Mumbai-Based Pranav Constructions Files DRHP For IPO
Pranav Constructions Ltd., a real estate developer in Mumbai's western suburbs, has filed its draft red herring prospectus with the Securities and Exchange Board of India to raise funds through an initial public offering.
The IPO includes a fresh issue of shares worth Rs 392 crore and an offer for sale of up to 28,56,869 equity shares by the company's promoters and investors. The offer for sale comprises up to 23,07,472 equity shares by BioUrja India Infra Pvt. and up to 5,49,397 equity shares by Ravi Ramalingam.
Pranav Constructions may also consider a pre-IPO placement of securities worth Rs 78.40 crore, which would reduce the size of the fresh issue if completed. The IPO will be conducted through a book-building process, with 75% of the offer allocated to qualified institutional buyers, 15% to non-institutional bidders, and 10% to retail individual bidders.
Proceeds from the fresh issue will be used for various purposes, including funding government and statutory approvals, purchasing additional floor space index, compensating members for alternate accommodation and hardship, and developing under-construction and upcoming redevelopment projects.
Additionally, Rs 74 crore will be allocated for repaying or pre-paying certain outstanding borrowings, and the remaining funds will be used for acquiring future redevelopment projects and general corporate purposes.
As of Dec. 31, 2024, Pranav Constructions has a portfolio of 58 redevelopment projects, including 26 completed projects, 11 under-construction projects, and 21 upcoming projects.
Eleven of the company's under-construction redevelopment projects had a combined total developable area of 1.07 million square feet as of Dec. 31, 2024. While, 21 upcoming redevelopment projects had a combined total developable area of 1.87 million square feet, in the same period.
The average time period required by the company for its completed redevelopment projects, that is, the date of the first commencement certificate to the date of the grant of occupation certificate, was 26 months, the company said in its DRHP.
-
Foreign Investors Own Half Of HDFC Bank and ICICI Bank. An LTCG Cut Could Matter Most Here
Foreign portfolio investors have US$115 billion parked in HDFC Bank, ICICI Bank. If the government cuts long-term capital gains tax, Jefferies says returning foreign money could land here first.
-
'Never Seen This Level Of Negativity': Sandeep Tandon Says The Next Rally May Be Closer Than You Think
Veteran investor Sandeep Tandon says foreign selling is easing, large-caps are due a comeback and mid-caps are crowded, while he turns positive on gold, power and pharma this Diwali.
-
Indians Stay With Family, Not In Hotels | The Reason Why
India still lacks enough clean, reliable and affordable hotels for budget-conscious travellers.
-
The Economic Imperative: Analysing The Material Driving Force Behind India-Canada Strategic Reset
This economic complementarity is further reinforced by deep institutional investment ties and talent mobility, which form the bedrock of the bilateral framework.
-
Medicine Pricing: Where Must Profit Stop?
India must confront excessive margins, hidden incentives and regulatory gaps that threaten the integrity of medicine.
-
Why Amazon And Flipkart Are Struggling To Beat Meesho In India's Smaller Cities
With 274 million users and lowest-cost logistics, Meesho is defending its value commerce crown against giants like Amazon and Flipkart.
-
High US Salaries, No Green Card Certainty: The Financial Calculation Facing Indian H-1B Families
The suspension of PERM processing at eight technology employers does not cancel existing H-1B visas. What it does is force a question many Indian families have been avoiding: is the US salary worth tying your career and family plans to one employer?
-
Swiggy vs Eternal: Food Delivery's Two Rivals Are No Longer In The Same Race
Eternal is building a private AI assistant, dark.ai. Swiggy is still working out how to make Instamart pay, with an operating loss of Rs 895 crore in the July-September quarter while Blinkit stayed profitable.
-
Where You Live Shapes How You Get To Work | The Reason Why
Two-wheelers are the most popular way to get to work in India, accounting for nearly 43% of workplace commutes.
-
Unhedged Position: Can India See An Indonesia-Style Time Correction?
The Nifty is trading below levels it first clocked in 2024. Is there, then, as I have suggested in the headline, potential that the current time correction drags on painfully for the next three-five, even ten years?
