The IPO comprises a fresh issue of ₹1,700 crore and an offer for sale (OFS) of ₹300 crore by promoter Sandeep Subhash Runwal. Each equity share will have a face value of ₹1.

Utilization of Proceeds

• Up to ₹1,300 crore will go towards prepayment/repayment of borrowings by Runwal Developers and its subsidiaries including Runwal Construction, Aethon Developers, R Retail Ventures, R Mall Developers, and Histyle Retail.
• The balance will be used for general corporate purposes.

The company may also consider a pre-IPO placement of up to ₹340 crore, which would reduce the fresh issue size.

IPO Structure

The issue will be made through the book-building process as per SEBI regulations:

• Up to 50% reserved for Qualified Institutional Buyers (QIBs)
• Not less than 15% for Non-Institutional Investors (NIIs)
• At least 35% for Retail Investors (RIIs)

ICICI Securities, BOB Capital Markets, IIFL Capital Services, and JM Financial are the book-running lead managers, while MUFG Intime India Private Limited is registrar to the issue. Shares will be listed on BSE and NSE.

Company Overview

Incorporated in 1988, Runwal Developers is a prominent real estate brand in the Mumbai Metropolitan Region (MMR) and Pune, with a portfolio spanning residential, commercial, organized retail, and upcoming hospitality projects.

• Ranked among the top 10 developers in MMR by residential units supplied (Jan 2022 – Mar 2025, Anarock Report).
• Second-largest developer in Thane during the same period.
• As of June 30, 2025:
  • 35 completed projects
  • 17 ongoing projects
  • 24 upcoming projects
• Delivered 11.22 million sq. ft. of residential, commercial, and retail space.

Key Assets

• Residential: High-value developments such as The Residence (Nepean Sea Road), Nirvana (Parel), Elegante (Andheri), The Reserve (Worli), and large multi-tower projects including 25 Hour Life and Runwal Lands End in Thane.
• Retail: R City Mall in Ghatkopar – MMR’s largest Grade A mall with 1.23 million sq. ft. GLA and 97% occupancy as of March 31, 2025.
• Commercial: R Square in Andheri with 1.18 million sq. ft. GLA.
• Hospitality: Three hotels planned in Worli, Thane, and Pune.

Business Model & Strategy

Runwal Developers operates on a hybrid model combining:

• Outright land purchases
• Redevelopment of old housing societies (including SRA projects)
• Joint Development Agreements (JDAs)

As of June 30, 2025:

• 6 redevelopment projects (2.35 million sq. ft.)
• 2 JDA projects (1.15 million sq. ft.)

The company follows an integrated real estate model with in-house capabilities across land acquisition, design, construction, marketing, and post-possession services.

Sustainability Focus

Runwal Developers integrates green practices like rainwater harvesting, sewage treatment, LED lighting, and smart infrastructure.

• Operates an 8.20 MW solar plant in Osmanabad.
• Commissioning two more solar plants (12 MW) in Amravati by FY26 to power commercial assets.

Financial Performance

• FY23 Revenue: ₹301.9 crore | Net Profit: ₹42.3 crore
• FY25 Revenue: ₹1,163.2 crore | Net Profit: ₹137.4 crore

This growth highlights its strong execution capabilities and expanding footprint.

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The post Runwal Developers Files ₹2,000 Cr IPO; Backed by Sandeep Runwal appeared first on Square Feat India.

With a clear vision of bringing holistic development of the real estate sector across Maharashtra, Mr. Runwal aims to work closely with the Government bodies, to ensure success of ‘Housing For All’ initiative that aims to promote affordable housing in our country. Mr. Runwal shall be playing a massive role in streamlining the governmental processes to ensure timely delivery of homes by the developers to the buyers. His constant effort would be towards making the home loan available to all income groups so that no person is deprived of buying their dream home. He will also focus on the formation of new chapters, to expand the presence of NAREDCO across Maharashtra. His aim is to build trust between the customers and the developers by enhancing transparency, efficiency, and effectiveness in the sector.

Sandeep Runwal, President, NAREDCO Maharashtra said that “With the support from the Government, NAREDCO Maharashtra would create a demand recovery that will push housing sales; particularly in the affordable segment that will drive the ‘HousingForAll’ momentum. Taking over this baton, I will try and undertake various aggressive development measures and make my maximum contribution in strengthening the industry’s role in the economic development of the country. With the same zeal, my priority would be to revive the country’s major real estate market of Maharashtra and implement novel ideas to bring positive changes among the customers’ behaviour towards the sector.’’

Sandeep Runwal is the Managing Director of Runwal Group and spearheads the group across a portfolio of residential, commercial and organized retail. An alumnus of Harvard Business School and IIM Bangalore, he has led the organisation with a consistent emphasis on quality, execution, and timely delivery for over 30 years. He’s been awarded ‘Young Turks’ by CNBC TV 18 and ‘Lords of the Land’ in his career profile.

Welcoming Shri Sandeep Runwal in his new role, Dr Niranjan Hiranandani, National Vice Chairman, NAREDCO and Chairman & Managing Director of Hiranandani Communities, said, “With the cooperation from the Government authorities and officials, NAREDCO Maharashtra has been able to achieve a certain milestone despite the pandemic scenario. We are rest assured that Shri Sandeep Runwal’s invaluable guidance will bring progressive change for the real estate’s overall growth and development in the state.’’

Rajan Bandelkar, National President of NAREDCO and Convener, Housingforall.com welcomed Sandeep Runwal in a new role. He said, “We are extremely grateful to all the members of NAREDCO Maharashtra, who has contributed their efforts in initiating reforms such as ease-of-doing business, support for HousingForAll initiative, zero percent stamp duty, community development activities, etc. with the support from the Government authorities and officials. Now, Shri Sandeep Runwal taking the leadership forward, his long-drawn knowledge and experience in the real estate sector would help in taking up further great initiatives that will impact the growth of the sector in this region.”

National Real Estate Development Council (NAREDCO) was established as an autonomous self-regulatory body in 1998 under the aegis of Ministry of Housing and Urban Affairs, Govt. of India. It is in this year that the Government of India redrafted the National Housing & Habitat Policy, giving due importance to the Housing and Real Estate sector, thereby declaring housing for all citizens by the year 2010. The Indian housing and real estate sectors and the allied industries hailed the establishment of NAREDCO, as the apex national body for the real estate industry and visualized it as a single platform where Government, industry and public would discuss various problems and opportunities face to face which would result in speedy resolution of issues. It was formed with the mandate to induce transparency and ethics in real estate business and transform the unorganized Indian real estate sector into a matured and globally competitive business sector.

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