Runwal Enterprises IPO fully subscribed on final bidding day
Runwal Enterprises’ 5 billion rupee ($52.1 million) IPO was fully subscribed on the final day, with bids for 15 million shares versus 12.11 million shares on offer as of 12:25 p.m. IST. The IPO is entirely fresh shares with a 290-305 rupee price band and proceeds for debt repayments and future real estate acquisitions.
Runwal Enterprises' 5 billion rupee ($52.1 million) initial public offering was fully subscribed on the final day of bidding, exchange data showed. The Mumbai-based real estate developer had received bids for 15 million shares, compared with 12.11 million shares on offer, by 12:25 p.m. IST. Qualified institutional buyers and non-institutional investors drove demand, bidding 1.77 times and 1.9 times the shares reserved for them, while the retail portion was subscribed 0.60 times.
The IPO consists entirely of fresh shares, with a price band of 290-305 rupees per share. Proceeds are intended for debt repayment and funding acquisitions for future real estate projects. The stock is likely to start trading from October 5, with $1 equal to 96.0700 Indian rupees.