Pranav Constructions IPO: The initial public offering (IPO) of Pranav Constructions, a leading pure-play Mumbai redevelopment player, is all set to list on the Indian exchanges following a bumper demand for its share sale. Pranav Constructions' listing date is set for Tuesday, September 15.
The offer was available for bidding from September 7 to September 9. Ahead of the listing, Pranav Constructions' grey market premium (GMP) was at 36 per cent, suggesting solid gains for IPO investors. According to websites tracking the grey market, the IPO shares of Pranav Constructions were trading at ₹169 in the unofficial market, which is at a premium of ₹45 or 36.29 per cent over the offer price of ₹124.

The offer had received bids for 2718.04 million shares as against 22.46 million shares on offer, according to NSE data. This resulted in an oversubscription of 121 times as investors bet on the company's strong presence in Mumbai’s Western Suburbs and the multi-year structural redevelopment opportunity.
The qualified institutional buyer (QIB) segment was booked the most at 258.71 times, followed by the non-institutional investor (NII) quota, which received 231.48 times bids. Lastly, the retail portion of the offer was subscribed 43.33 times. Pranav Constructions IPO detailsThe book-built offer of ₹351 crore was a mix of a fresh issue of ₹316 crore and an offer for sale of ₹35 crore.

The price band for the offer was set at ₹118 to ₹124 apiece. Investors could apply for the offer in lots of 120 shares. According to the RHP, 40 per cent of the offer was reserved for QIBs, 15 per cent for NIIs and the remaining 45 per cent for the retail investors.
The fresh proceeds from the fresh share sale will be used for government approvals and redevelopment expenses, repayment of existing borrowings, funding future redevelopment projects and general corporate purposes. It has delivered healthy growth, with revenue and PAT growing around 30–34 per cent CAGR over FY24–26.

Profitability has also improved, with Ebitda margin rising to 17.2 per cent. Shares of the company will list on BSE and NSE.