The Runwal Enterprises IPO legal advisors have been confirmed as Trilegal and Khaitan & Co, as Runwal Enterprises Limited launches a ₹500 crore initial public offering comprising a 100% fresh issue of equity shares. The IPO — a mainboard, book-built issue — opened on 25 September 2026 and closed on 29 September 2026, with listing on BSE and NSE on 5 October 2026. The two firms advised opposite sides of the transaction, with Trilegal acting for the issuer and Khaitan & Co representing the Book Running Lead Managers.
Introduction
Runwal Enterprises Limited launched an initial public offering aggregating to approximately ₹500 crore, comprising a fresh issue of 16,398,962 equity shares. The IPO is a 100% book-built fresh issue with a price band of ₹290 to ₹305 per equity share of face value ₹2 each, with no offer-for-sale component.
Runwal Enterprises, through itself, its subsidiaries, joint ventures and associate (REL Group), is a real estate developer present across the full spectrum of real estate development, specialising in residential projects catering to affordable, mid-income and luxury segments, as well as commercial spaces, retail malls and educational buildings.
Deal Value
The Runwal Enterprises IPO has an issue size of ₹500 crore. Following SEBI’s approval letter dated September 10, 2026, the company reduced the fresh-issue size from ₹1,000 crore to ₹500 crore through an addendum dated September 11, 2026. The proceeds from the IPO will be used for repayment or prepayment, in full or in part, of certain borrowings availed by REL and its subsidiaries.
Legal Teams Involved
Trilegal — Counsel to Runwal Enterprises Limited
Trilegal advised Runwal Enterprises on this IPO.
- Richa Choudhary — Partner
- Maitreya Rajurkar — Partner
- Sai Krishna Bharathan — Partner (strategic inputs)
- Pooja Tada — Senior Associate
- Yug Gambhir — Associate
- Siddhant Mishra — Associate
- Samruddhi Varma — Associate
- Shreyansh Gupta — Associate
- Arnab Goswami — Associate
Khaitan & Co — Counsel to the Book Running Lead Managers
Khaitan & Co advised the Book Running Lead Managers, ICICI Securities Limited and Jefferies India Private Limited, on this IPO.
- Sudhir Bassi — Executive Director – Capital Markets
- Madhur Kohli — Partner
- Nagashayana Srinivasaiah — Partner
- Tharun Vadlapatla — Senior Associate
- Varun Nair — Associate
- Rupa Veena S — Associate
- Shreya Shetty GR — Associate
- Siddharth Melepurath — Associate
Significance and Impact
The Runwal Enterprises IPO marks a significant capital markets moment for Mumbai’s real estate sector. Runwal Enterprises filed its DRHP with SEBI on March 31, 2025, and following SEBI’s approval in September 2026, calibrated the issue size downward from ₹1,000 crore to ₹500 crore — signalling a disciplined approach to market entry.
The IPO valued the company at around ₹4,507.6 crore at the top of the price band. The transaction is notable for being structured entirely as a fresh issue with no OFS component, meaning all proceeds flow directly to the company and its subsidiaries for debt reduction rather than providing an exit to existing shareholders.
The involvement of two of India’s leading capital markets practices — Trilegal on the issuer side and Khaitan & Co on the BRLM side — underscores the transaction’s complexity and the calibre of institutional interest it attracted. For deal benchmarks across the Indian legal market, see the Deal Meter.
Trilegal and Khaitan & Co have successfully steered the Runwal Enterprises ₹500 crore IPO through to listing, with ICICI Securities Limited and Jefferies India Private Limited acting as Book Running Lead Managers. The transaction reinforces the REL Group’s strategic intent to deleverage its balance sheet and strengthen its position across India’s affordable, mid-income, and luxury real estate segments. Further details on post-listing performance were not disclosed at the time of publication.
Disclaimer: This article is for informational purposes only and does not constitute legal advice. It is based on the details provided and publicly available sources.
