Runwal Enterprises Limited’s Initial Public Offering to Open on September 25, 2026

POSTED BY  : ANAGHA SAKPAL DATED ON  : 21/09/2026 (9004379946) 📞

• Price band of ₹290 – ₹305   per Equity Share bearing face value of ₹2 each (“Equity Shares”)

• Bid/Offer Opening Date –September 25, 2026 and Bid/Offer Closing Date – September 29, 2026

• Minimum Bid Lot is 43 Equity Shares and in multiples of 49 Equity Shares thereafter

: Runwal Enterprises Limited has fixed the price band of ₹290/- to ₹305/- per Equity Share of face value ₹2/- each for its initial public offer.

The Initial Public Offering (“IPO” or “Offer”) of the Company will open on Friday, September 25, 2026, for subscription and close on Tuesday, September 29, 2026. Investors can bid for a minimum of 49 Equity Shares and in multiples of 49 Equity Shares thereafter. Equity shares outstanding as on date 131,391,436 equity shares of ₹2 each. The IPO, with a face value of ₹2, is entirely a fresh issue up to ₹5,000 million. 

The issue is being made through the book-building process, in line with SEBI ICDR Regulations, with not more than 50% of the Net Issue being reserved for Qualified Institutional Buyers (QIBs), not less than 15% of the Net Issue being for Non-Institutional Investors (NIIs), and not less than 35% of the Net Issue being reserved for Retail Individual Investors (RIIs). Incorporated in 2016, the company is a real estate developer present across the full spectrum of real estate development, specializing in residential projects that cater to affordable, mid-income, and luxury segments as well as commercial spaces, retail malls and educational buildings (Source: JLL Report).  The company is a recognized brand in the industry and has a strong presence in Mumbai (Source: JLL Report). The company is ranked third in terms of new launches and sales in Mumbai with approximate market shares of 2.33% and 2.46%, respectively, between January 2023 and March 31, 2026 (Source – JLL Report). 

In the eastern suburbs of Mumbai (which encompasses Mulund, Vikhroli, Ghatkopar, Kanjurmarg, Powai and Bhandup), the company ranked first in sales accounting for approximately 7.88% of sales, and fourth in new launches, accounting for approximately 2.89%, between January 2023 and March 31, 2026 (Source: JLL Report). The company is ranked first in terms of new launches and second in terms of sales in Kalyan, Dombivli, with approximate market shares of 11.41% and 6.33%, respectively, between January 2023 and March 31, 2026 (Source – JLL Report). 

As of March 31, 2026, the company has a total developable area and estimated developable area (in the case of upcoming projects) of 88.37 million square feet across 19 completed projects, 28 ongoing projects and 33 upcoming projects. The company’s experience include greenfield projects requiring land acquisition, as well as flexible models and asset light models such as via joint development agreements (JDA). Greenfield projects refer to developments undertaken on land parcels that have never been previously used, developed or constructed upon for residential dwelling purposes. 

Its real estate development business spans all activities related to real estate development, from the identification and acquisition of land through to the planning, execution, marketing and sales of its development projects. It is through this process that the company develops a variety of residential and commercial projects comprising apartments, retail spaces, offices, schools, hospitals, and townhalls. 

As of March 31, 2026, the company has developed and is in the process of developing an aggregate developable area of 31.96 million square feet of residential, retail and commercial properties, which include residential buildings, townships, corporate offices, retail malls, retail spaces, schools and various other real estate projects spread across the eastern, central, peripheral central, south central and western suburbs of Mumbai.

The company’s vision is to be a full-service real estate developer in Mumbai, developing both residential and non-residential projects (across the price spectrum) and in communities (including integrated townships) that feature a wide range of amenities and iconic landmarks.

Its residential portfolio consists of an aggregate developable area and estimated developable area (in the case of upcoming projects) of 74.58 million square feet of completed projects, ongoing projects and upcoming projects (Projects) as of March 31, 2026, and is segmented into affordable, mid-income and luxury markets. 

The company has historically focused on the affordable and mid-income residential segments (notable examples being Runwal Gardens in Dombivli and Runwal Greens in Mulund West) but has recently expanded its focus to include the luxury residential segment (namely, 7 Mahalaxmi and Girgaum). 

The company is also expanding geographically within Mumbai, moving from the eastern suburbs to western areas such as Mahalaxmi, Girgaum and Bandra, and outside the MMR, near Alibaug. Its business also consists of development and lease / sale of units in certain commercial and shopping complexes. As of March 31, 2026, the company’s non-residential portfolio consists of an aggregate developable area and estimated developable area (in the case of upcoming projects) of 13.80 million square feet of projects. In recent years, the company has also explored opportunities to grow on an asset light basis through JDAs, development agreements (DAs) and joint ventures (JVs). 

Its project Runwal Bliss has been recognized as the Best Residential Project Segment – Mid at the CNBC-AWAAZ Real Estate Awards 2023. Runwal Pinnacle was honoured with the Best Ongoing Highrise Tallest Project of the Year award, and Fifth Avenue received the Best Retail Luxury Project of the Year award, both at the 7th Real Estate and Construction Industry Leadership Awards in 2024. 

Further, Runwal has received several recognitions for its commitment to safety, sustainability and employee well-being. In 2026, Runwal Gardens, Runwal My City, Runwal Pinnacle, Runwal Forests, 7 Mahalaxmi and Runwal City Centre received International Safety Awards from the British Safety Council for their strong health and safety management practices during 2025. Runwal Forests and Runwal Gardens also received certificates of appreciation at the Lifting India Safety Awards 2026, while Runwal City Centre received the Safety Excellence Award (High Rise Lifting). In addition, Runwal BKC received USGBC Gold LEED Pre-Certification, while the Company was recognised as a ‘Great Place to Work’ for three consecutive years from 2024 to 2026.

Further, the Company has established strong relationships with leading international and domestic financiers, which have consistently enabled it to raise capital on favourable terms and support the growth of its business. These relationships include IndusInd Bank Limited, Kotak Mahindra Bank Limited, ICICI Bank Limited, HDFC Capital, Tata Capital Housing Finance Limited, Nishi Nippon Railroad Co. Ltd., Genkai Capital Secured Investment Pte. Ltd., Nexus Select Trust and Piramal Capital and Housing Finance Limited. In the year 2026, Nishi Nippon Railroad Co. Ltd. and Genkai Capital Secured Investment Pte. Ltd., collectively infused equity of ₹1,500.00 million in the subsidiary, Susneh Developers Private Limited, for development of Grade A commercial building i.e., Runwal BKC, and Nexus Select Trust invested ₹1,150.00 million in the subsidiary Runwal Residency Private Limited for development of R Mall in its  Runwal Gardens project.

As of March 31, 2026, the company is executing ongoing projects with an aggregate developable area of 19.88 million square feet and has upcoming projects with an aggregate estimated developable area of 56.41 million square feet. These projects are located in the micro-markets of the eastern, northern, western and central suburbs of Mumbai, and near Alibaug, outside of the Mumbai Metropolitan Region.

Several infrastructure projects are underway in Mumbai to achieve long-term sustainability and enhance the city’s transportation networks, which include the Metro Lines project. These developments are expected to improve east-west connectivity, connect areas not served by the suburban rail and reduce travel time between residential and commercial hubs (Source: JLL Report). As a result, the company’s developments in Mumbai stand to benefit from increased accessibility and enhanced infrastructure, which can contribute to higher demand and potentially elevated property values in the areas surrounding these infrastructure projects. 

The company’s adoption of an integrated real estate development model allows it to execute projects from initiation to completion. 

One of its core strengths lies in its commitment to sustainable development, which integrates economic, social and environmental considerations into its business practices. Its environmental initiatives include the use of renewable fuels, the reduction of greenhouse gas emissions, climate risk management, water conservation, recycling and ensuring emergency preparedness. Socially, the company prioritizes health and safety, employee benefits, diversity, equity and its impact on local communities. 

In terms of governance, the company upholds ethical standards, promote board diversity and governance, implement performance-based pay and maintains stakeholder engagement.

The company’s adoption of green building standards to design and construct eco-friendly buildings, demonstrates its commitment to sustainability. This includes using energy-efficient materials, installing renewable energy systems, incorporating efficient insulation and implementing waste management practices. 

Its revenue from operations was ₹1,798.9 crore during FY26 as compared to ₹1,007.7 crore during FY25.

Its net profit was ₹185.7 crore during FY26 as compared ₹ 55.6 crore during FY25.  ICICI Securities Limited and Jefferies India Private Limited are the book-running lead managers, and MUFG Intime India Private Limited is the registrar of the offer. The equity shares are proposed to be listed on NSE and BSE.

 Runwal Enterprises Limited is proposing, subject to receipt of requisite approvals, market conditions and other considerations, an initial public offer of its Equity Shares and has filed a red herring prospectus dated September 21, 2026 (“RHP”) with the Registrar of Companies, Mumbai – I at Mumbai. The RHP is made available on the website of the SEBI at www.sebi.gov.in as well as on the websites of the BRLMs i.e., ICICI Securities Limited at www.icicisecurities.com and Jefferies India Private Limited at www.jefferies.com, the website of the NSE at www.nseindia.com and the website of the BSE at www.bseindia.com and the website of the Company at www.runwalenterprises.com. Investors should note that investment in equity shares involves a high degree of risk and for details relating to such risk, see “Risk Factors” of the RHP, when available. Potential investors should not rely on the draft red herring prospectus dated March 31, 2025, read with the addendum dated September 10, 2026 filed with SEBI and the Stock Exchanges, and should instead rely on their own examination of the  Company and the Issue, including the risks involved, for making any investment decision.

This press release does not constitute an invitation or offer of securities for sale in any jurisdiction. The Equity Shares have not been and will not be registered under the U.S. Securities Act or any state securities laws in the United States, and unless so registered, and may not be offered or sold within the United States, except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the U.S. Securities Act and applicable U.S. state securities laws. Accordingly, the Equity Shares are being offered and sold outside the United States in “offshore transactions” as defined in and in reliance on, Regulation S under the U.S. Securities Act and the applicable laws of the jurisdictions where such offers and sales are made. The Equity Shares have not been and will not be registered, listed or otherwise qualified in any other jurisdiction outside India and may not be offered or sold, and Bids may not be made by persons in any such jurisdiction, except in compliance with the applicable laws of such jurisdiction. The Equity Shares offered in the Issue have not been, and will not be, registered under the U.S. Securities Act of 1933, as amended (the “U.S. Securities Act”) or any state securities laws in the United States, and unless so registered, and may not be offered or sold within the United States, except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the U.S. Securities Act and applicable U.S. state securities laws. Accordingly, the Equity Shares are being offered and sold outside the United States in “offshore transactions” as defined in and in reliance on, Regulation S under the U.S. Securities Act and the applicable laws of the jurisdictions where such offers and sales are made.