The three-day subscription window for the initial public offering (IPO) of Runwal Enterprises is set to close today, September 29, 2026. The public issue has so far seen a muted response from investors and is yet to be fully subscribed.
In the grey market, the IPO is commanding a grey market premium (GMP) of over 4%, indicating market expectations of a potential premium over the issue price at listing. However, grey market premiums are unofficial and can change before listing.
The Rs 499.83 crore Runwal Enterprises IPO is entirely a fresh issue of 1.64 crore shares, with no offer-for-sale (OFS) component.
The IPO has fixed a price band of Rs 290–305 per share, with a lot size of 49 shares. At the upper end of the price band, retail investors will need to invest a minimum of Rs 14,945 for one lot.
The basis of allotment is expected to be finalised on September 30, while the shares are likely to be listed on the NSE and BSE on October 5, 2026, subject to applicable timelines.
ICICI Securities Ltd. is the book-running lead manager, while MUFG Intime India Pvt. Ltd. is the registrar to the issue.
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Runwal Enterprises IPO subscription status
The public issue received bids for 86,00,823 shares against 1,21,11,294 shares on offer, resulting in 71% subscription by the end of the second day of bidding, according to BSE data.
Qualified Institutional Buyers (QIBs) led the demand, subscribing to 1.05 times their reserved quota. Non-Institutional Investors (NIIs) subscribed to 94% of their reserved portion, while the retail investor category was subscribed 42%.
Runwal Enterprises IPO GMP today
The Runwal Enterprises IPO GMP stands at Rs 14, or 4.59%, over the upper price band of Rs 305 per share. Based on the current grey market premium, the estimated listing price is around Rs 319 per share.
GMP is an unofficial market indicator and is neither a reliable nor guaranteed predictor of an IPO's actual listing price. It can fluctuate before listing.
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Runwal Enterprises IPO: Objects of the issue
Runwal Enterprises plans to utilise Rs 100 crore of the net proceeds towards the repayment or pre-payment of certain outstanding borrowings of the company, either fully or partially.
Another Rs 225 crore is proposed to be invested in its material subsidiaries, Susneh Infrapark Pvt. Ltd. and Runwal Residency Pvt. Ltd., and subsidiary Evie Real Estate Pvt. Ltd., for the repayment or pre-payment of their borrowings.
The remaining proceeds will be used to fund the acquisition of future real estate projects and for general corporate purposes, taking the total allocation to Rs 325 crore.
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Should you subscribe?
According to a research report by Anand Rathi, the IPO is valued at 24.2x FY26 P/E and 25.2x FY26 EV/EBITDA at the upper end of the price band, implying a post-issue market capitalisation of Rs 45,074 million. The brokerage said the valuation appears fairly priced.
Anand Rathi, however, highlighted the company's high concentration in Mumbai and elevated execution risks arising from its large portfolio of ongoing and upcoming projects as key concerns.
At the same time, the brokerage noted that Runwal Enterprises' established presence in Mumbai, strong positioning across key micro-markets, sizeable development pipeline, integrated execution capabilities, and experience across asset-light and greenfield models provide a favourable foundation for long-term growth.
Anand Rathi has recommended subscribing to the IPO for the long term.
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About Runwal Enterprises
Incorporated in February 2016, Runwal Enterprises is a real estate developer with a presence across the residential, commercial and retail segments. Its residential portfolio spans affordable, mid-income and luxury housing, along with commercial spaces, retail malls and educational buildings. Runwal Enterprises reported a 76% increase in total income to Rs 1,851 crore in FY26 from Rs 1,051 crore in FY25. Profit after tax (PAT) surged 234% to Rs 186 crore in FY26, compared with Rs 56 crore in FY25, indicating a sharp improvement in profitability during the year.
Disclosure: This article has been written by Kumar Gaurav, who is not a Sebi-registered Research Analyst or an Investment Adviser. Gaurav and their ‘relative(s)’ (as defined under Section 2(77) of the Companies Act, 2013) do not hold any financial interest in the companies mentioned in this article as of the date of publication. The views/recommendations mentioned in this article, wherever applicable, are those of the respective Sebi-registered Research Analyst/brokerage and have been reproduced/reported with due attribution. They should not be construed as the views or recommendations of The Economic Times Digital or the journalist. Readers are advised to consider the original research report and make their investment decisions based on their own assessment. Brokerage disclaimers here
