Mumbai-based Runwal Developers Limited has filed its Draft Red Herring Prospectus (DRHP) with capital markets regulator, Securities and Exchange Board of India (SEBI) for its Initial Public Offering (IPO).

The issue comprises a fresh issue of Rs 1,700 crore and an offer for sale (OFS) component of Rs 300 crore by promoter – Sandeep Subhash Runwal. The face value will be Rs 1 per equity share.

The proceeds from its fresh issuance up to Rs 1300 crore will be utilised for Prepayment/repayment of certain outstanding borrowings availed by the Company and its subsidiaries, namely Runwal Construction Private Limited, Aethon Developers Private Limited, R Retail Ventures Private Limited, R Mall Developers Private Limited, and Histyle Retail Private Limited, in part or full, and general corporate purposes.

The issue is being made through the book-building process, in line with SEBI ICDR Regulations, with up to 50% reserved for Qualified Institutional Buyers (QIBs), not less than 15% for Non-Institutional Investors (NIIs), and at least 35% for Retail Individual Investors (RIIs).

The Company, in consultation with the book-running lead managers, may consider a pre-IPO Placement for up to Rs 340crore. If such placement is completed, the fresh issue size will be reduced.

As of June 30, 2025, the Company had 35 completed projects, 17 ongoing projects and 24 upcoming projects across MMR and Pune, that includes a project portfolio spanning across residential, commercial, organized retail and hospitality segments.

Its residential offerings cater to ultra luxury, luxury, high income and mid-income housing categories.

As of June 30, 2025, the Company has delivered 11.22 million square feet of real estate in the form of high-value and affordable residential buildings, commercial projects and retail spaces.

Its residential portfolio features developments such as The Residence at Nepean Sea Road, Nirvana in Parel, Elegante at Andheri and the Reserve in Worli; and multi-tower residential housing projects that include 25 Hour Life and Runwal Lands End in Thane.

In addition, as of June 30, 2025, the Company has a leased portfolio of 2.89 million square feet of commercial and retail assets. In itscommercial portfolio, the Company’s office space projects comprise high-end corporate offices and boutique office spaces, while its retail projects include malls and other high street retail,which provides shopping options to residents in its projects.

The Company’s premier retail asset, R City Mall in Ghatkopar, is the largest Grade A mall in MMR, with a gross leasable area of 1.23 million square feet as of March 31, 2025. (Source: Anarock Report). It is the largest and one of the most prominent malls in Mumbai’s eastern suburbs with an occupancy rate of 97.04% as of March 31, 2025. (Source: Anarock Report)

Additionally, the Company’s commercial portfolio comprises itsflagship development, R Square in Andheri, with a leasable area of 1.18 million square feet as of June 30, 2025. It also intends to expand into the hospitality segment through the development of three upcoming hotels in Worli, Thane and Pune under management contracts.

The Company’s business model is built on a hybrid strategy that includes outright purchases of land, redevelopment of ageing housing societies and joint development agreements (“JDAs”) with existing landowners. Its flexible model allows the Company to balance capital efficiency with long-term value creation.

The Company’s expertise and execution capabilities enable it to convert acquired land parcels into completed high-quality projects. In addition to acquiring freehold and leasehold interests in land for development, the Company also adopts an “asset-light” development model through redevelopment projects including those under the Slum Rehabilitation Authority (“SRA”), JDAs and joint venture (JV) projects with landowners to develop their land.

As of June 30, 2025, the Company as part of its portfolio, has six projects under the redevelopment model and two projects under the JDA model, with developable area aggregating to 2.35 million square feet and 1.15 million square feet, respectively, which collectively constitutes 6.68% and 3.27%, respectively of its total developable area including its completed projects, ongoing projects and upcoming projects. Its portfolio includes redevelopment projects such as Runwal Rare in Andheri alongside JDA initiatives such as Nirvana in Parel and Timeless in Wadala.

The Company follows an integrated real estate development modelwith in-house capabilities across the entire project lifecycle — from land acquisition and approvals to design and construction to marketing and post-possession services, which helps it to maintain quality control and achieve project timelines.

The Company has a centralized operations system with standardized processes for planning, procurement, contracts, legal, design, quality and execution.

In addition, the Company is dedicated towards integrating sustainability in its operations. The Company has implemented rainwater harvesting systems, sewage treatment plants, LED lighting and smart infrastructure at its projects to reduce waste, minimize the impact of its activities on the environment and ensure optimal resource utilization.

The Company operates a 8.20 MW solar power plant at Andur in Osmanabad, Maharashtra, which supports the electricity supply to common areas surrounding its malls, and it is in the process of commissioning two additional solar power plants with a combined capacity of 12.00 MW in Amaravati, Maharashtra by Fiscal 2026, aimed at meeting the electricity requirements of its operational commercial projects, R Square in Andheri and R Mall in Thane.

The Company’s revenue from operations was Rs 1163.2 crore during FY25 vis-à-vis Rs 301.9 crore during FY23. Its net profit was Rs 137.4 crore during FY25 vis-à-vis Rs 42.3 crore during FY23.

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