The Runwal Enterprises IPO listing is on Monday, 5 October 2026. The ₹500 crore issue was priced at ₹305 a share and closed on 29 September with 2.5 times subscription. Going into the open, the grey market is not pricing any gain at all: our tracker shows a premium of ₹0 on 4 October, after two days in the negative.
The numbers it carries into the open
Runwal is a Mumbai real estate developer and the whole issue was fresh capital, with no offer for sale. The full set of figures is on our Runwal Enterprises IPO page.
| Item | Detail |
|---|---|
| Issue price | ₹305 (band ₹290–305) |
| Issue size | ₹500 crore, fresh capital only |
| Lot size | 49 shares |
| One lot at the issue price | ₹14,945 |
| Total subscription | 2.5x |
| Grey market premium, 4 October | ₹0 (0.00%) |
| Listing date | 5 October 2026, on NSE and BSE |
How the book was built
This was one of the thinnest books of the year. At 2.5x, Runwal is the 76th most subscribed of the 97 mainboard IPOs that have closed in 2026, where the median is 28.14x. Retail was the weakest part of it.
| Category | Subscribed |
|---|---|
| QIB | 3.89x |
| NII (total) | 3.94x |
| NII, bids above ₹10 lakh | 4.35x |
| NII, bids ₹2–10 lakh | 3.12x |
| Retail | 1.12x |
| Employee | 1.13x |
| Total | 2.50x |
Retail at 1.12x means the small-investor portion was only just covered. Almost everyone who applied for a single lot got one, which is rare on a mainboard issue. QIB, the institutional category, took 3.89x, and the big NII bids above ₹10 lakh led the book at 4.35x.
What the grey market says before the open
GMP is an unofficial price dealers quote for shares before they list. It is not an exchange price and nobody is bound by it. Our Runwal GMP tracker has it moving like this.
| Date | GMP | Over issue price |
|---|---|---|
| 29 September | ₹2 | 0.66% |
| 30 September | ₹0 | 0.00% |
| 1 October | -₹5 | -1.64% |
| 2 October | -₹5 | -1.64% |
| 3 October | ₹0 | 0.00% |
| 4 October | ₹0 | 0.00% |
At ₹0, the grey market points to an open near the issue price of ₹305. Treat that loosely. On the last 10 mainboard listings, the final GMP was off the actual listing move by 8.28 percentage points on average, and it understated the gain seven of those ten times. For context, 61 of the 92 mainboard IPOs that listed in 2026 opened above their issue price, with a median gain of 7.15 per cent, which you can check on our mainboard listing performance table.
The business behind the shares
Runwal Enterprises was started in February 2016 and builds homes across affordable, mid-income and luxury segments, plus commercial space and retail malls. As on 31 March 2026 it had 19 completed projects, 28 ongoing and 33 upcoming. The JLL report in its prospectus ranks it third in Mumbai for both new launches and sales, and first for sales in the city's eastern suburbs.
FY2026 was its strongest year. Total income was ₹1,850.79 crore and profit after tax ₹185.76 crore, against ₹55.65 crore the year before. Real estate income is booked when projects complete, so the line swings: total income was ₹2,436.68 crore in FY2024 and ₹1,050.71 crore in FY2025. Borrowing stood at ₹2,909.13 crore against a net worth of ₹768.20 crore, a debt-to-equity ratio of 3.29. Of the money raised, ₹100 crore repays the company's own borrowings and ₹225 crore goes into subsidiaries to repay theirs. The issue was priced at 24.26 times earnings on an EPS of ₹12.57.
What happens next
Trading starts at 10 AM on 5 October, after a special pre-open session from 9 AM in which the exchanges discover the opening price. Allotment was finalised on 30 September, and refunds and demat credits went out on 1 October. We will publish the NSE and BSE opening prices against the issue price of ₹305 the same morning.
