Realtor Runwal Enterprises files draft papers for Rs 1,000 crore IPO

The completely fresh issue will have equity shares with a face value of Rs 2 each

The Mumbai-based real estate developer Runwal Enterprises filed the Draft Red Herring Prospectus (DRHP) document with the Securities and Exchange Board of India (Sebi) for an initial public offering (IPO) of ₹1,000 crore.

 

The completely fresh issue will have equity shares with a face value of ₹2 each. Also, the company may consider a pre-IPO placement of specified securities for an amount aggregating up to ₹200 crore.

 

The company aims to use the net proceeds of the issue for the repayment/ prepayment, in full or in part, of certain outstanding borrowings availed by it (₹200 crore), investment in its material subsidiaries namely Susneh Infrapark and Runwal Residency and its subsidiary namely Evie Real Estate, for repayment/prepayment, in full or in part, of all or a portion of certain of their outstanding borrowings (₹450 crore); and funding acquisitions of future real estate projects and general corporate purposes.

 

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As of January 31, 2025, the aggregated outstanding borrowings of the company and its subsidiaries amounted to ₹2,040.75 crore on a consolidated basis.

 

The company’s restated consolidated revenue from operations in the financial year 2023-24 (FY24) stood at ₹662.2 crore, up by more than twofold. In the period ending September 30, 2024 (FY25), the company’s revenue from operations stood at ₹270.52 crore.

 

The company’s restated net profit in FY24 stood at ₹107.3 crore, against the loss of ₹6.74 crore in FY23. The profit in the period ending September 30, 2024, in FY25, was ₹25.53 crore.

 

So far, the company has developed 11 million square feet (msf) of area and over 10,000 units. Its development pipeline includes another 46 msf of area. It develops residential projects in affordable, mid-income, and luxury segments, as well as commercial real estate projects in the Mumbai Metropolitan Region (MMR).

 

In FY24, the company’s earnings before interest, taxes, depreciation, and amortisation (Ebitda) margin was 28.25 per cent and its net debt-to-equity ratio stood at 1.68.

 

In FY24, the company sold 2,131 units with a sales value of ₹1,813.3 crore, against 2,570 units in FY23, with a sales value of ₹1,906.32 crore.

 

Subodh Runwal is the promoter of the company and holds 84.99 per cent (74.09 per cent on a fully diluted basis) of the equity share capital of the company.

 

ICICI Securities and Jefferies India are the financial institutions in charge of the IPO.