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Mon, 07 Sept 2026
09:08:55 am
Mon, 07 Sept 2026
09:08:55 am
Rudransh Sangwan
Published at: September 7, 2026, 7:24 AM
Synopsis
Pranav Constructions IPO covering GMP, subscription status, price band, lot size, allotment, listing, financials, valuation and key IPO details for investors.
Pranav Constructions IPO is a ₹351.03 crore book-built issue comprising a fresh issue of 2.55 crore shares worth ₹315.60 crore and an offer for sale of 28.57 lakh shares worth ₹35.43 crore. The IPO opened for subscription on September 7, 2026, and will close on September 9, 2026.
The Pranav Constructions IPO price band is fixed at ₹118 to ₹124 per share, with a lot size of 120 shares. The IPO is proposed to be listed on BSE and NSE, with allotment expected on September 10 and a tentative listing date of September 15, 2026.
| IPO Metric | Details |
|---|---|
| IPO Date | 7 to 9 Sep, 2026 |
| Listing Date | Tue, Sep 15, 2026 |
| Face Value | ₹10 per share |
| Price Band | ₹118 to ₹124 |
| Lot Size | 120 Shares |
| Sale Type | Fresh capital cum OFS |
| Issue Type | Bookbuilding IPO |
| Listing At | BSE, NSE |
| Total Issue Size | 2,83,08,481 shares (agg. up to ₹351 Cr) |
| Fresh Issue | 2,54,51,612 shares (agg. up to ₹316 Cr) |
| Offer for Sale | 28,56,869 shares of ₹10 (agg. up to ₹35 Cr) |
| Share Holding Pre Issue | 8,71,71,170 shares |
| Share Holding Post Issue | 11,26,22,782 shares |
The Pranav Constructions IPO was subscribed 2.56 times on September 7, 2026 at 12:34 PM on Day 1. The retail portion was subscribed 2.94 times, while the NII category was subscribed 4.18 times. The QIB ex-anchor portion stood at 0.00 times at the time of the update.
| Category | Subscription (x) | Shares Offered | Shares Bid For |
|---|---|---|---|
| QIB (Ex Anchor) | 0.00 | 45,29,358 | 19,560 |
| NII | 4.18 | 42,46,272 | 1,77,31,440 |
| bNII (> ₹10L) | 3.63 | 28,30,848 | 1,02,74,160 |
| sNII (< ₹10L) | 5.27 | 14,15,424 | 74,57,280 |
| Retail | 2.94 | 1,27,38,816 | 3,74,24,280 |
| Total | 2.56 | 2,15,14,446 | 5,51,75,280 |
Total Applications: 2,80,136
The latest supplied grey market data shows the Pranav Constructions IPO GMP at ₹44 on September 7, 2026 at 11:53 AM. With the upper price band of ₹124, the indicative listing price is ₹168.
At this GMP, the implied premium is 35.48% over the upper issue price. The estimated profit based on one 120-share lot is ₹5,280. GMP is unofficial and can change before the actual listing.
| GMP Date | IPO Price | GMP | Subscription | Est. Listing Price | Est. Profit | Last Updated |
|---|---|---|---|---|---|---|
| 07-09-2026 Open | ₹124.00 | ₹44 ─ | 2.24x | ₹168 (35.48%) | ₹5,280 | 7-Sep-2026 11:53 |
| 06-09-2026 | ₹124.00 | ₹44 ▲ | — | ₹168 (35.48%) | ₹5,280 | 6-Sep-2026 23:34 |
| 05-09-2026 | ₹124.00 | ₹41 ▲ | — | ₹165 (33.06%) | ₹4,920 | 5-Sep-2026 23:34 |
| 04-09-2026 | ₹124.00 | ₹37 ▲ | — | ₹161 (29.84%) | ₹4,440 | 4-Sep-2026 23:32 |
| 03-09-2026 | ₹124.00 | ₹31 ▲ | — | ₹155 (25.00%) | ₹3,720 | 3-Sep-2026 23:37 |
| 02-09-2026 | ₹124.00 | ₹27 ▲ | — | ₹151 (21.77%) | ₹3,240 | 2-Sep-2026 23:31 |
| 01-09-2026 | ₹0 | ₹23 ─ | — | ₹23 (0.00%) | ₹0 | 1-Sep-2026 23:34 |
*Estimated profit/loss per lot is based on GMP × market lot.
Investors can bid for a minimum of 120 shares and in multiples thereof. At the upper price band of ₹124, one retail lot requires ₹14,880.
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (Min) | 1 | 120 | ₹14,880 |
| Retail (Max) | 13 | 1,560 | ₹1,93,440 |
| S-HNI (Min) | 14 | 1,680 | ₹2,08,320 |
| S-HNI (Max) | 67 | 8,040 | ₹9,96,960 |
| B-HNI (Min) | 68 | 8,160 | ₹10,11,840 |
Pranav Constructions IPO has 40% of the total issue reserved for QIBs, 15% for NIIs and 45% for retail investors.
| Investor Category | Shares | % of Total Issue | Max Allottees |
|---|---|---|---|
| QIB | 1,13,23,392 | 40.00% | NA |
| − Anchor Investor | 67,94,034 | 24.00% | NA |
| − QIB (Ex. Anchor) | 45,29,358 | 16.00% | NA |
| NII (HNI) | 42,46,272 | 15.00% | NA |
| bNII (> ₹10L) | 28,30,848 | 10.00% | 1,685 |
| sNII (< ₹10L) | 14,15,424 | 5.00% | 842 |
| Retail | 1,27,38,816 | 45.00% | 1,06,156 |
| Total | 2,83,08,480 | 100.00% | — |
Pranav Constructions raised ₹84.25 crore from anchor investors ahead of the IPO. The anchor bid date was September 4, 2026.
| Bid Date | Details |
|---|---|
| Bid Date | Fri, Sep 4, 2026 |
| Shares Offered | 67,94,034 |
| Anchor Portion | ₹84.25 Cr |
| Lock-in for 50% Shares | October 10, 2026 |
| Lock-in for Remaining Shares | December 9, 2026 |
Pranav Constructions Limited was incorporated in July 2003 and is a real estate company focused primarily on redevelopment projects in the Municipal Corporation of Greater Mumbai region, particularly Mumbai's Western Suburbs.
The company undertakes redevelopment projects across economical, mid and mass-market, and aspirational housing segments. As of March 31, 2026, its portfolio comprised 65 redevelopment projects, including 28 completed, 20 under construction and 17 upcoming projects, with a combined Total Developable Area of approximately 5.01 million square feet.
Pranav Constructions follows an integrated redevelopment model with in-house capabilities covering tendering, pre-construction, construction and post-construction activities. As of March 31, 2026, the company had 198 permanent employees.
Pranav Constructions reported continued growth in FY26. Total income increased to ₹763.93 crore from ₹638.24 crore in FY25, while PAT increased to ₹71.32 crore from ₹62.25 crore.
EBITDA also increased to ₹130.83 crore in FY26 from ₹98.54 crore in FY25. Net worth rose to ₹246.70 crore, while total borrowings increased to ₹258.44 crore.
| Period Ended | 31 Mar 2026 | 31 Mar 2025 | 31 Mar 2024 |
|---|---|---|---|
| Assets | 1,799.19 | 1,246.29 | 966.80 |
| Total Income | 763.93 | 638.24 | 449.75 |
| Profit After Tax | 71.32 | 62.25 | 39.62 |
| EBITDA | 130.83 | 98.54 | 59.73 |
| Net Worth | 246.70 | 175.59 | 88.37 |
| Reserves and Surplus | 159.52 | 88.41 | 84.70 |
| Total Borrowing | 258.44 | 196.50 | 99.34 |
Amount in ₹ Crore
The company plans to use the fresh issue proceeds mainly to fund redevelopment expenses and reduce borrowings.
| #Issue ObjectsEst Amt (₹ Cr.) | ||
|---|---|---|
| 1 | Funding costs towards obtaining government and statutory approvals and purchase of additional FSI and cost towards Compensation to members towards alternate accommodation, and hardship compensation, in relation to the development of certain of the Under-construction Redevelopment Projects, and certain of the Upcoming Redevelopment Projects (Funding Redevelopment Expenses | 145.72 |
| 2 | Repayment and/ or pre-payment, in full or part, of certain borrowings availed by the Company | 91.50 |
| 3 | Funding acquisition of future redevelopment projects and general corporate purposes. | |
| Total | 237.22 |
The company proposes to allocate ₹145.72 crore towards redevelopment expenses and ₹91.50 crore towards repayment or prepayment of borrowings. The remaining proceeds will be used for future project acquisitions and general corporate purposes.
| KPI | Mar 31, 2026 | Mar 31, 2025 |
|---|---|---|
| ROE | 33.78% | 47.17% |
| ROCE | 24.34% | 24.83% |
| Debt/Equity | 1.08 | 1.15 |
| RoNW | 33.78% | 47.17% |
| PAT Margin | 9.37% | 9.78% |
| EBITDA Margin | 17.18% | 15.49% |
| NAV | 28.30 | — |
At the upper price band of ₹124, Pranav Constructions has a post-issue market capitalisation of approximately ₹1,396.52 crore. The post-issue EPS is ₹6.33 and the post-issue P/E stands at 19.59 times.
| Valuation Metric | Pre IPO | Post IPO |
|---|---|---|
| EPS (₹) | 8.18 | 6.33 |
| P/E (x) | 15.16 | 19.59 |
| Market Cap at Offer Price | ₹1,081 Cr. | ₹1,396.52 Cr. |
The promoter and promoter group holding is expected to reduce from 63.35% before the IPO to 48.54% after the issue. Public shareholding is expected to increase to 51.46%.
| Category | Pre IPO | Post IPO |
|---|---|---|
| Promoter and Promoter Group | 63.35% | 48.54% |
| Public | 36.65% | 51.46% |
| Total | 100% | 100% |
Company Promoters: Pranav Kiran Ashar and Ravi Ramalingam.
The OFS portion consists of 28,56,869 shares being sold by BioUrja India Infra Pvt. Ltd.
| Name | Category | No. of Shares Offered | Amount (₹ Cr.) |
|---|---|---|---|
| BioUrja India Infra Pvt. Ltd. | Corporate | 28,56,869 | 35.43 |
| Total | — | 28,56,869 | 35.43 |
| IPO Event | Date |
|---|---|
| IPO Open | September 7, 2026 |
| IPO Close | September 9, 2026 |
| Allotment | September 10, 2026 |
| Refund | September 11, 2026 |
| Credit of Shares | September 11, 2026 |
| Listing | September 15, 2026 |
All dates are tentative as provided in the IPO details.
Registrar: Kfin Technologies Ltd.
Lead Managers: Centrum Capital Ltd. and PNB Investment Services Ltd.
Pranav Constructions IPO is a ₹351.03 crore mainboard book-building IPO comprising a fresh issue and an offer for sale.
The price band is ₹118 to ₹124 per share.
The latest supplied GMP is ₹44, indicating an estimated listing price of ₹168 at the upper price band.
The lot size is 120 shares.
The minimum retail investment is ₹14,880 for one lot at the upper price band.
The IPO closes on September 9, 2026.
The tentative allotment date is September 10, 2026.
The tentative listing date is September 15, 2026 on BSE and NSE.
The IPO was subscribed 2.56 times on Day 1 as of September 7, 2026 at 12:34 PM.
Kfin Technologies Ltd. is the registrar.
Centrum Capital Ltd. and PNB Investment Services Ltd. are the lead managers.
The total issue size is ₹351.03 crore, comprising a fresh issue of approximately ₹315.60 crore and an OFS of approximately ₹35.43 crore.
Pranav Constructions is primarily engaged in real estate redevelopment projects in the MCGM region, with a focus on Mumbai's Western Suburbs.
The company plans to use the proceeds for redevelopment expenses, repayment or prepayment of borrowings, future project acquisitions and general corporate purposes.
Disclaimer: GMP is unofficial and indicative and can change before listing. Investors should review the RHP and other official documents and conduct their own due diligence before making an investment decision.
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