Runwal Developers gets SEBI’s approval for Rs 2,000 crore IPO

Runwal Developers has received the Securities and Exchange Board of India’s (SEBI's) approval to raise Rs 2,000 crore through an initial public offering (IPO). The company’s maiden public offering comprises a fresh issue of shares worth Rs 1,700 crore and an offer for sale (OFS) component of Rs 300 crore by promoter -- Sandeep Subhash Runwal. 

Proceeds from its fresh issuance to the tune of Rs 1,300 crore will be utilised for payment of debt availed by the company and its subsidiaries and general corporate purposes. ICICI Securities, BOB Capital Markets, IIFL Capital Services and JM Financial are the book-running lead managers of the company's public offering.

Founded in 1988, the company is a real estate development company with a focus on a diversified portfolio spanning residential, commercial and organised retail projects across the Mumbai Metropolitan Region (MMR) and Pune in Maharashtra.