The Rs 351.03-crore initial public offering (IPO) of Pranav Constructions Ltd. closed for subscription today, September 9. The public issue received tremendous response from the investors as the public issue was subscribed 121 times on Wednesday, day 3 of bidding.
Ahead of its listing, investors will be closely watching the subscription trend and the latest grey market premium (GMP), which indicates a potential listing gain of 32.26% over the upper price band.
Pranav Constructions (PCPL) IPO GMP Today
The latest Grey Market Premium (GMP) for Pranav Constructions IPO stood at Rs 40 as of 7:00 p.m. on Wednesday. With the upper price band set at Rs 124, the estimated listing price is Rs 164.5 (cap price + GMP), indicating a potential listing gain of 32.66%.
Note: Grey market premiums are unofficial indicators and do not guarantee the actual listing price or listing gains.
Pranav Constructions (PCPL) IPO Final Subscription Status
The IPO was subscribed 121 times on the final day of bidding.
The bidding has been strong across all investor categories:
- Qualified Institutional Buyers (QIBs): 258.71 times
- Non-Institutional Investors (NIIs): 208.21 times
- Retail Individual Investors (RIIs): 43.33 times
Pranav Constructions IPO: Key Details
- Fresh Issue: 2.55 crore shares aggregating to Rs 315.60 crore
- Offer for Sale: 28.57 lakh shares aggregating to Rs 35.43 crore
- Price Band: Rs 118 to Rs 124 per equity share
- Lot Size: 120 shares (Minimum retail investment: Rs 14,880 at the upper price band)
- Lead Manager & Registrar: Centrum Capital Ltd. is the book running lead manager, and KFin Technologies Ltd. is the registrar to the issue
- Red Herring Prospectus: Pranav Constructions RHP
Pranav Constructions IPO: Allotment And Listing Date
| Event | Date |
|---|---|
| Bidding Window Opens | Sept. 7, 2026 |
| Bidding Window Closes | Sept. 9, 2026 |
| Allotment Finalisation | Sept. 10, 2026 |
| Refund Initiation | Sept. 11, 2026 |
| Credit of Shares to Demat | Sept. 11, 2026 |
| Tentative Listing Date | Sept. 15, 2026 |
Use Of Proceeds
The net proceeds from the fresh issue will be utilized toward:
- Redevelopment Approvals & FSI Costs (Rs 145.72 crore): Funding statutory approvals, purchasing additional FSI, member alternate accommodation compensation, and hardship compensation across under-construction and upcoming projects.
- Debt Repayment (Rs 91.50 crore): Full or partial repayment/pre-payment of certain existing borrowings.
- Growth & General Purposes: Funding future redevelopment acquisitions and general corporate purposes.
Company Financials: FY2026 vs FY2025
- Total Income: Rs 763.93 crore vs Rs 638.24 crore (Up 19.7%)
- EBITDA: Rs 130.83 crore vs Rs 98.54 crore (Up 32.8%)
- Profit After Tax (PAT): Rs 71.32 crore vs Rs 62.25 crore (Up 14.6%)
About Pranav Constructions Ltd.
Incorporated in July 2003 as Pranav Constructions Pvt. Ltd., the company transitioned to a public limited entity in July 2024. It is a Mumbai-focused real estate developer specialising in pure-play redevelopment projects within the Municipal Corporation of Greater Mumbai (MCGM) region, particularly across the Western Suburbs, spanning Economical, Mid and Mass, and Aspirational residential segments.
Disclaimer: Investments in initial public offerings are subject to market risks. Please consult certified financial advisors and thoroughly review the Red Herring Prospectus (RHP) before placing bids.
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