Pranav Constructions IPO
Grey Market Premium (GMP)
GMP applies before listing only. This IPO has listed — see Listing Performance below for the actual debut.
Subscription Status
| Category | Subscription |
|---|---|
| QIB | 268.54x |
| NII | 217.73x |
| sNII (₹2L–₹10L) | 169.07x |
| bNII (above ₹10L) | 242.06x |
| Retail (RII) | 45.31x |
| Total | 126.34x |
Bidding day 3 · final figures at close of bidding: 15 Sept 2026, 6:30 pm IST
IPO Details
- Open Date
- 7 Sept 2026
- Close Date
- 9 Sept 2026
- Listing Date
- 15 Sept 2026
- Face Value
- ₹10
- Fresh Issue
- ₹315.6 Cr
- OFS
- ₹35.43 Cr
- Listing On
- NSE, BSE
- Registrar
- KFin Technologies (KFintech)
The fresh issue is money for the company; the OFS goes to selling shareholders. Fresh issue vs offer for sale, explained
Lot Size & Application Amounts
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (Min) | 1 | 120 | ₹14,880 |
| Retail (Max) | 14 | 1,680 | ₹2,08,320 |
| B-HNI (Min) | 68 | 8,160 | ₹10,11,840 |
Issue Reservation
| Investor category | Shares offered | % of issue |
|---|---|---|
| Anchor | 67,94,034 | 24% |
| QIB (ex-anchor) | 45,29,357 | 16% |
| NII | 42,46,273 | 15% |
| — sNII (< ₹10L) | 14,15,424 | 5% |
| — bNII (> ₹10L) | 28,30,849 | 10% |
| Retail | 1,27,38,817 | 45% |
| Total | 2,83,08,481 | 100% |
The anchor portion is carved out of the QIB quota. Percentages are of the total shares offered.
Financials (₹ Cr)
| Period Ended | Revenue | PAT | EBITDA | Net Worth | Total Assets | Borrowings | EPS (₹) |
|---|---|---|---|---|---|---|---|
| FY 2024 | 449.75 | 39.62 | 59.73 | 88.37 | 966.8 | 99.34 | — |
| FY 2025 | 638.24 | 62.25 | 98.54 | 175.59 | 1,246.29 | 196.5 | — |
| FY 2026 | 763.93 | 71.32 | 130.83 | 246.7 | 1,799.19 | 258.44 | 8.18 |
Restated figures from the offer document. Amounts in ₹ crore; EPS in ₹ per share. FY = the 12 months ended 31 March.
KPIs & Valuation
- P/E (pre-issue)
- 15.16x
- P/E (post-issue)
- 19.59x
- RoNW
- 33.78%
- RoE
- 33.78%
- RoCE
- 24.34%
- Debt / Equity
- 1.08
- EPS (pre-issue)
- ₹8.18
- EPS (post-issue)
- ₹6.33
- EBITDA Margin
- 17.18%
- PAT Margin
- 9.37%
- NAV / share
- ₹28.3
- Market Cap
- ₹1,396.52 Cr
As of 31 Mar 2026 (latest reported period in the offer document). Market cap is computed on a post-issue basis at the upper price band.
Objects of the Issue
| Purpose | Est. Amount |
|---|---|
| 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 Cr |
| Repayment and/ or pre-payment, in full or part, of certain borrowings availed by the Company | ₹91.5 Cr |
| Funding acquisition of future redevelopment projects and general corporate purposes. | ₹42.57 Cr |
| Issue Expenses | ₹40.31 Cr |
Net-proceeds utilisation as disclosed in the offer document.
Issue Expenses
| Purpose | Est. Amount |
|---|---|
| Fees payable to the BRLMs and commissions (including underwriting commission, brokerage and selling commission, as applicable | ₹14.53 Cr |
| Commission/processing fee for SCSBs, Sponsor Banks and Bankers to the Offer and fee payable to the Sponsor Banks for Bids made by RIBs. Brokerage, underwriting commission and selling commission and bidding charges for Members of the Syndicate, Registered Brokers, RTAs and CDPs | ₹1.41 Cr |
| Fees payable to Registrar to the Offer | ₹0.46 Cr |
| Advertising and marketing expenses | ₹3.49 Cr |
| Fee payable to auditors, consultants and market research firms | ₹4.18 Cr |
| Listing fees, SEBI filing fees, upload fees, BSE and NSE processing fees, book building software fees and other regulatory expenses | ₹7.01 Cr |
| Printing and distribution of stationery | ₹0.51 Cr |
| Fees payable to legal counsel | ₹6.23 Cr |
| Miscellaneous | ₹2.48 Cr |
Promoters & Shareholding
Promoters: <p>Pranav Kiran Ashar, Ravi Ramalingam</p>
- Holding (pre-issue)
- 63.35%
- Holding (post-issue)
- 49.03%
- Dilution
- 14.32%
Documents
Anchor Investors
| Investor | Category | Shares | Price | Amount ₹Cr | Allocation |
|---|---|---|---|---|---|
| GOLDMAN SACHS INVESTMENTS (MAURITIUS) I LTD. | Other | 20,16,120 | ₹124 | 25 | 29.67% |
| ITI MID CAP FUND | Other | 8,06,400 | ₹124 | 10 | 11.87% |
| ASIO FUND VCC,THE-SUB FUND 4 | Other | 6,04,920 | ₹124 | 7.5 | 8.9% |
| SAINT CAPITAL FUND | Other | 5,84,034 | ₹124 | 7.24 | 8.6% |
| TAURUS FLEXI CAP FUND | Other | 4,83,840 | ₹124 | 6 | 7.12% |
| ASAS GLOBAL FUND INCORPORATED VCC SUB FUND | FII/FPI | 4,03,320 | ₹124 | 5 | 5.94% |
| RIGEL GLOBAL FUND | FII/FPI | 4,03,320 | ₹124 | 5 | 5.94% |
| ASHIKA INDIA SELECT FUND | Other | 4,03,320 | ₹124 | 5 | 5.94% |
| ABUNDANTIA CAPITAL VCC-ABUNDANTIA CAPITAL III | Other | 4,03,320 | ₹124 | 5 | 5.94% |
| TAURUS MID CAP FUND | Other | 2,82,240 | ₹124 | 3.5 | 4.15% |
| ITI BHARAT CONSUMPTION FUND | Other | 1,61,280 | ₹124 | 2 | 2.37% |
| TAURUS ELSS TAX SAVER FUND | Other | 1,41,120 | ₹124 | 1.75 | 2.08% |
| TAURUS LARGE CAP FUND | Other | 80,640 | ₹124 | 1 | 1.19% |
| TAURUS INFRASTRUCTURE FUND | Other | 20,160 | ₹124 | 0.25 | 0.3% |
Anchor bidding took place on 4 Sept 2026. Anchor lock-in: 50% of shares unlock on 10 Oct 2026, the remainder on 9 Dec 2026.
Peer Comparison
| Company | EPS (₹) | NAV (₹) | P/E | RoNW | P/BV | Statements |
|---|---|---|---|---|---|---|
| Pranav Constructions | 8.18 | 28.3 | — | 33.78% | — | Consolidated |
| Arkade Developers Ltd | 0.29 | 47.51 | 482.59x | 0.6% | 2.96x | Consolidated |
| Godrej Properties Ltd | 61.43 | 642.58 | 33.25x | 9.97% | 3.18x | Consolidated |
| Kalpataru Ltd | 4.76 | 198.04 | 56.64x | 2.45% | 1.36x | Consolidated |
| Keystone Realtors Ltd | 6.25 | 229.29 | 64.86x | 3.34% | 1.76x | Consolidated |
| Kolte-patil Developers Ltd | -4.51 | 135.84 | — | -3.73% | 2.87x | Consolidated |
| Lodha Developers Ltd | 34.34 | 234.55 | 33.48x | 15.71% | 4.9x | Consolidated |
| Suraj Estate Developers Ltd | 19.51 | 207.87 | 9.94x | 9.53% | 0.93x | Consolidated |
Peer group as disclosed in the offer document, figures as of 31 Mar 2026. The issuer’s P/E is computed at the upper price band.
Lead Managers (BRLMs)
Tap a lead manager to see every IPO it has run and how those listings fared.
Broker Recommendations
| Reviewer | Verdict |
|---|---|
| Capital Market | Neutral |
Third-party analyst views on the Pranav Constructions IPO, aggregated for reference. ipostation does not rate IPOs — nothing here is investment advice.
Listing Performance
About the 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, 4 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 49.03% after listing.
Grey market premium (GMP)
In the unofficial grey market, Pranav Constructions shares are quoted at a premium of ₹45 implying an expected listing around ₹169, about +36.3% 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.
Subscription
The Pranav Constructions IPO was subscribed 126.34 times overall. The strongest demand came from qualified institutional buyers (QIB) at 268.54 times, with non-institutional investors (NII) at 217.73× and retail investors at 45.31×.
Listing performance
Pranav Constructions listed on 15 Sept 2026 at ₹162, a premium of +30.6% over the issue price of ₹124.
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, subscription demand across investor categories 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 – Bidding for projects. Pre-Construction Stage – Planning and approvals. Construction Stage – Project execution. Post-Construction Stage – Final handover and management. Market Position & 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 & 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.
Pranav Constructions — Contact Details
- Registered office
- Unit No. 1001, 10th Floor, DLH Park, Near MTNL, S.V. Road, Goregaon (West), Mumbai, Maharashtra, 400104
- Phone
- +91 22 6276 9939
- Website
- www.pranavconstructions.com/
- Registrar (IPO queries)
- pcpl.ipo@kfintech.com
Frequently asked questions
- What is the Pranav Constructions IPO price band?
- The Pranav Constructions IPO price band is ₹118 to ₹124 per share, with a lot size of 120 shares.
- What was the Pranav Constructions IPO GMP before listing?
- The final grey market premium recorded before the Pranav Constructions IPO listed was ₹45. The IPO listed on 15 Sept 2026 at ₹162, +30.6% against the issue price. GMP is an unofficial figure and was never a guarantee of the listing price.
- When does the Pranav Constructions IPO open and close?
- The Pranav Constructions IPO opens on 7 Sept 2026 and closes on 9 Sept 2026.
- When is the Pranav Constructions IPO allotment and listing date?
- Allotment is expected on 10 Sept 2026. The shares are scheduled to list on 15 Sept 2026 on NSE and BSE.
- How many times was the Pranav Constructions IPO subscribed?
- The Pranav Constructions IPO was subscribed 126.34 times in total across all investor categories.
- What is the reservation split in the Pranav Constructions IPO?
- Of the total shares offered, retail investors get 45%, QIBs 16% (plus 24% anchor), non-institutional investors 15%. The full category-wise break-up is in the Issue Reservation table on this page.
- Who are the promoters of Pranav Constructions and what is their holding?
- The promoters are <p>Pranav Kiran Ashar, Ravi Ramalingam</p>. Promoter holding is 63.35% before the issue and 49.03% after listing.
- What is the P/E ratio of the Pranav Constructions IPO?
- At the upper price band, the Pranav Constructions IPO is valued at 15.16× pre-issue earnings and 19.59× post-issue earnings, based on the financials disclosed in the offer document.
- What are the objects of the Pranav Constructions IPO?
- The net proceeds go 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, among 4 disclosed objects. See the Objects of the Issue table for the full break-up.
- Who are the lead managers and registrar of the Pranav Constructions IPO?
- The book-running lead managers are Centrum Capital Ltd., PNB Investment Services Ltd.. KFin Technologies (KFintech) is the registrar to the issue.
- Is Pranav Constructions a Mainboard or SME IPO?
- Pranav Constructions is a Mainboard IPO, listing on NSE and BSE.