Pranav Constructions IPO Listing: Pranav Constructions Ltd. made its stock market debut on the BSE and NSE on Tuesday, September 15, with shares listing at Rs 165 per share on NSE, a 33.06% premium over the IPO issue price of Rs 124.
On the BSE, the stock listed at Rs 162, reflecting a 30.64% premium over the issue price.
The Rs 351.03 crore initial public offering received strong investor demand during its three-day bidding period from September 7 to September 9. The issue was subscribed 121 times overall.
Pranav Constructions IPO Subscription
The QIB portion was subscribed 258.71 times, while the Non-Institutional Investors (NIIs) category was subscribed 208.21 times. The Retail Individual Investors (RIIs) portion was subscribed 43.33 times.
Investors placed bids for around 271.80 crore shares against 2.25 crore shares on offer, taking the overall subscription to around 121 times.
The IPO reserved 40% of the issue for QIBs, 15% for NIIs and 45% for retail investors.
Within the QIB quota, 67,94,034 shares, or 24% of the total issue, were allocated to anchor investors, while 45,29,357 shares were reserved for QIBs excluding the anchor portion.
The NII portion comprised 42,46,273 shares, including 28,30,849 shares for bNIIs bidding above Rs 10 lakh and 14,15,424 shares for sNIIs bidding below Rs 10 lakh.
The retail category was allocated 1,27,38,817 shares, accounting for 45% of the total issue.
Pranav Constructions IPO Details
The Pranav Constructions IPO was a book-built issue of Rs 351.03 crore, comprising a fresh issue of 2,54,51,612 shares aggregating to Rs 315.60 crore and an offer for sale of 28,56,869 shares worth Rs 35.43 crore.
The company fixed the IPO price band at Rs 118-124 per share and the final issue price at Rs 124 per share.
The face value of each share was Rs 10.
The IPO lot size was 120 shares, meaning retail investors needed to invest a minimum of Rs 14,880 at the upper end of the price band.
The maximum retail application was 13 lots, or 1,560 shares, requiring an investment of Rs 1,93,440.
For small HNI investors, the minimum application was 14 lots, or 1,680 shares, amounting to Rs 2,08,320. The maximum sHNI application was 67 lots, or 8,040 shares, requiring Rs 9,96,960.
The bHNI category started at 68 lots, or 8,160 shares, requiring an investment of Rs 10,11,840.
Centrum Capital Ltd. was the book-running lead manager for the issue, while KFin Technologies Ltd. was the registrar.
Pranav Constructions IPO Anchor Investors
Ahead of the IPO, Pranav Constructions raised Rs 84.25 crore from anchor investors through the allocation of 67,94,034 shares at Rs 124 apiece.
The anchor bidding took place on September 4, a day before the IPO opened for public subscription.
Among the investors participating in the anchor round were Goldman Sachs Investments (Mauritius), ITI Mutual Fund, Taurus Mutual Fund, Abudantia Capital VCC and Ashika India Select Fund.
Half of the anchor shares are subject to a 30-day lock-in period ending October 10, 2026, while the remaining shares have a 90-day lock-in period ending December 9, 2026.
Pranav Constructions Business Overview
Pranav Constructions is a Mumbai-based real estate company primarily engaged in redevelopment projects in the Municipal Corporation of Greater Mumbai (MCGM) region, with a predominant focus on Mumbai's Western Suburbs.
Incorporated in July 2003 as Pranav Constructions Private Limited, the company was converted into a public limited company in July 2024.
The company follows a pure-play redevelopment model, undertaking residential projects across economical, mid and mass-market and aspirational housing segments.
As of March 31, 2026, Pranav Constructions had 65 redevelopment projects across the MCGM region. Of these, 28 projects had been completed, 20 were under construction and 17 were upcoming.
The projects had a combined Total Developable Area of approximately 5.01 million square feet.
The company has an integrated redevelopment model with in-house capabilities spanning tendering, pre-construction, construction and post-construction activities.
Pranav Constructions IPO Financial Performance
Pranav Constructions reported growth in revenue, EBITDA and profit during FY26. The company's total income increased 19.7% to Rs 763.93 crore in FY26 from Rs 638.24 crore in FY25.
EBITDA rose 32.8% to Rs 130.83 crore from Rs 98.54 crore, while PAT increased 14.6% to Rs 71.32 crore from Rs 62.25 crore.
Net worth increased to Rs 246.70 crore in FY26 from Rs 175.59 crore in FY25, while total borrowings stood at Rs 258.44 crore.
Pranav Constructions IPO: Use Of Proceeds
The company plans to use the proceeds from the fresh issue primarily towards its redevelopment business.
Around Rs 145.72 crore is earmarked for redevelopment approvals and FSI-related costs, including statutory approvals, purchase of additional FSI, member alternate accommodation compensation and hardship compensation for under-construction and upcoming projects.
Another Rs 91.50 crore is proposed to be used towards repayment or prepayment of certain borrowings.
The remaining proceeds will be used for future redevelopment project acquisitions and general corporate purposes.
About Pranav Constructions
Pranav Constructions has been undertaking redevelopment projects since 2012 and has established a presence in Mumbai's Western Suburbs.
As of March 31, 2026, the company had 198 permanent employees across construction management, sales and customer relationship management, architecture, legal and compliance, finance, administration and human resources.
Its competitive strengths include a capital-efficient redevelopment model, established presence in Mumbai's Western Suburbs, project execution capabilities, stakeholder relationships and an experienced management team.
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