Ahead of the issue opening, the company raised ₹148.9 crore from anchor investors. Runwal Enterprises allotted 48.83 lakh shares to nine institutional investors through the anchor book at the upper end of the price band.
Tata Mutual Fund was the largest investor in the anchor book, acquiring 13.11 lakh shares for ₹40 crore. Maybank Securities picked up 8.19 lakh shares for ₹25 crore, while Authum Investment and Infrastructure was allotted 6.44 lakh shares worth ₹19.6 crore.
Other investors in the anchor book included 360 ONE WAM, Sanshi Fund, Founders Collective Fund, Capri Global Capital, Ashika Global Finance and LRSD Securities.
What brokerages say
SBI Securities: Neutral
SBI Securities has assigned a Neutral rating to the issue and said it would like to track the company’s performance for a few quarters after listing.
At the upper price band of ₹305, the issue is valued at 21.5 times FY26 post-issue price-to-earnings and 1.9 times market capitalisation to pre-sales, according to the brokerage.
SBI Securities highlighted strong sales traction, noting that 4.4 million square feet, or 40.3% of the saleable area launched across seven projects during FY24 to FY26, was sold within one year of launch. Gross collections stood at ₹1,855 crore in FY26.
The brokerage also pointed to Runwal Enterprises’ pipeline of 76.3 million square feet of developable area and its initial geographic diversification through two projects outside Mumbai.
However, it flagged negative operating cash flows over the past three years, project execution risks and the company’s concentration in Mumbai. SBI Securities also said the company does not materially differentiate itself from peers in a highly competitive sector.
Anand Rathi: Subscribe for Long Term
Anand Rathi has assigned a Subscribe for Long Term rating to the issue.
The brokerage highlighted Runwal Enterprises’ established Mumbai franchise, positioning across key micro-markets, sizeable development pipeline and integrated execution capabilities. It also pointed to the company’s experience across asset-light and Greenfield development models.
However, Anand Rathi flagged the company’s high concentration in Mumbai and elevated execution risks from its large portfolio of ongoing and upcoming projects.
Runwal Enterprises IPO details
Runwal Enterprises has fixed the IPO price band at ₹290 to ₹305 per equity share. Investors can bid for a minimum of 49 shares and in multiples thereof.
At the upper end of the price band, the company will raise ₹500 crore through the IPO.
The company plans to use ₹100 crore of the net fresh issue proceeds to repay debt against its outstanding borrowings of ₹431.4 crore on a standalone basis as of July 2026.
Another ₹225 crore will be invested in its wholly owned material subsidiaries, Runwal Residency and Evie Real Estate, to repay a portion of their outstanding borrowings.
As of July 2026, Runwal Residency had outstanding borrowings of ₹286.5 crore, while Evie Real Estate had borrowings of ₹356.4 crore.
The remaining proceeds will be used to fund acquisitions of future real estate projects and for general corporate purposes.
Runwal Enterprises biz
Runwal Enterprises recorded consolidated sales value of ₹2,353.5 crore in FY26, up 24% from ₹1,899 crore in the previous year.
However, its average selling price declined to ₹11,366 per square foot in FY26 from ₹11,754 per square foot a year earlier.
The company’s total saleable area increased to 2.07 million square feet in FY26 from 1.62 million square feet in the previous year.
ICICI Securities and Jefferies India are the merchant bankers managing the Runwal Enterprises IPO.