Runwal Developers, promoted by Sandeep Runwal, has filed its Draft Red Herring Prospectus (DRHP) with the Securities and Exchange Board of India (SEBI) to raise ₹2,000 crore through an Initial Public Offering (IPO). The issue will comprise a fresh issue of shares worth ₹1,700 crore and an offer for sale (OFS) of ₹300 crore by promoter Sandeep Subhash Runwal.

The face value will be Rs 1 per equity share. The proceeds from its fresh issuance up to Rs 1300 crore will be utilised for Prepayment/repayment of certain outstanding borrowings availed by the Company and its subsidiaries, namely Runwal Construction Private Limited, Aethon Developers Private Limited, R Retail Ventures Private Limited, R Mall Developers Private Limited, and Histyle Retail Private Limited, in part or full, and general corporate purposes.

The issue is being made through the book-building process, in line with SEBI ICDR Regulations, with up to 50% reserved for Qualified Institutional Buyers (QIBs), not less than 15% for Non-Institutional Investors (NIIs), and at least 35% for Retail Individual Investors (RIIs).

The company, in consultation with the book-running lead managers, may consider a pre-IPO Placement for up to Rs 340crore. If such placement is completed, the fresh issue size will be reduced.

Incorporated in 1988, the company is a prominent real estate development company with a strong focus on lifestyle-oriented projects and a diversified portfolio spanning across residential, commercial and organized retail projects across the Mumbai Metropolitan Region (MMR) and Pune in Maharashtra.

The company is a well-established brand in MMR and has a strong ongoing and upcoming project pipeline across residential, commercial, organized retail and hospitality in MMR and Pune, focussed on delivering quality and product-driven solutions within committed timelines.

The company ranks among the top 10 largest real estate developers in MMR in terms of residential units supplied between January 1, 2022 to March 31, 2025 (Source: Anarock Report), underscoring its prominent market presence in the region. Further, it is the second-largest developer in Thane in terms of residential units supplied between January 1, 2022 and March 31, 2025.  

The company has played a pivotal role in transforming Mumbai’s landscape across residential, commercial and organized retail segments, and is recognized for its commitment to quality, innovation and customer-centricity.

As of June 30, 2025, the company had 35 completed projects, 17 ongoing projects and 24 upcoming projects across MMR and Pune, that includes a project portfolio spanning across residential, commercial, organized retail and hospitality segments.

Its residential offerings cater to ultra luxury, luxury, high income and mid-income housing categories.

As of June 30, 2025, the company has delivered 11.22 million square feet of real estate in the form of high-value and affordable residential buildings, commercial projects and retail spaces.

Its residential portfolio features developments such as The Residence at Nepean Sea Road, Nirvana in Parel, Elegante at Andheri and the Reserve in Worli; and multi-tower residential housing projects that include 25 Hour Life and Runwal Lands End in Thane.

In addition, as of June 30, 2025, the company has a leased portfolio of 2.89 million square feet of commercial and retail assets. In its commercial portfolio, the company’s office space projects comprise high-end corporate offices and boutique office spaces, while its retail projects include malls and other high street retail,which provides shopping options to residents in its projects.

As of June 30, 2025, the company as part of its portfolio, has six projects under the redevelopment model and two projects under the JDA model, with developable area aggregating to 2.35 million square feet and 1.15 million square feet, respectively, which collectively constitutes 6.68% and 3.27%, respectively of its total developable area including its completed projects, ongoing projects and upcoming projects. Its portfolio includes redevelopment projects such as Runwal Rare in Andheri alongside JDA initiatives such as Nirvana in Parel and Timeless in Wadala.

The company’s revenue from operations was Rs 1163.2 crore during FY25 vis-à-vis Rs 301.9 crore during FY23. Its net profit was Rs 137.4 crore during FY25 vis-à-vis Rs 42.3 crore during FY23.

ICICI Securities, BOB Capital Markets, IIFL Capital Services and JM Financial are the book running lead managers, and MUFG Intime India Private Limited is the registrar to the issue. The shares are proposed to be listed on the BSE and NSE.