The stock began trading on the bourses at a price of ₹165 apiece, which is a 33% premium compared to its issue price ₹124 per share. However, the stock saw a sharp cool off from the listing price within the first few minutes of trade, cooling nearly 16% from the post-listing high.
The ₹351 crore Pranav Constructions IPO had received a healthy response from investors, with overall subscription turning out to be 122 times the total number of shares on offer.
Bids were led by institutional investors, whose portion was subscribed 258.71 times the total number of shares reserved for them, while the portion reserved for Non-Institutional Investors was subscribed 208.21 times.
Retail investors also placed healthy bids in the IPO, with the portion reserved for them seeing overall subscription of 43.33 times.
Pranav Constructions is a Mumbai-based real estate developer that focuses more on residential redevelopment projects. The company partners with co-operative housing societies to demolish old buildings and construct modern residential towers.
Ahead of its IPO, Pranav Constructions had raised ₹84.2 crore from nine anchor investors, including Goldman Sachs Investments (Mauritius), ITI MF and Taurus MF. 67.94 lakh equity shares were issued to anchor investors at the upper end of the ₹118 – ₹124 per share price band. Goldman Sachs Investments had acquired 20.16 lakh shares for a sum of ₹25 crore in the anchor book, becoming the largest bidder.For the financial year that ended on March 31, 2025, Pranav Constructions reported a total operating revenue of ₹636.27 crore and an Earnings Before Interest, Tax, Depreciation and Amortisation (EBITDA) of ₹98.6 crore.
Shares of Pranav Constructions are continuing with the healthy trend of most IPO listings since August making a healthy stock market debut. The average listing premium of the 15 companies that went public last month was around 30%.
