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Runwal Realty aims to raise up to INR 2,000 crore through an IPO, consisting of a fresh issue of INR 1,700 crore and an OFS of INR 300 crore, with a possible pre-IPO placement of INR 340 crore. The company plans to use the proceeds to repay outstanding debt of INR 3,304 crore and fund general corporate purposes. Established in 1978, Runwal Realty has completed 35 projects and is developing 17 ongoing projects, with 24 upcoming projects spanning 35.15 million square feet across Mumbai and Pune, including a new venture into hospitality.
Runwal Realty, a Mumbai-based real estate developer, has filed its Draft Red Herring Prospectus (DRHP) with SEBI to raise up to INR 2,000 crore through an Initial Public Offering (IPO). The proposed issue comprises a fresh issue of INR 1,700 crore and an offer-for-sale (OFS) of INR 300 crore. The developer may also consider a pre-IPO placement of up to INR 340 crore, which will not exceed 20% of the fresh issue. Advertisement
The company plans to use the IPO proceeds to repay outstanding borrowings for itself and its subsidiaries, including Runwal Construction, Aethon Developers, R Retail Ventures, R Mall Developers, and Histyle Retail. As of the end of August, the group?s outstanding debt stood at INR 3,304 crore, with interest rates ranging from 7.10% to 12.91%.
Founded in 1978, Runwal Realty has completed 35 projects spanning 11.22 million square feet across residential, commercial, and retail sectors. Currently, it is developing 9.54 million square feet across 17 ongoing projects. Its upcoming pipeline covers 35.15 million square feet under 24 projects in residential, commercial, hospitality, and retail segments. These projects are located in key areas of the Mumbai Metropolitan Region and Pune, targeting both ultra-luxury and mid-income categories.
In addition to its commercial and retail properties, Runwal Realty is entering the hospitality segment, with plans to develop three hotels under management contracts in Worli, Thane, and Pune. The IPO is being managed by ICICI Securities, BOB Capital Markets, JM Financial, and IIFL Capital as book-running lead managers.
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