Runwal Enterprises Sets Price Band At ₹290-305 For ₹500-Cr IPO

Real estate developer Runwal Enterprises Ltd is gearing up to launch its ₹500-crore initial public offering (IPO) on September 25, marking the company's entry into the primary market.

The company has fixed a price band of ₹290-305 per equity share, according to a public announcement.

The issue, which is entirely a fresh issue of equity shares aggregating up to ₹500 crore, will conclude on September 29.

The Mumbai-based company has reduced its IPO size from the earlier plan of a ₹1,000 crore fresh issue.

Proceeds from the fresh issue will be used for payment of debt, funding acquisition of future real estate projects, and general corporate purposes.

Runwal Enterprises is engaged in residential real estate development across affordable, mid-income and luxury segments, besides commercial spaces, retail malls and educational properties.

Around 50% of the issue has been reserved for qualified institutional buyers (QIBs), 15% for non-institutional investors and 35% for retail investors.

The equity shares are proposed to be listed on the BSE and NSE on October 5.

ICICI Securities and Jefferies India are the book-running lead managers to the issue, while MUFG Intime India is the registrar.