Real estate developer Runwal Enterprises Ltd. filed its preliminary papers with the Securities and Exchange Board of India on Tuesday to raise funds via an initial public offering.
The public offer will have a fresh issue of shares worth Rs 1,000 crore. The equity shares are proposed to be listed on the National Stock Exchange of India Ltd and BSE Ltd., according to the draft red herring prospectus.
Subodh Subhash Runwal is a promoter of the Mumbai-Based realty firm. ICICI Securities Ltd. and Jefferies India Pvt. are the book-running lead managers for the issue and MUFG Intime India Pvt. will be the registrar.
Proceeds from the fresh issue will be utilised towards repayment of borrowings, investment in subsidiaries Susneh Infrapark Pvt., Runwal Residency Pvt. and Evie Real Estate Pvt., funding acquisitions of future real estate projects and general corporate purposes.
Business
Runwal Enterprises is a leading real estate developer with a strong presence in Mumbai. The company operates across the full spectrum of real estate development, specialising in residential projects across affordable, mid-income and luxury segments, as well as commercial spaces, retail malls and educational buildings.
According to a JLL report, it ranked second in Mumbai for new residential launches and sales between January 2019 and September 2024. The company also holds the top position in key submarkets, such as the eastern suburbs and Kalyan-Dombivli, further cementing its position as a major player in the city's real estate landscape.
For the period ended Sept. 30, 2024, Runwal Enterprises reported revenue from operations of Rs 270.5 crore with a profit for the period of Rs 25.5 crore. The company has a debt pile of Rs 2,040.7 crore as of Jan. 31.
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