Runwal Enterprises IPO: Allotment Status, GMP, Listing Date and Review

Runwal is one of Mumbai’s best-known property names, and Runwal Enterprises brought ₹500 crore of fresh equity to market in late September. Demand was modest for a mainboard issue of this size: 2.64 times overall, with retail investors barely filling their quota at 1.19 times.

Allotment has been finalised and shares list on 5 October. With the grey market premium flat at zero, the market is pointing to a listing near the ₹305 issue price. Below we cover how to check your allotment and why investors were cautious.

Runwal Enterprises IPO at a glance

Because retail subscription was only 1.19 times, most retail applicants should have received one lot of 49 shares.

What Runwal Enterprises actually does

Runwal Enterprises Ltd was incorporated in February 2016 and is promoted by Subodh Subhash Runwal. It develops residential, commercial, retail and educational real estate in the Mumbai Metropolitan Region. The company says it ranked third in Mumbai for new launches and sales, first in sales in the eastern suburbs, and first in new launches in Kalyan-Dombivli.

Its portfolio covers 19 completed, 28 ongoing and 33 upcoming projects, and it had 1,181 employees as of March 2026.

Of the IPO money, ₹100 crore will repay company debt, ₹225 crore will go into subsidiaries to repay their borrowings, and ₹117 crore is earmarked for land acquisition and general corporate purposes.

The numbers behind the business

Here are the figures from the offer documents, in ₹ crore, as reported by IPO data sites.

What these numbers tell us, in plain language:

• Revenue swings with project completions. Real estate companies book revenue when projects are handed over, so the numbers jump around: ₹2,437 crore in FY24, ₹1,051 crore in FY25 and ₹1,851 crore in FY26.
• FY26 profit tripled. Net profit rose to ₹185.8 crore from ₹55.7 crore, and EBITDA margin improved to 19.4%.
• Debt is the main concern. Borrowings climbed from ₹1,784 crore to ₹2,909 crore in two years, and debt to equity was 3.29 in FY26. Even after the ₹325 crore of debt repayment from the IPO, leverage stays high.
• Valuation is not cheap. At ₹305, the post-issue P/E is about 24x and price to book about 5x, high for a developer with this much debt and earnings this lumpy.

How the subscription ended

Anchors put in ₹148.95 crore on 24 September. By the close on 29 September, QIBs had bid 4.10 times, NIIs 4.14 times, retail 1.19 times and employees 1.20 times, for 2.64 times overall across 1,13,152 applications.

The GMP story so far

The grey market premium was flat at ₹0 as of 4 October, pointing to a listing around the issue price of ₹305.

How to check Runwal Enterprises IPO allotment status

1. Go to the MUFG Intime India IPO allotment page, or the BSE or NSE allotment status page.
2. Select Runwal Enterprises from the list of issues.
3. Enter your PAN, application number or DP/Client ID.
4. Submit to see how many shares you were allotted.

The basis of allotment was finalised on 30 September 2026. Refunds for unsuccessful applicants and share credits to demat accounts were processed on 1 October. If shares were allotted, they should already show in your demat account and will be tradable from the listing on 5 October on BSE and NSE.

The listing outlook

With a flat GMP and lukewarm retail demand, a listing near ₹305 looks likely. Anchor lock-ins until 30 October and 29 December limit early selling from institutions.

What to weigh before you apply

Debt, debt, debt

A debt to equity ratio of 3.29 is high even by developer standards. Rising interest rates or slower sales could pressure cash flows. The IPO helps, but does not transform the balance sheet.

Lumpy, hard-to-forecast earnings

Because revenue is booked on completion, Runwal’s profit can halve or triple from year to year. That makes the P/E a poor guide to value, and many investors prefer to look at pre-sales and collections instead.

Strengths and risks

Strengths

• One of Mumbai’s leading developers by launches and sales
• Large pipeline of 28 ongoing and 33 upcoming projects
• FY26 profit tripled to ₹185.8 crore
• Entirely fresh issue; ₹325 crore goes to cutting debt
• Anchor book of ₹148.95 crore

Risks

• Borrowings of ₹2,909 crore; debt to equity of 3.29
• Very lumpy revenue and profit
• Post-issue P/E of about 24x and P/B of about 5x
• Concentrated in one market, the Mumbai region
• Retail subscription of just 1.19 times; GMP flat

Your chances of getting an allotment

• Retail was subscribed only 1.19 times, so the large majority of retail applicants should have received one lot of 49 shares.
• Employees bid 1.20 times for their reserved portion, which was offered at a ₹14 discount.

What to watch from here

• Listing price on 5 October against ₹305
• Quarterly pre-sales and collections
• Debt levels after the IPO-funded repayment
• Progress on the 28 ongoing projects
• Anchor lock-in expiry on 30 October

Runwal Enterprises IPO: frequently asked questions

Disclaimer: This article is for information and education only and is not investment advice. GMP is unofficial and data may differ between sources. Read the RHP and consult a SEBI-registered adviser before investing. Data as of 4 October 2026.