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Business News›Markets›Stocks›Live Blog›Pranav Constructions IPO GMP Live Updates: Pranav Constructions IPO fully subscribed within hours; NII quota crosses 2x LIVE BLOG Pranav Constructions IPO opened today, September 7. Synopsis Pranav Constructions IPO Live: Pranav Constructions IPO opened today, September 7. The Rs 351.03 crore issue is attracting strong investor interest; its grey market premium (GMP) stands at Rs 44, indicating a 36% premium over the upper price band of Rs 124. The Mumbai-based real estate developer also raised Rs 84.24 crore from anchor investors before the issue opened. Pranav Constructions IPO Live: The Pranav Constructions IPO opened for subscription today, giving investors a three-day window to bid for shares. Investor sentiment appears positive, with the issue commanding a premium of around 36% in the grey market, signalling expectations of a strong listing gain. The IPO has a total size of Rs 351.03 crore. The issue comprises a fresh offering of 2.55 crore shares worth Rs 315.60 crore, while the offer for sale (OFS) component includes 28.57 lakh shares valued at Rs 35.43 crore. The Pranav Constructions IPO will remain open for subscription from September 7 to September 9, 2026. The IPO allotment is expected to be finalised on September 10, with the company's shares tentatively scheduled to list on both the NSE and BSE on September 15, 2026. Read more Show more 1 New Update At the upper price band, the company is valued at 19.6x FY26 P/E and 12.7x FY26 EV/EBITDA, implying a post-issue market capitalization of ₹13,965 million. Given the company’s strong market position in the redevelopment segment, asset-light model, execution track record and healthy growth pipeline, we believe the valuation is reasonable considering the growth opportunities in Mumbai’s redevelopment market. Accordingly, we recommend a “Subscribe – Long Term” rating for the issue. Subscription Status Total: 1.60 times Retail Individual Investors (RIIs): 1.84 times Non-Institutional Investors (NIIS): 2.55 times Employee Reserved: 0 times Qualified Institutional Buyers (QIBs): 0 times Total: 1.60 times Retail Individual Investors (RIIs): 1.84 times Non-Institutional Investors (NIIS): 2.55 times Employee Reserved: 0 times Qualified Institutional Buyers (QIBs): 0 times KFin Technologies Limited is the Registrar to the Offer Centrum Broking Limited PNB Investment Services Limited PNB Investment Services Limited The company plans to use the IPO proceeds primarily to fund redevelopment expenses. Of this, Rs 145.72 crore will be allocated towards government and statutory approvals, the acquisition of additional FSI, and compensation to members for alternate accommodation and hardship related to select ongoing and upcoming redevelopment projects. At the upper price band, the company is valued at 19.6x FY26 P/E and 12.7x FY26 EV/EBITDA, which Anand Rathi brokerage considers reasonable given its market position and growth prospects. Overall, Anand Rathi has assigned a “Subscribe – Long Term” rating to the IPO. - Incorporated in 2003, Pranav Constructions Limited is a Mumbai-based real estate company focused primarily on redevelopment projects in the MCGM region, particularly the Western Suburbs. - The company follows a pure-play redevelopment model, covering residential segments from economical and mid-market to aspirational housing. As of March 31, 2026, its portfolio included 65 projects, comprising 28 completed, 20 under construction and 17 upcoming projects, with a total developable area of around 5.01 million sq. ft. - Pranav Constructions has been active in redevelopment since 2012 and follows an integrated, in-house approach covering project execution from tendering and construction to post-construction activities. Pranav Constructions Ltd. delivered a healthy improvement in financial performance in FY26, reflecting stronger business momentum. Total income grew by 20% YoY, rising from Rs 638.24 crore in FY25 to Rs 763.93 crore in FY26, supported by the company’s growing redevelopment project portfolio and execution capabilities. Adding to the buzz around the IPO, Pranav Constructions has raised Rs 84.24 crore from anchor investors ahead of the public issue. According to the company’s filing with the stock exchanges, it allotted 67,94,034 equity shares at Rs 124 apiece to anchor investors, indicating strong institutional interest ahead of the IPO opening. The company has fixed the IPO price band at Rs 118–Rs 124 per share. The lot size is 120 shares, meaning retail investors will need to shell out a minimum of Rs 14,880 to bid for one lot at the upper end of the price band.
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