Runwal Enterprises IPO Day 3: Subscribed 1.14x; NII (bHNI) surges 31% intraday to cross 2x
- Runwal Enterprises IPO closed Day 3 fully subscribed at 1.14x overall, crossing the 1x mark by 12:15 IST on the final day.
- NII (bHNI) was the standout mover, surging 31.0% intraday from 0.84x to 1.10x; sHNI closed at 2.25x, the strongest category overall.
- QIB held steady at 1.53x, while Retail improved 12.7% intraday to close at 0.62x and Employee quota reached 0.66x.
- The issue is priced at ₹290.00–₹305.00 per share with a minimum bid quantity of 49 shares; allotment is scheduled for 30-09-2026 and listing for 05-10-2026.
- Runwal Enterprises is a Mumbai-based real estate developer ranked third in new launches and sales in Mumbai, with 19 completed, 28 ongoing, and 33 upcoming projects totalling ~88.37 million sq. ft. of developable area.
*this image is generated using AI for illustrative purposes only.
Runwal Enterprises IPO crossed the fully subscribed threshold on its final day of bidding, closing at 1.14x overall. NII (bHNI) was the day's standout mover, surging 31% intraday from 0.84x to 2.25x, while QIB held firm at 1.53x and Retail ticked up 12.7% to close at 0.62x.
Subscription Status
The issue built momentum steadily across the three-day window. Overall subscription climbed from 0.42x on Day 1 to 0.70x on Day 2, before crossing the 1x mark on Day 3 to close at 1.14x.
| Day | Date | QIB | NII (bHNI) | NII (sHNI) | Retail | Total |
|---|---|---|---|---|---|---|
| Day 1 | 25-09-2026 | 0.96x | 0.19x | 0.33x | 0.18x | 0.42x |
| Day 2 | 28-09-2026 | 1.05x | 0.56x | 1.12x | 0.41x | 0.70x |
| Day 3 | 29-09-2026 | 1.53x | 1.10x | 2.25x | 0.62x | 1.14x |
Category-wise Breakdown
QIBs demonstrated consistent confidence throughout the subscription period, moving from 0.96x on Day 1 to 1.53x by close. Among Non-Institutional Investors, sHNI emerged as the strongest category at 2.25x, racing ahead of bHNI which closed at 1.10x. Retail participation improved to 0.62x by end of Day 3, up from 0.18x on Day 1. The Employee category closed at 0.66x.
Intra-day Timeline — 29-09-2026
NII (bHNI) delivered the sharpest intraday move, jumping 31.0% between 11:15 and 12:15, from 0.84x to 1.10x. Retail picked up pace in the same window, rising 12.7% from 0.55x to 0.62x. Total subscription crossed 1x — the fully subscribed mark — by 12:15, climbing 21.3% from 0.94x to 1.14x.
| Time (IST) | QIB | NII (bHNI) | Retail | Total |
|---|---|---|---|---|
| 11:15 | 1.53x | 0.84x | 0.55x | 0.94x |
| 12:15 | 1.53x | 1.10x | 0.62x | 1.14x |
Offer Details
| Parameter | Details |
|---|---|
| Price Band | ₹290.00 – ₹305.00 per share |
| Minimum Bid Quantity | 49 shares |
| Issue Open Date | 25-09-2026 |
| Issue Close Date | 29-09-2026 |
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
| Metric (₹ crore) | FY 2026 | FY 2025 | FY 2024 |
|---|---|---|---|
| Revenue from Operations | 1798.95 | 1007.77 | 2408.87 |
| Total Revenue | 1850.79 | 1050.71 | 2436.68 |
| Profit Before Tax | 223.92 | 97.56 | 156.77 |
| Total Profit | 185.76 | 55.65 | 93.70 |
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.
How might Runwal's 3.29x debt-to-equity ratio and ₹79,800 crore contingent liabilities impact its post-listing credit rating and future borrowing costs?
Will the significant unsold inventory of 7,072 units constrain cash flow generation in the upcoming quarters despite the IPO proceeds?
How will the geographic concentration of 66.65% of projects in Mumbai affect Runwal's resilience against potential regional real estate market corrections?
20
Access 50+ Readymade Screeners 
Use 200+ Custom Filters 
Get Full Market Insights 
