Runwal Enterprises IPO closed its subscription window on Day 3 with an overall subscription of 2.49x. Non-Institutional Investors (bHNI) emerged as the strongest category at 4.35x, while QIB demand accelerated sharply to 3.89x.

Subscription Status

The issue witnessed a robust finish on the final day, with total subscription rising from 0.70x on Day 2 to 2.49x by the close. The momentum was primarily driven by a significant surge in High Net Worth Individual (bHNI) and QIB demand in the afternoon session.

Category-wise Breakdown

QIBs demonstrated strong conviction, moving from 0.96x on Day 1 to 3.89x by the end of the subscription period. Among Non-Institutional Investors, bHNI was the standout performer, closing at 4.35x, significantly ahead of sHNI which stood at 3.09x. Retail investors participated at 1.10x, showing steady improvement throughout the three-day window. The Employee category recorded a subscription of 1.13x.

Intra-day Timeline — 25-09-2026

Demand remained muted until mid-day, with QIB participation registering zero at 11:15 IST. A pivotal shift occurred at 13:15 IST when QIB subscription jumped to 0.48x. The final hour saw the most dramatic movement, with QIBs doubling their stake to 0.96x, pushing the total subscription to 0.42x.

Offer Details

What's Next

Allotment is scheduled for 30-09-2026 and listing is expected on 05-10-2026.

About the Company

Runwal Enterprises Limited is a Mumbai-based real estate developer operating across the full spectrum of real estate development, specialising in residential projects catering to affordable, mid-income, and luxury segments, as well as commercial spaces, retail malls, and educational buildings. The company is ranked third in new launches and sales in Mumbai with market shares of ~2.33% and ~2.46% respectively (January 2023–March 2026), and holds the first position in sales in the eastern suburbs submarket. As of March 31, 2026, it had 19 completed projects, 28 ongoing projects, and 33 upcoming projects, with a total developable area of ~88.37 million sq. ft. The company traces its origins to the 'Runwal group' established in 1978, with the current entity emerging as a separate group under Subodh Subhash Runwal's leadership in 2016.

Financial Highlights

Objects of the Issue

• Repayment/Pre-payment of Outstanding Borrowings: ₹100.00 crore towards full or partial repayment of company borrowings to reduce indebtedness.
• Investment in Subsidiaries: ₹225.00 crore for investment in wholly owned material subsidiaries, Runwal Residency Private Limited and Evie Real Estate Private Limited, for repayment of their borrowings.
• Funding Acquisitions: Acquisition of future real estate projects in Mumbai through joint development agreements or land acquisition.
• General Corporate Purposes: Funding growth opportunities, brand building, and other permitted purposes.

Risk Factors

• Geographic Concentration: 66.65% of development projects are located in Mumbai, exposing the company to local market downturns.
• Project Completion Risk: 86.33% of total developable area is in ongoing or upcoming projects, with some experiencing construction delays of 12 to 54 months.
• High Indebtedness: Consolidated financial indebtedness stood at ₹29,091.28 million with a debt-to-equity ratio of 3.29x.
• Unsold Inventory: 7,072 unsold units representing 22.83% of total units across completed and ongoing projects.
• Contingent Liabilities: Total contingent liabilities amounted to ₹79,800.81 million as of March 31, 2026.