Pranav Constructions IPO

The Pranav Constructions mainboard IPO is open between 7 Sept 2026 and 9 Sept 2026, offered at a price band of ₹118–124 per share, and is set to list on NSE and BSE. The IPO seeks to raise ₹351.03 crore. Retail investors bid in lots of 120 shares, a minimum application of ₹14,880.

Issue structure

The offer combines a fresh issue of ₹315.6 crore with an offer for sale (OFS) of ₹35.43 crore by existing shareholders. Money raised through the fresh issue goes to the company for its stated objects, while OFS proceeds go to the selling shareholders rather than the business.

Objects of the issue

Per the offer document, the company intends to deploy the net proceeds primarily toward funding costs towards obtaining government and statutory approvals and purchase of additional fsi and cost towards compensation to members towards alternate accommodation, and hardship compensation, in relation to the development of certain of the under-construction redevelopment projects, and certain of the upcoming redevelopment projects (funding redevelopment expenses (₹145.72 crore), alongside repayment and/ or pre-payment, in full or part, of certain borrowings availed by the company (₹91.5 crore). In all, 3 objects are disclosed — the full break-up is in the table above.

Financials

In FY2026, Pranav Constructions reported revenue of ₹763.93 crore and a net profit of ₹71.32 crore. Revenue grew from ₹449.75 crore in FY2024 to ₹763.93 crore in FY2026 (+70.0%). Net worth stood at ₹246.7 crore at the end of FY2026. At the upper band, that puts the issue at roughly 15.2× FY2026 earnings (P/E), a figure worth comparing against listed peers in the sector.

Valuation

At the upper band, the issue is priced at 19.59× post-issue earnings, against a return on net worth of 33.78% and a debt-to-equity ratio of 1.08. These ratios come from the offer document and are for comparison, not a recommendation.

Peer comparison

The offer document names listed peers including Arkade Developers Ltd and Godrej Properties Ltd, with a median peer P/E of about 45.1×. The issue's own post-issue P/E works out to 19.59×.

Promoters

The promoters of the company are <p>Pranav Kiran Ashar, Ravi Ramalingam</p>. Promoter holding stands at 63.35% before the issue and comes down to 48.54% after listing.

Grey market premium (GMP)

In the unofficial grey market, Pranav Constructions shares are quoted at a premium of ₹33 implying an expected listing around ₹157, about +26.6% over the upper band. Grey market premium is a sentiment indicator set by private dealers, not the company or the exchange — it moves quickly and is not a reliable predictor of the actual listing price.

What to weigh

When evaluating the Pranav Constructions IPO, the data points most investors look at are the fresh-issue-versus-OFS split, the revenue and profitability trend and the grey market premium. Grey market premium and subscription figures reflect short-term sentiment rather than long-term fundamentals; the figures on this page are for information only and are not investment advice.

About Pranav Constructions

Incorporated in 2003, Pranav Constructions Limited is an Indian construction company specializing in residential, commercial, and infrastructure development projects. Key Services: Residential Projects: Develop affordable housing, premium apartments, and gated communities. Commercial Projects: Builds office spaces, retail centers, and mixed-use developments. Infrastructure Development: Engaged in road construction, bridges, water supply projects, and other public infrastructure works. Redevelopment Expertise: The company has in-house capabilities to manage the entire redevelopment process, including: Tendering Stage &ndash; Bidding for projects. Pre-Construction Stage &ndash; Planning and approvals. Construction Stage &ndash; Project execution. Post-Construction Stage &ndash; Final handover and management. Market Position &amp; Projects: Leader in MCGM Redevelopment Projects in Mumbai's Western Suburbs (based on units supplied and projects completed/under construction). Completed Redevelopment Projects: 26 projects with a total developable area of 1.25 million sq. ft. Some notable projects include: Gold Coin CHSL, Gala Apartments CHSL, Ramesh Mandir CHSL, New Shalimar Apartments CHSL, Malad Marudhar CHSL, and Tiara CHSL in Malad. Popular Terrace CHSL in Borivali. Under-Construction Redevelopment Projects: 11 projects with 1.07 million sq. ft. of total developable area. Upcoming Redevelopment Projects: 21 projects with 1.87 million sq. ft. of total developable area. Growth &amp; Expansion: Between March 31, 2012, and March 31, 2021, the company procured 27 redevelopment projects with a total developable area of 1.86 million sq. ft. From April 1, 2021, to December 31, 2024, it secured 31 redevelopment projects covering 2.33 million sq. ft. The company had 139 employees as of December 31, 2024.