Pranav Constructions IPO Day 1: Issue Subscribed 2.56x, GMP Signals 36% Listing Gain

Mumbai: Pranav Constructions IPO received a strong response on the first day of bidding, with the Rs 351-crore public issue subscribed 2.56 times as of 12:45 pm on September 7.

According to NSE data, investors placed bids for 5.74 crore shares against 2.25 crore shares on offer.

NII, Retail Investors Drive Demand

Non-institutional investors led the bidding, with their quota subscribed 4.15 times. The retail investor portion was booked 2.93 times.

The IPO, which opened on September 7, will close on September 9. The Pranav Constructions IPO price band is Rs 118-124 per share.

Retail investors can apply for a minimum of 120 shares, requiring Rs 14,880 at the upper price band.

Pranav Constructions IPO GMP

In the unlisted market, Pranav Constructions IPO GMP stood at Rs 44, indicating a potential listing premium of around 36% over the upper issue price of Rs 124.

However, grey market premium is unofficial, can change quickly and does not guarantee listing performance.

Ahead of the IPO, the Mumbai-based developer raised Rs 84.2 crore from nine anchor investors, including Goldman Sachs Investments (Mauritius), ITI Mutual Fund and Taurus Mutual Fund.

Fresh Issue Worth Rs 315.6 Crore

The IPO comprises a fresh issue worth Rs 315.6 crore and an OFS of 28.56 lakh shares by BioUrja India Infra, valued at Rs 35.42 crore at the upper band.

The company plans to spend Rs 145.7 crore on redevelopment projects and Rs 91.5 crore on debt repayment.

Pranav Constructions has 65 redevelopment projects across the Mumbai region, including 28 completed, 20 under-construction and 17 upcoming projects.

Profit Rises 14.6%

Profit increased 14.6% to Rs 71.3 crore in FY26, while revenue grew 19.7% to Rs 761.6 crore.

The shares are proposed to list on the BSE and NSE.