Runwal Enterprises IPO has clocked a cumulative subscription of 0.50x on Day 2 of bidding (28 September 2026), with Qualified Institutional Buyers leading demand at 0.96x — nearly fully subscribed — while retail and non-institutional categories continue to tick up ahead of the 29 September close.

Subscription Status

The issue opened on 25 September 2026 and closes on 29 September 2026 in the price band of ₹290–₹305 per share. Overall subscription has moved from 0.42x at the end of Day 1 to 0.50x by Day 2, driven primarily by QIB demand holding steady at 0.96x and incremental interest from retail and HNI segments.

Category-wise Breakdown

QIB is the standout category, sitting at 0.96x and nearly touching the fully subscribed mark. Among non-institutional buyers, the small HNI (sHNI) segment has moved ahead of the big HNI (bHNI) segment — 0.37x versus 0.31x respectively. Retail has climbed from 0.18x on Day 1 to 0.30x on Day 2, reflecting a gradual build in individual investor interest. The Employee category stands at 0.28x.

Category-wise Summary (Day 2)

Intra-day Timeline — 28 September 2026

The subscription pace remained steady throughout the day, with minor upticks in retail and bHNI categories between 11:15 AM and 12:15 PM IST.

Offer Details

About the Company

Runwal Enterprises Limited is a Mumbai-based real estate developer operating across residential projects in 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 31 March 2026, the company has 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 legacy '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

• ₹100 crore towards full or partial repayment/pre-payment of outstanding borrowings of the company to reduce indebtedness and debt servicing costs.
• ₹225 crore for investment in wholly owned material subsidiaries — Runwal Residency Private Limited and Evie Real Estate Private Limited — for repayment of their outstanding borrowings.
• Funding acquisitions of future real estate projects in Mumbai through joint development agreements, redevelopment agreements, land acquisition, or acquisition of development rights.
• General corporate purposes including funding growth opportunities, meeting ordinary business expenses, servicing borrowings, brand building, and strategic initiatives.

Risk Factors

• Geographic Concentration: As of 31 March 2026, 66.65% of the company's real estate development projects (58.89 million sq. ft.) were located in Mumbai, making financial performance closely tied to local market conditions and regulatory changes.
• Project Completion Risk: The company had 28 Ongoing Projects and 33 Upcoming Projects constituting 86.33% of total Developable Area (76.29 million sq. ft.), with multiple projects already experiencing construction delays ranging from 12 to 54 months.
• High Indebtedness: As of 31 March 2026, total financial indebtedness stood at ₹29,091.28 million on a consolidated basis with a debt-to-equity ratio of 3.29x, and the company experienced negative cash flows from operating activities of ₹1,807.13 million in FY2026.
• Contingent Liabilities: Contingent liabilities totalled ₹79,800.81 million as of 31 March 2026, representing 42.96 times restated net profit, including ₹6,292.78 million in tax disputes and ₹18,400 million in corporate guarantees.
• Unsold Inventory: As of 31 March 2026, the company had 7,072 unsold units with a total unsold Developable Area of 7.55 million sq. ft. across Completed and Ongoing Projects, representing 22.83% of total units.

What's Next

The Runwal Enterprises IPO closes on 29 September 2026. Allotment is scheduled for 30 September 2026, with shares expected to list on 5 October 2026.