Runwal Developers, the Sandeep Runwal-promoted real estate firm, has filed preliminary papers with the Securities and Exchange Board of India (SEBI) to launch an initial public offering (IPO) worth Rs 20 billion, aimed at reducing its debt burden and funding growth plans.

The Mumbai-based developer intends to raise Rs 17 billion through the issue of fresh shares, while promoter Sandeep Subhash Runwal will offload shares worth Rs 3 billion via an offer-for-sale (OFS).

As part of the fresh issue component, the company may also consider raising up to Rs 3.4 billion in a pre-IPO placement ahead of the public offer.

Incorporated in 1988, Runwal Developers has a diversified portfolio of residential, commercial, and retail projects across the Mumbai Metropolitan Region (MMR) and Pune. According to its draft red herring prospectus (DRHP) filed on 30 September, the company plans to utilise Rs 13 billion from the IPO proceeds to repay borrowings of the company and its subsidiaries, with the balance allocated for general corporate purposes.

As of August 2025, the company’s total outstanding borrowings stood at Rs 33.05 billion. Runwal Developers has completed 35 projects, with 17 ongoing and 24 upcoming developments, representing a total developable area of 23.93 million square feet across MMR and Pune as of June 2025.

Financially, the company reported a profit of Rs 1.37 billion in the fiscal year ending March 2025, marking a sharp 88.6 per cent decline from Rs 12.04 billion the previous year, which had included an exceptional gain of Rs 11.59 billion. Revenue, however, surged 115.6 per cent to Rs 11.63 billion in FY2025, up from Rs 5.39 billion in FY2024.

The IPO will be managed by ICICI Securities, BOB Capital Markets, IIFL Capital Services, and JM Financial, serving as the book-running lead managers.