Last updated on January 6th, 2026 at 09:06 pm
Runwal Developers Limited is a Mumbai-based real estate development company engaged in the development of residential, commercial and organised retail projects primarily in the Mumbai Metropolitan Region (MMR) and Pune.
It offers lifestyle-oriented real estate solutions spanning luxury, mid-income and retail assets and has a diversified project pipeline and strong market presence in key urban locations.
Runwal Developers owns and operates flagship retail assets including R City Mall (one of Mumbai’s largest malls with hundreds of stores), and has delivered 35+ projects covering millions of sq. ft. in development; it also ranks among the top 10 real estate developers in MMR by residential units supplied.
Runwal Developers has filed DRHP to raise ₹ 2,000 Crore via IPO which comprises Fresh issue of ~ ₹ 1,700 Crore & Offer for Sale (OFS) of ₹ 300 Crore.
Subscription date to apply for the IPO is yet to be announced. Price band for the IPO is also pending to be declared.
| Issue Size: | ₹ 2,000 Crore |
| Fresh Issue: | ₹ 1,700 Crore |
| Offer for Sale: | ₹ 300 Crore |
| Price Range: | TBA |
| Lot Size: | TBA |
Runwal Developers Limited important data points
Revenue, PAT, EBITDA
| Year | Fiscal 2025 |
| Networth | ₹ 2583 Cr |
| Revenue: | ₹ 1163.2 Cr |
| EBITDA | ₹ 462.9 Cr |
| PAT | ₹ 137.4 Cr |
| EBITDA Margin: | ~39.80% |
| PAT Margin | ~11.81% |
| Face Value: | ₹ 01 per Eq. Share |
IPO important dates
| Open Date: | TBA |
| Close Date: | TBA |
| Anchor Investor Bidding | TBA |
| Allotment Date: | TBA |
| Refunds & Demat Credit | TBA |
| Tentative Listing Date: | TBA |
Use of Proceeds
| Purpose | Amount |
| Borrowing payment | ~ ₹ 1,300 Cr |
| Working Capital Requirement | – |
| General Corporate Purpose | Balance |
| Technology & Infrastructure | – |
| – |
Runwal Developers Limited Financial Data
| 2023 | 2024 | 2025 | |
| Revenue (₹ Cr) | ₹ 1,036.2 | ₹ 1,310.6 | ₹ 1,507.5 |
| Gross Profit (₹ Cr) | ₹ 187.3 | ₹ 376.5 | ₹ 640.9 |
| Asset (₹ Cr) | ₹ 4,105.2 | ₹ 10,075.4 | ₹ 11,992.7 |
| Net Worth (₹ Cr) | ₹ 976.7 | ₹ 2,444.5 | ₹ 2,583.0 |
Runwal Developers IPO Grey Market Premium
| Date | IPO Price | IPO GMP | Profit per lot |
| 07-Jan | ₹ – | ₹ – | ₹ – |
| 07-Jan | ₹ – | ₹ – | ₹ – |
| 06-Jan | ₹ – | ₹ – | ₹ – |
| 05-Jan | ₹ – | ₹ – | ₹ – |
| 04-Jan | ₹ – | ₹ – | ₹ – |
| 03-Jan | ₹ – | ₹ – | ₹ – |
Runwal Developers Limited Promoters – Pre offer equity (Approx)
| Sandeep Subhash Runwal | ~72.76% |
| Priyanka Sandeep Runwal | ~8.85% |
| Saurabh Sandeep Runwal | ~6.56% |
| Sanya Sandeep Runwal | ~6.56% |
Runwal Developers Limited IPO Pros & Cons
Strengths:
- Strong brand presence in Mumbai real estate with over three decades of operating history.
- Diversified portfolio across residential, commercial, and organised retail segments.
- Ownership of marquee retail asset (R City Mall) providing steady rental income.
- Significant land bank and robust project pipeline in high-demand MMR locations.
- IPO proceeds largely earmarked for debt reduction, improving balance-sheet strength.
Risks:
- High dependence on the Mumbai Metropolitan Region exposes the business to regional cyclicality.
- Capital-intensive real estate operations with sensitivity to interest rates and liquidity conditions.
- Elevated leverage levels historically, reflecting sector-wide financial risk.
- Revenue visibility depends on project execution timelines and regulatory approvals.
- Real estate sector faces intense competition and demand fluctuations driven by macroeconomic factors.
Runwal Developers Limited Lot Size details
| Application Type | Lot Size | No. of Lots | No. of Shares | Investment Amount |
| Retail(Min) | – | 1 | – | ₹ – |
| Retail (Max) | – | 13 | – | ₹ – |
| Small HNI (Min) | – | 14 | – | ₹ – |
| Small HNI (Max) | – | 66 | – | ₹ – |
| Big HNI (Min) | – | 67 | – | ₹ – |
Lead Managers / Registrars of Runwal Developers Limited
| Lead / Book Running Lead Managers | ICICI Securities Limited, BOB Capital Markets Limited, IIFL Capital Services Limited, JM Financial Limited |
| Registrar (RTA) | MUFG Intime India Pvt Ltd |
Founding Year of Runwal Developers Limited & Managing Director
Runwal Developers Limited was incorporated in the year 1988.
Mr. Sandeep Subhash Runwal is the MD & CEO of the company.
Runwal Developers Limited FAQ
- Q1. What is the business of Runwal Developers Limited?
Last updated on January 6th, 2026 at 09:06 pm
It is a Mumbai-based real estate developer focused on residential, commercial and organised retail projects across the Mumbai Metropolitan Region and Pune. - Q2. Why is the company raising funds via IPO?
Last updated on January 6th, 2026 at 09:06 pm
Company is raising funds to repay/prepay company and subsidiary borrowings and for general corporate purposes to strengthen the balance sheet. - Q3. What is the size of the issue and where will it list?
Last updated on January 6th, 2026 at 09:06 pm
The issue size is approx ₹ 2,000 crore. It will be listed on the BSE & NSE platform. - Q4. What are the risks to an investor?
Last updated on January 6th, 2026 at 09:06 pm
Risks include real-estate cyclicality, high leverage, capital intensity, project execution delays, and dependency on favourable market conditions. - Q5. What are the potential upsides?
Last updated on January 6th, 2026 at 09:06 pm
Potential upsides to invest in the IPO include strong brand presence in MMR, diversified portfolio, recurring rental income from assets like R City Mall, and a large project pipeline. - Q6. How to apply for the IPO?
Last updated on January 6th, 2026 at 09:06 pm
You can apply for the IPO via your bank’s ASBA facility or brokerage/demat account when the IPO opens. - Q 7. When is the tentative listing date?
Last updated on January 6th, 2026 at 09:06 pm
Expected listing date is yet to be announced.
For more amazing blogs click here (IPO Corner).
