According to data available on the NSE, the ₹351-crore public issue received bids for 5.74 crore equity shares against 2.25 crore shares on offer as of 12:45 pm on Monday, September 7.
Non-institutional investors (NIIs) led the demand, with their portion subscribed 4.15 times. The retail investor category was subscribed 2.93 times during the period.
In the unlisted market, shares of Pranav Constructions are commanding a grey market premium (GMP) of ₹44. This indicates a potential listing gain of around 36% over the IPO’s upper price band of ₹124 per share.
However, grey market premiums are only an indicator of investor sentiment in the unlisted market and can change rapidly.
The issue opened for subscription on September 7 and will close on September 9.
Pranav Constructions IPO details
Ahead of the IPO opening, Pranav Constructions raised ₹84.2 crore from nine anchor investors, including Goldman Sachs Investments (Mauritius), ITI Mutual Fund and Taurus Mutual Fund.
The company, promoted by Pranav Kiran Ashar and Ravi Ramalingam, allotted 67.94 lakh equity shares to anchor investors on Friday at the upper end of the ₹118-124 price band.
Goldman Sachs Investments (Mauritius) emerged as the largest investor in the anchor book, acquiring 20.16 lakh shares for ₹25 crore.
Of the total anchor allocation, 19.75 lakh shares were allotted to ITI Mutual Fund and Taurus Mutual Fund through seven schemes. Other investors in the anchor book included Abudantia Capital, Ashika India Select Fund, Asio Fund, Rigel Global Fund and Saint Capital Fund.
The price band for the issue has been fixed at ₹118-124 per share. Retail investors can bid for a minimum of 120 shares, requiring an investment of ₹14,880 at the upper end of the price band.
The IPO comprises a fresh issue of equity shares worth ₹315.6 crore and an offer for sale (OFS) of 28.56 lakh shares by existing investor BioUrja India Infra. At the upper price band, the OFS is worth ₹35.42 crore.
How will Pranav Constructions use IPO proceeds?
Pranav Constructions plans to use ₹145.7 crore of the net proceeds from the fresh issue towards redevelopment expenses, while ₹91.5 crore will be used to repay debt. The remaining proceeds will be utilised for general corporate purposes.
The redevelopment expenses will cover costs related to obtaining government and statutory approvals, purchasing additional floor space index (FSI), and compensating members for alternate accommodation and hardship compensation for certain under-construction and upcoming redevelopment projects.
Pranav Constructions business
Pranav Constructions operates primarily in Mumbai’s suburban region and has a portfolio of 65 redevelopment projects across the Municipal Corporation of Greater Mumbai (MCGM) region.
The portfolio includes 28 completed projects, 20 under-construction projects with a total developable area of 1.63 million square feet, and 17 upcoming projects with a total developable area of 1.96 million square feet.
On the financial front, Pranav Constructions reported a 14.6% year-on-year increase in profit to ₹71.3 crore in FY26, compared with ₹62.3 crore in FY25.
Revenue from operations rose 19.7% year-on-year to ₹761.6 crore in FY26 from ₹636.3 crore in the previous fiscal year.
Centrum Broking and PNB Investment Services are the merchant bankers to the issue. The equity shares are proposed to be listed on both the BSE and NSE.
