According to the submission of the regulator, the proposed IPO will be a new issue of shares of shares with a nominal value of RS 2 each and will not contain a supply for sale component.
The developer, who has built up a strong presence on Mumbai’s residential and commercial markets, said that the IPO yield will be used to feed his expansion and strengthen the balance. The offer structure also provides for a reservation of shares for eligible employees, who will receive a discount on the subscription in the quota of employees.
According to the regulatory submission, the problem will be carried out via the book construction route. According to Sebi’s regulations, at least 75% of the net issue will be assigned to qualified institutional buyers, no more than 15% to non-institutional bidders and at least 10% of individual individual investors. The company also has left room for a pre-ipo placement of a maximum of £ 200 crore. If such a placement is performed, the size of the new problem will be adjusted accordingly, the document states.
Runwal Enterprises, founded by Subodh Runwal, has more than four decades of Legacy in real estate and has expanded its initial focus on affordable and middle income housing to premium and luxury developments. In recent years, the group has published the luxury segment and has extended its footprint outside the eastern suburbs to premium locations such as Mahalaxmi and Bandra. The developer also operates shopping centers, commercial spaces and educational buildings and strengthens his presence as a diversified player in the landscape of Mumbai.
Between January 2019 and September 2024, Runwal Enterprises was in second place in Mumbai in terms of both new residential launches and turnover, with market shares of 5.69% and 5.25% respectively. In the Kalyan-Dombivli submarket, the developer had a dominant share, accounting for 17.63% of the total turnover and 20.84% of the new launches during the same period. In the same period on September 30, 2024, the company’s portfolio included 15 completed projects, 25 current projects and 32 coming developments. The residential portfolio has a total developable area and estimated area of 48.71 million square feet. The DRHP outlines its ambition to become a full-service developer in Mumbai, which includes affordable, middle-income and luxury residential projects, as well as commercial and mixed user communities that integrate facilities and iconic orientation points, the DRHP. According to the adjusted consolidated statements, Runwal Enterprises reported income from the activities of £ 662.19 crore in FY24, a jump of 188.55% from £ 229.49 crore in FY23. The profit after tax for FY24 was £ 107.28 crore. For the six months ending on September 30, 2024, the income came to £ 270.52 Crore with a profit after tax of £ 25.53 Crore. The IPO will be managed by Icici Securities Limited and Jefferies India Private Limited as a book-running lead managers, while MUFG Intime India will act as a registrar. The company has proposed to state its shares on both the BSE and NSE.
With this approval, Runwal Enterprises adds to a growing list of developers established in Mumbai who tap the capital markets to stimulate growth in the midst of a robust demand for housing and increasing investor interest in the real estate sector. Market analysts said that the IPO will test appetite for real estate offers at a time when the sale of real estate has reached Mumbai record heights, in particular in the middle income and luxury categories.
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