Runwal Developers Files DRHP with SEBI to Raise ₹2,000 Crore via IPO
Mumbai-based real estate developer Runwal Developers has filed a draft red herring prospectus (DRHP) with SEBI to raise ₹2,000 crore through an initial public offering (IPO). The funds will be used for prepayment of outstanding borrowings and general corporate purposes.
Real EstateIpoSebiRunwal DevelopersSandeep RunwalReal EstateOct 03, 2025
The proceeds from the fresh issue are intended to be used primarily for the prepayment or repayment of certain outstanding borrowings, along with general corporate purposes. Runwal Developers’ net debt as of financial year 2025 stood at ₹3,160.52 crore, with a net debt-to-equity ratio of 0.98x.
The company’s financial performance in FY25 showed significant growth compared to FY24. Revenue from operations rose to ₹1,163.23 crore from ₹539.44 crore, reflecting a year-on-year increase of over 115 per cent. Adjusted earnings before interest, taxes, depreciation, and amortisation (EBITDA) for FY25 stood at ₹542.2 crore, marking nearly a 105 per cent growth compared to FY24. However, the adjusted EBITDA margin declined slightly from 49.02 per cent in FY24 to 46.61 per cent in FY25.
Sales revenue for FY25 reached ₹1,291.42 crore, up 11.3 per cent year-on-year, supported by the sale of 1.01 million square feet (msf) of property, compared to 0.96 msf in FY24. Gross collections for the year amounted to ₹1,507.51 crore, registering a 15.02 per cent increase over the previous year. Rental income also rose by 9.5 per cent, reaching ₹267.36 crore in FY25.
Runwal Developers has delivered over 50 projects across residential, commercial, and retail segments in the Mumbai Metropolitan Region (MMR) and Pune, including both redevelopment and greenfield developments. The company’s portfolio includes completed and ongoing projects aimed at catering to different market segments.
Analysts and sector observers note that the IPO reflects a broader trend of formalisation within the Indian real estate industry, which has historically been fragmented and largely unorganised. The listing of more real estate companies is seen as a move toward transparency and structured growth, potentially increasing investor confidence in the sector.
The proposed IPO by Runwal Developers comes at a time when the Indian primary market is witnessing heightened activity, with several companies from the real estate and other sectors filing for public offerings. Market participants view such listings as an opportunity to deepen capital markets and provide structured exit options for promoters while strengthening corporate balance sheets.
Frequently Asked Questions
What is the purpose of Runwal Developers filing a DRHP with SEBI?
Runwal Developers has filed a DRHP with SEBI to raise ₹2,000 crore through an initial public offering (IPO). The funds will be used for prepayment or repayment of outstanding borrowings and general corporate purposes.
How much of his stake does Sandeep Runwal intend to offload through the IPO?
Sandeep Runwal, the promoter of Runwal Developers, intends to offload a portion of his stake through the offer for sale (OFS) of ₹300 crore.
What is the net debt of Runwal Developers as of FY25?
The net debt of Runwal Developers as of financial year 2025 stood at ₹3,160.52 crore, with a net debt-to-equity ratio of 0.98x.
What was the revenue growth of Runwal Developers from FY24 to FY25?
Runwal Developers' revenue from operations rose to ₹1,163.23 crore in FY25 from ₹539.44 crore in FY24, reflecting a year-on-year increase of over 115 per cent.
How many projects has Runwal Developers delivered in the Mumbai Metropolitan Region and Pune?
Runwal Developers has delivered over 50 projects across residential, commercial, and retail segments in the Mumbai Metropolitan Region (MMR) and Pune.
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