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Mumbai-based real estate developer Runwal Enterprises has received approval from the Securities and Exchange Board of India (SEBI) for an Initial Public Offering (IPO) of INR 1,000 crore. The IPO, which will be a fresh issue of shares, aims to strengthen the company's balance sheet and fund future expansion plans. This approval, which comes amidst record-high property sales in Mumbai, reflects the company's strong financial performance and its growing presence in the residential and commercial markets.
Runwal Enterprises, a real estate developer in Mumbai, has secured approval from the Securities and Exchange Board of India (SEBI) for an Initial Public Offering (IPO) of INR 1,000 crore. The IPO, which will be a fresh issue of equity shares, comes after the company's recent strong financial performance and its decades-long legacy in the real estate sector. The company plans to use the proceeds to meet its expansion needs and strengthen its balance sheet. This approval from SEBI is a crucial step for the company as it looks to tap into the capital markets to fund its future growth. Advertisement
The company, which is promoted by Subodh Runwal, has a strong presence in Mumbai's residential and commercial markets. Between January 2019 and September 2024, the company was ranked second in Mumbai for both new residential launches and sales, with a dominant share in the Kalyan-Dombivli submarket. As of September 30, 2024, the company's portfolio included 15 completed, 25 ongoing, and 32 upcoming projects, with a total developable area of 48.71 million square feet. The company's financials also show a strong growth momentum, with revenue from operations of INR 662.19 crore in fiscal year 2024, a 188.55% jump from the previous year.
The IPO, which will be managed by ICICI Securities Limited and Jefferies India Private Limited, with MUFG Intime India Private Limited acting as the registrar, comes at a time of record-high property sales in Mumbai, particularly in the mid-income and luxury segments. The company's ambition is to become a full-service developer in Mumbai, spanning affordable, mid-income, and luxury residential projects, as well as commercial and mixed-use communities. This strong market, combined with the company's solid track record and long legacy of over four decades, is expected to make the IPO an attractive proposition for investors.
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