals 2026, 2025 and 2024. Any similar losses or negative Net Worth in the future may adversely affect the company's business, financial condition, cash flows and results of operations.
- Risks Relating to the Business: The company had negative cash flows of Rs.(560.43) million in Fiscal 2025 and may continue to have negative cash flows in the future. Any such negative cash flows in the future would adversely affect the company's cash flow requirements, which may adversely affect its ability to operates the company's business and implement its growth plans, thereby affecting the company's financial condition.
- Risks Relating to the Business: As of March 31, 2026, 84.39% of the company's total Developable Area and 93.93% of its total sales across the company's Completed Projects, Ongoing Projects and Upcoming Projects are attributable to residential projects. Its significant reliance on residential development necessitates a deep understanding of the company's customers needs and preferences to deliver projects that align with their expectations. Failures to consistently anticipate and respond to these needs could adversely impact the company's business, financial condition and results of operations.
- Risks Relating to the Business: The company's Statutory Auditors and the auditors for its Subsidiaries and Joint Venture have included certain remarks in their audit reports and examination reports. There can be no assurance that the company's audit reports for any future periods or financial years will not contain qualifications, matters of emphasis or other observations, including any observations that may have an effect on the company's financial statements and which could adversely affect its financial condition and results of operations.
- Risks Relating to the Business: As of the date of this Red Herring Prospectus, the development plans for all of the company's 33 Upcoming Projects are still pending finalization and approval. Any difficulties in fulfilling certain conditions precedent in respect of its projects, and any delay or failures to obtain required approvals or renewal of approvals may requires the company to reschedule its Ongoing Projects and Upcoming Projects which may have an adverse effect on its operations. Further, the Company has to stop the construction activity in the event of withdrawal of such licenses/approval.
- Risks Relating to the Business: Increase in prices of, shortages of, or delays or disruptions in the supply of building materials could harm the company's results of operations and financial condition.
- Risks Relating to the Business: The company's development projects have extended gestation periods, and any delays or cost overruns related to its Ongoing Projects and Upcoming Projects could adversely impact the company's prospects, business operations and financial results.
- Risks Relating to the Business: There have been instances of delays in payment of employee-related statutory dues by the Company in the past. Any failures or delay in payment of such statutory dues may expose it to statutory and regulatory action, as well as significant penalties, and may adversely affect the company's business, results of operations, cash flows and financial condition.
- Risks Relating to the Business: The company's financing agreements impose certain restrictions on its operations, and the company failures to comply with operational and financial covenants may adversely affect its reputation, business and financial condition.
- Risks Relating to the Business: All the company's lenders have the right to appoint a nominee director on the board of directors of the Company or its Subsidiaries pursuant to the loan agreements the company has entered into. Such nominee directors may influence decisions of the respective boards of directors in a manner which is not aligned with the interest of the respective shareholders which in turn may adversely affect the company's business operations, financial condition and results of operations.
- Risks Relating to the Business: A portion of the Net Proceeds is proposed to be utilized for repayment or pre-payment, in full or part, all or a portion of certain loans availed by the company's Subsidiary namely Runwal Residency Private Limited, from ICICI Bank Limited, an affiliate of one of the BRLMs to the Issue.
- Risks Relating to the Business: The company's Promoter may have interests other than reimbursement of expenses incurred and receipt of remuneration or benefits from the Company. Further, its Promoter and Promoter Group may have interests in entities, which are in businesses similar to its and this may result in conflict of interest with the company.
- Risks Relating to the Business: Certain of the company's corporate records and filings may have inadvertent errors or inaccuracies. Its cannot assure you that regulatory proceedings or actions will not be initiated against the company in the future or that its will not be subject to any penalty imposed by the competent regulatory authority.
- Risks Relating to the Business: The company funding requirements and proposed deployment of the Net Proceeds are based on management estimates and may be subject to change based on various factors, some of which are beyond the company's control. Any variation in the utilization of the Net Proceeds would be subject to certain compliance requirements, including prior shareholders approval.
- Risks Relating to the Business: The Company proposes to utilize part of the Net Proceeds for repayment or pre-payment, in full or in part, of all or certain borrowings availed by (i) the Company, and (ii) its wholly owned Material Subsidiaries namely Runwal Residency Private Limited and Evie Real Estate Private Limited. Accordingly, the utilization of that portion of the Net Proceeds will not result in the creation of any tangible assets.
- Risks Relating to the Business: There is a lack of specificity regarding one of the proposed objects of the Issue, and the company has not explicitly earmarked the uses of the Net Proceeds under this objective.
- Risks Relating to the Business: The company's business is highly capital-intensive, necessitating significant expenditure for land acquisition and development. Consequently, the company relies substantially on the availability of real estate financing, which might not always be accessible on terms favorable to the company, if at all, in a timely manner.
- Risks Relating to the Business: The company is significantly dependent on third party vendors and suppliers to provide it the company's construction supplies. In Fiscals 2026, 2025 and 2024, its top 10 suppliers accounted for approximately 76.05%, 54.80%, and 50.66% of the company's total expenses, respectively. Any failures in procuring such construction supplies or any breakdown of its relations with the company's vendors and suppliers could adversely affect its business, results of operations and financial condition.
- Risks Relating to the Business: The company does not provide any construction services and are entirely dependent on third party contractors for the construction of its projects. The company's reliance on third-party contractors and other service providers, and any failures on their part to perform their obligations, may adversely affect its business, financial condition, results of operations, and cash flows.
- Risks Relating to the Business: Work stoppages, labor shortages, and other labor-related issues could negatively impact the company's business. Its operations depends heavily on contract labor and any difficulty in securing sufficient contract labor at reasonable costs for the company's project sites could adversely affect its business prospects and results of operations.
- Risks Relating to the Business: The Company and Promoter has made investments in certain partnership firms and an association of persons (AOP), both of which expose it to risks due to their liability obligations being unlimited in nature.
- Risks Relating to the Business: There are outstanding litigation proceedings involving the Company, Promoter, Directors, Subsidiaries, Joint Venture, Associate, Key Managerial Personnel and Senior Management. Any adverse outcome in such proceedings may have an adverse impact on the company's reputation, business, financial condition, results of operations and cash flows.
- Risks Relating to the Business: The company receive customer complaints pertaining to construction quality, amenities, non-refund of booking amount, interest due to delays in delivery of its units, amongst others, in the company's projects during the ordinary course of its business. There can be no assurance that the company will not receive similar complaints in the future or that its will be able to address such customer complaints in a timely manner or at all.
- Risks Relating to the Business: The company's registered trademarks and brand may be subject to infringement by third-parties, potentially leading to intellectual property disputes and adversely affecting the company's business prospects, reputation and goodwill.
- Risks Relating to the Business: As of March 31, 2026, the company has contingent liabilities of Rs.79,800.81 million, which if they materialize, may adversely affect its business, financial condition and results of operations.
- Risks Relating to the Business: If the company is unable to collect its dues and receivables from the company's customers in accordance with the terms and conditions of the contracts and the payment schedules, its business, financial condition and results of operations could be adversely affected.
- Risks Relating to the Business: Certain information contained in this Red Herring Prospectus including those in relation to the company's Completed Projects, Ongoing Projects and Upcoming Projects and the area expressed to be covered by its projects are based on management estimates which may change for various reasons. Certain statistical and financial data from third-parties contained herein may be incomplete or unreliable.
- Risks Relating to the Business: The company relies on third-party channel partners to market and sell its Projects. For Fiscals 2026, 2025 and 2024, the company third-party channel partners contributed 58.60%, 53.87% and 44.38% of its total Sales Value, respectively. Any failures to maintain or effectively manage these relationships could adversely affect the company's business, financial condition, and results of operations.
- Risks Relating to the Business: The company's income from property development may vary significantly between periods, depending on the size of projects under development and construction, and the stage of development. It is difficult to compare the company's performance between periods, as its revenues and expenses may vary significantly between periods.
- Risks Relating to the Business: The company is dependent on its Promoter, Directors, Key Managerial Personnel, Senior Management and employees for the growth and development of the Company. Given this dependency, the loss of any key team member or its inability to attract or retain such persons may adversely affect the company's business performance.
- Risks Relating to the Business: The company may incur losses that are uninsured or exceed the limits of its insurance coverage, which may have a material adverse effect on the company's business, financial condition and results of operations.
- Risks Relating to the Business: Certain of the company's Directors and Key Managerial Personnel may have interest in entities which are in businesses similar to its or have objects which would allow them to engages in the business similar to the company. Further, certain entities forming part of its Promoter Group, Group Companies, the company's Subsidiaries, Joint Venture and Associate are in the same line of business as its. There are no non-compete agreements between the Company and such Promoter Group Entities, Subsidiaries, Joint Venture, Associate or Group Companies. Its cannot assure that the said entity will not expand which may increase the company competition, which may adversely affect its business operations and financial condition.
- Risks Relating to the Business: As of the date of this Red Herring Prospectus, the company's Promoter and Promoter Group holds 95.16% of the issued, subscribed and paid-up Equity Share capital of the Company on a fully diluted basis and will continue to exercise significant influence over the Company after completion of the Issue.
- Risks Relating to the Business: The Company cannot assure payment of dividends on the Equity Shares in the future.
- Risks Relating to the Business: Industry information included in this Red Herring Prospectus has been derived from an industry report commissioned by it, and paid for by the company for such purpose. There can be no assurance that such third-party statistical, financial and other industry information is either complete or accurate.
- Risks Relating to the Business: The company faces risks associated with selling its projects prior to their completion, and an inability to secure pre-sales may negatively impact the recovery of the company's capital investments.
- Risks Relating to the Business: The company has and may continue to undertake projects jointly with third-parties, which entails risks with respect to completion of the project, satisfaction of financial obligations and control over the project.
- Risks Relating to the Business: The success of the company's residential, commercial and retail real estate development businesses is dependent on its ability to anticipate and respond to consumer requirements.
- Risks Relating to the Business: The company's business and growth plan could be adversely affected by the incidence and change in the rate of property taxes and stamp duties.
- Risks Relating to the Business: Sales of the company's projects may be adversely affected by the ability of its prospective customers to purchase property which is dependent on availability of financing to potential customers.
- Risks Relating to the Business: Failures to effectively implement the company's business strategies and development plans could adversely impact its business prospects, financial condition and results of operations.
- Risks Relating to the Business: The company enters into various agreements and deeds in its ordinary course of business, and the company is required to pay certain stamp duty on these agreements, in accordance with the applicable laws. Any non-compliance or inadequate payment of stamp duty may render the underlying agreements and deeds inadmissible as evidence in a court of law or invalidate their enforceability.
- Risks Relating to the Business: The company has included certain Non-GAAP Measures, industry metrics and key performance indicators related to its operations and financial performance in this Red Herring Prospectus that are subject to inherent measurement challenges. These Non-GAAP Measures, industry metrics and key performance indicators may not be comparable with financial, or industry-related statistical information of similar nomenclature computed and presented by other companies. Such supplemental financial and operational information is therefore of limited utility as an analytical tool for investors and there can be no assurance that there will not be any issues or such tools will be accurate going forward.
- Risks Relating to the Business: Certain of the company's projects are mortgaged as security for its financing arrangements. If the company default on its obligations, lenders may enforce this security, including taking possession of or otherwise exercising rights over the mortgaged projects, which could have a material adverse effect on the company's business, financial condition, and results of operations.
- Risks Relating to the Business: The company operates in a competitive industry with significant barriers to entry and an existing number of real estate developers. Failures to compete successfully with existing and new entrants in the industry could adversely affect the company's business, financial condition and results of operations.
- Risks Relating to the Business: The company is undertaking certain redevelopment projects and may experience challenges in the execution of such projects, which may adversely affect its business, financial condition and results of operations.
- Risks Relating to the Business: The company depends on its information technology systems for the company operations and their reliability and functionality are crucial to its business success. Any malfunctions or prolonged downtime of the company's information technology systems could materially affect its financial condition and results of operations.
- Risks Relating to the Business: Non-compliance with, and changes in, safety, health and environmental laws could negatively impact the company's projects.
- Risks Relating to the Business: The real estate industry in India has witnessed significant downturns in the past, and any significant downturn in the future could adversely affect the company's business, financial condition and results of operations.
- Risks Relating to the Business: The company operations, workforce, customers and third-parties on property sites which are under construction are exposed to various hazards, which could adversely affect its business, reputation, financial condition, and results of operations.
- Risks Relating to the Business: Fraud or improper conduct could harm the company's reputation and disrupt project completion and adversely affect its business and results of operations.
- Risks Relating to the Business: Changes in technology could impact the company's business by rendering its construction and development capabilities less competitive or obsolete.
- Risks Relating to the Business: The company may be subject to third-party indemnification, liability claims or invocation of guarantees, which may adversely affect its business, cash flows, results of operations and reputation.
- Risks Relating to the Business: The company is subject to extensive statutory or governmental regulations, including the Real Estate (Regulation and Development) Act, 2016 and change in laws, rules, regulations and legal uncertainties, including the withdrawal of certain benefits or adverse application of tax laws or any non-compliance of any applicable law, may adversely affect the company's business, prospects and results of operations.
- Risks Relating to the Business: The company has received complaints post the filing of the Draft Red Herring Prospectus with SEBI and any legal action initiated by the complainants may have an adverse impact on its reputation and would requires the company to incur expenditure in defending such legal claims.
