Runwal Enterprises Limited IPO
ListedMainboardRealty
2.50×
Subscribed
Price band
₹290 – ₹302
Lot size
49
1 lot = ₹14,798
Issue size
₹500 Cr
Open – close
25 Sept 2026
to 29 Sept 2026
Listing
05 Oct 2026
Listing gain
+0.00%
What the filing actually says
Our read of the offer document and the exchange data — not the issuer's summary of itself
Caution4 of 7 dimensions read
The filing raises real questions — 2 of 5 signals read negative
Strength43/100
- Revenue shrinkingRevenue has contracted at 13.6% a year — the company is coming to market on a declining top line
- Profit growth outpaces salesPAT up 40.8% a year against revenue at -13.6% — check whether that is operating leverage or a one-off before extrapolating it
- Heavily indebtedDebt/equity of 3.49× — leverage this high leaves little margin if earnings dip
- Fresh capital for the business100.0% of the issue is fresh capital raised by the company itself
- Institutional book coveredQIB portion subscribed 3.89×
Every line above is arithmetic on a figure shown elsewhere on this page - no model, no opinion. It describes the quality of the offering as disclosed, and is pulled toward neutral to reflect how much the document leaves unsaid. It is not a prediction of the listing price, and it is not advice to apply.
Dates
The issuer's tentative timetable — a date passing is not confirmation the step completed
- Opens25 Sept 2026
- Closes29 Sept 2026
- Allotment30 Sept 2026
- Listing05 Oct 2026
Demand and your odds
How the book filled, and what that means for an application
Subscription by category
Qualified institutionalQIB3.89x
Non-institutionalNII / HNI3.94x
Big NIIabove ₹10L4.35x
Small NII₹2L – ₹10L3.12x
Retail individualRII1.12x
Employee1.13x
1,13,152 applications received — how many people bid, as opposed to how much money did. Exchange figures as of 29 Sept 2026.
Chance of allotment
Retail1.12× subscribed
~1 in 1.1
Minimum 1 lot · 49 shares · ₹14,798 blocked
Retail is 1.12× subscribed. Allotment is a lottery on a single lot, so roughly 1 in 1.1 applications gets one lot. Bidding for extra lots does not improve these odds.
HNI / NII3.94× subscribed
~1 in 3.9
Minimum 14 lots · 686 shares · ₹2,07,172 blocked
HNI is 3.94× subscribed. This category is allotted proportionately, so a bid receives roughly 1/3.9 of the shares applied for, subject to the minimum-lot draw.
Derived from SEBI's allotment mechanics and the subscription figures beside it. Retail allotment is a lottery on a single lot, so applying for more lots does not improve your chance of getting something.
Grey market premium
Unofficial dealer quotes — not published by NSE, BSE, SEBI or the company
₹37+12.3%
over the upper band · last seen 04 Oct 2026 · flat since 24 Sept 2026
What this number is not. Grey-market premium is an unregulated, thinly-traded quote from private dealers. It is not a forecast of the listing price, it is not verifiable, and it can be moved by the same people who benefit from it looking high. We publish it because you will look it up anyway — and we deliberately do not convert it into an expected listing gain, because that arithmetic implies a reliability the number has never earned. For what actually happened to comparable issues, see recent outcomes below.
The offering
Terms, structure and who is selling
Terms
Price band₹290 – ₹302
Face value₹2
Lot size49shares
Minimum application₹14,798at cut-off
Total issue size₹500 Cr
Fresh issue₹500 Cr
Listing atMainboard
Anchor investorsAllotted
Company & valuation
Debt / equity3.49×
RoNW27.24%
EBITDA Margin19.44%
NAV61.43
Price to Book Value4.97
ISININE804W01029
RegistrarMUFG Intime India Private Limited
Lead managersICICI Securities and Jefferies India Private Limited
0.0% of this issue is an offer for sale. The rest is fresh capital that goes into the company itself.
Who gets what
How the issue is split between investor categories, and what each may bid.
| Category | Shares | % of issue |
|---|---|---|
| QIB | 81,39,344 | 49.63% |
| Anchor Investor | 48,83,605 | 29.78% |
| QIB (Ex. Anchor) | 32,55,739 | 19.85% |
| NII (HNI) | 24,41,803 | 14.89% |
| bNII > ₹10L | 16,27,869 | 9.93% |
| sNII < ₹10L | 8,13,934 | 4.96% |
| Retail | 56,97,540 | 34.74% |
| Employee | 1,20,275 | 0.73% |
Total issue 1,63,98,962 shares. Indented rows sit inside the category above them and are not added to it.
What each category may bid
Retail (Min)₹14,9451 lot · 49 sh
Retail (Max)₹1,94,28513 lots · 637 sh
S-HNI (Min)₹2,09,23014 lots · 686 sh
S-HNI (Max)₹9,86,37066 lots · 3,234 sh
B-HNI (Min)₹10,01,31567 lots · 3,283 sh
Lot size alone does not answer "how much do I need" — an S-HNI minimum is several lots, not one.
Anchor book
Shares allotted48,83,605
Anchor portion₹148.95 Cr
Bid date24 Sept 2026
Lock-in ends (50%)30 Oct 2026
Lock-in ends (rest)29 Dec 2026
Anchors are institutional money placed a day before bidding opens, against a lock-in. Those two dates are when that stock can first be sold — a supply event worth knowing if you still hold.
What the money is for
Stated use of the net proceeds
- 01Repayment/ pre-payment, in full or in part, of certain outstanding borrowings availed by our Company₹100 Cr
- 02Investment in our wholly owned Material Subsidiaries namely Runwal Residency Private Limited and Evie Real Estate Private Limited, for repayment/ pre-payment, in full or in part, of all or a portion of certain of their outstanding borrowings₹225 Cr
- 03Funding acquisitions of future real estate projects and general corporate purposesnot stated
Objects with no stated amount — typically general corporate purposes — are funded from whatever remains, so the quantified figures do not sum to the whole issue.
Financials
Restated figures as reported in the offer document, ₹ crore
| Period | Revenue | EBITDA | PAT | Net worth | Debt |
|---|---|---|---|---|---|
| 2024 | 2,408.865 | — | 93.7 | — | — |
| 2025 | 1,007.766 | — | 55.648 | — | — |
| 2026 | 1,798.949 | — | 185.763 | — | — |
Revenue CAGR -13.6%PAT CAGR 40.8%
Risks worth reading
Ranked by our severity assessment, not by the order the prospectus prints them
High leveragemedium
Debt-to-equity of 3.49x.
Shrinking revenuemedium
Restated revenue CAGR of -13.6%.
mediumAs of March 31, 2026, 66.65% of our real estate development projects were located in Mumbai, and there are no Ongoing Projects or Upcoming Projects planned outside of Mumbai as of the date of this Red Herring Prospectus.
mediumAs of March 31, 2026, we had 28 Ongoing Projects and 33 Upcoming Projects which consists of 86.33% of our total Developable Area.
mediumFailure to complete these projects or future projects within their expected timelines, or at all, and any cost overruns could adversely affect our business, reputation, financial condition and results of operations.
Positives the filing discloses (1)
Primarily fresh capital
100% of the offer is fresh issue, so most proceeds fund the company.
What happened to comparable issues
The last 8 issues to list with a recorded opening price, most comparable first
Median listing gain
+7.7%
Listed up
8 of 8
Best
+65.3%
BLS Polymers Limited
Worst
0.6%
EAAA India Alternatives Limited
Bombay Coated and Special Steels Limitedsame segment
60.8× sub+11.0%
M. K. Sons Fine Jewels Limitedsame segment
5.1× sub+5.6%
BLS Polymers Limitedsame segment
241.2× sub+65.3%
SFC Environmental Technologies Limitedsame segment
9.5× sub+7.6%
EAAA India Alternatives Limitedsame segment
5.3× sub+0.6%
Paras Healthcare Limitedsame segment
2.2× sub+3.9%
Jio Platforms Limitedsame segment
21.6× sub+21.4%
Sahajanand Medical Technologies Limitedsame segment
14.2× sub+7.9%
Past issues are context, not a forecast — this issue is a different company at a different price. We show it because "how have issues like this one actually opened" is a question with a real answer, and grey-market premium is not that answer.
About Runwal Enterprises Limited
Runwal Enterprises Limited is a real estate developer involved in residential and other real estate projects. Its residential projects cater to affordable, mid-income, and luxury segments, while its other developments include commercial spaces, retail malls, and educational buildings. The company undertakes greenfield projects involving land acquisition, obtaining regulatory, statutory and environmental approvals, and planning, designing, and developing the projects, including construction. It also undertakes projects through joint development agreements (JDAs) and other asset-light models. As of March 31, 2026, the company had 19 completed projects, 28 ongoing projects, and 33 upcoming projects. Its projects are located primarily in Mumbai.
Founded 2016MD Mr Subodh Subhash RunwalSector Realty
Offer documents
The primary sources everything above is drawn from
Common questions
What is the Runwal Enterprises Limited IPO GMP today?
The most recent grey-market premium recorded for Runwal Enterprises Limited is ₹37 per share — about 12.3% over the ₹302 upper band. Grey-market premium is an unofficial, unregulated quote from private dealers. It is not published by NSE, BSE, SEBI or the company, and it is not a forecast of the listing price.
How many times is the Runwal Enterprises Limited IPO subscribed?
Runwal Enterprises Limited is subscribed 2.50× overall (QIB 3.89×, NII 3.94×, retail 1.12×). Subscription keeps changing until the issue closes; the final basis of allotment is published by the registrar, MUFG Intime India Private Limited.
What is the minimum investment in the Runwal Enterprises Limited IPO?
One lot is 49 shares, so a retail application at the ₹302 cut-off price blocks ₹14,798. Retail applications are capped at ₹2,00,000; above that you bid in the HNI category, where allotment is proportionate rather than by lottery.
What are the chances of allotment in the Runwal Enterprises Limited IPO?
The retail portion is subscribed 1.12×, so allotment is by lottery and the odds of receiving at least one lot are roughly 1 in 1. Applying for more lots does not improve the chance of getting something — every retail applicant competes for the same single minimum lot.
When is the Runwal Enterprises Limited IPO allotment date?
Allotment is scheduled for 2026-09-30, with listing on 2026-10-05. These dates are the issuer's tentative timetable — a date passing is not confirmation that the step completed. Allotment status is published by the registrar, MUFG Intime India Private Limited.
Disclaimer. Figures are compiled from the issuer's offer document and exchange-published bidding data. Subscription changes until the issue closes, and the final basis of allotment is published by the registrar. Grey-market premium is unofficial and is not a forecast. Nothing here is investment advice or a recommendation — read the offer document and consult a SEBI-registered adviser before applying.