Real estate developer Runwal Enterprises Ltd has raised Rs 148.95 crore from anchor investors ahead of its initial public offering (IPO), which will open for subscription on Friday.

The company said it allotted 48,83,605 equity shares to anchor investors at Rs 305 apiece – the top end of the price band, according to a circular uploaded on BSE’s website, PTI reported.

The anchor investors included Tata Mutual Fund, 360 One Prime Ltd, Maybank Securities Pte Ltd, Authum Investment and Infrastructure, Mukul Agarwal-backed Sanshi Fund-I, Madhu Kela-backed Founders Collective Fund, Capri Global Capital, Ashika Global Finance and LRSD Securities.

The company has fixed a price band of Rs 290-305 per equity share for the IPO. The issue will open on September 25 and close on September 29.

The IPO comprises entirely a fresh issue of equity shares aggregating up to Rs 500 crore. The company has reduced the issue size from its earlier plan of a Rs 1,000-crore fresh issue.

Proceeds from the fresh issue will be used to repay debt, fund future real estate projects, and for general corporate purposes.

Runwal Enterprises is engaged in real estate development across affordable, mid-income and luxury residential segments.