Runwal Developers Files ₹2,000 Crore IPO Papers; Fresh Issue ₹1,700 Crore, OFS ₹300 Crore

Mumbai | October 1, 2025: Runwal Developers Ltd filed its Draft Red Herring Prospectus (DRHP) with the market regulator SEBI to raise ₹2,000 crore through an initial public offering (IPO). The issue will comprise a fresh equity issue of ₹1,700 crore and an offer for sale (OFS) of equity to the tune of ₹300 crore by promoter Sandeep Subhash Runwal. The equity shares will be listed on BSE and NSE.

The issuer company can also make a pre-IPO issue of up to ₹340 crore, which, in the event of issue, will be deducted from the fresh issue size.

Runwal Developers IPO Overview

Runwal Developers Ltd will access the capital markets through an initial public offering (IPO) of a minimum of ₹2,000 crore. The issue will comprise a fresh issue of equity shares worth ₹1,700 crore and an offer for sale (OFS) of up to ₹300 crore of equity shares by the promoter. The date of subscriptions and the price band, however, have not been indicated, but the equity shares of the company will be listed on both BSE and NSE. Before opening the issue, Runwal Developers may also opt for a pre-IPO placement of up to ₹340 crore, which will correspondingly decrease the size of the fresh issue. ICICI Securities, BOB Capital Markets, IIFL Capital Services, and JM Financial act as the book-running lead managers of this issue, while MUFG Intime India Pvt Ltd has been made registrar to the issue.

Runwal Developers IPO Use of Proceeds

The amount of ₹1,300 crore thus raised through fresh issue will be applied towards prepaid/repayment of the company and its subsidiary companies’ debt. The balance will be applied towards general corporate purposes.

Company Background

Runwal Developers, founded in 1978, is a prominent real estate developer with a focus on the Mumbai Metropolitan Region (MMR) and Pune. Its portfolio spans residential, commercial, and retail developments, with plans to expand into hospitality projects.

• Completed projects: 35
• Active projects: 17
• Upcoming projects: 24
• Area delivered (till June 30, 2025): 11.22 million sq. ft.

Runwal Developers IPO Financial Performance (Consolidated, Restated)

• Revenue from operations (FY25): ₹1,163.23 crore
• Profit after tax (FY25): ₹137.42 crore
• Earnings Per Share (FY25): ₹3.13
• Total Borrowings (as of FY25): ₹3,327.52 crore

Runwal Developers IPO Promoter & Offer Structure

• Promoter: Sandeep Subhash Runwal
• Pre-offer holding: 72.76% of pre-issue equity
• Offer for Sale: Up to ₹300 crore by promoter

Runwal Developers IPO allotment

• QIBs: Not more than 50% (up to 60% of lead investors)
• NIIs: Not less than 15%
• Retail: Not less than 35%

Runwal Developers IPO Lead Managers & Registrar

• Book Running Lead Managers (BRLMs): ICICI Securities, BOB Capital Markets, IIFL Capital Services, and JM Financial
• Registrar: MUFG Intime India Pvt Ltd

Runwal Developers IPO Key Factors to Watch

• High leverage: Owing to over ₹3,300 crore, deleveraging is a key target of the IPO.
• Geographic concentration: The majority of project clusters are within MMR and Pune.
• Execution risk: A Huge pipeline of future projects demands timely execution and regulatory approvals.
• Diversification push: Growth into retail and hospitality creates new drivers.

Runwal Developers’ upcoming IPO is planned to trim debt and facilitate future growth, marking a milestone instance of the Mumbai real estate company venturing into hospitality, in addition to its existing residential, retail, and commercial initiatives.

REF: https://www.bseindia.com/corporates/download/377415/IPO Prior/DRHP_20250930231317.pdf

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