Pranav Constructions IPO: Price Band, Lot Size, Financials & Review
Pranav Constructions IPO listed on BSE & NSE on Tue, 15 Sep 2026. The issue was subscribed 126.34x overall.
- Open Date
- 7 Sep 2026
- Close Date
- 9 Sep 2026
Last updated
- Price band
- ₹118 – ₹124
- Lot size
- 120 shares
- Min. investment
- ₹14,880
- Issue size
- ₹351.03 Cr
- Last GMP
- +₹52
- Subscribed
- 🔥 126.34x
Pranav Constructions IPO details
Pranav Constructions IPO is a ₹351.03 Cr book-building IPO on the Mainboard segment, listing on BSE & NSE. It combines a fresh issue of ₹315.6 Cr (89.91%) with an offer for sale of ₹35.43 Cr (10.09%) by existing shareholders. Only the fresh issue money goes to the company.
The issue was open from Mon, 7 Sep 2026 to Wed, 9 Sep 2026. Allotment was finalised on Thu, 10 Sep 2026, and the shares listed on BSE & NSE on Tue, 15 Sep 2026.
The price band is ₹118 to ₹124 per share and the lot size is 120 shares, so the minimum retail application is ₹14,880. Retail investors can apply for up to 13 lots (1,560 shares, ₹1,93,440).
KFin Technologies Limited is the registrar, and Centrum Capital Limited and Pnb Investment Services Ltd are the book running lead managers.
Grey market premium (GMP)
Day-wise GMP →The last Pranav Constructions IPO GMP before listing was +₹52 (+41.94% against the upper price band of ₹124), implying an estimated listing price of ₹176. Across 10 days of tracking, GMP ranged from +₹40 (09 Sep) to +₹52 (10 Sep).
| Last GMP | +₹52 |
|---|---|
| GMP vs upper band | +41.94% |
| Estimated listing price | ₹176 |
| Highest (10 Sep) | +₹52 |
| Lowest (09 Sep) | +₹40 |
Grey market trading is unofficial and unregulated. GMP is a sentiment indicator, not a guarantee of the listing price. See the Pranav Constructions IPO day-wise GMP.
Subscription
Day-wise subscription →Pranav Constructions IPO was subscribed 126.34x overall: QIB 268.54x, NII 217.73x and retail 45.31x.
| Category | Subscribed |
|---|---|
| QIB | 268.54x |
| NII | 217.73x |
| └ bNII (above ₹10 lakh) | 242.06x |
| └ sNII (₹2–10 lakh) | 169.07x |
| Retail | 45.31x |
| Total | 126.34x |
Final figures at the close of bidding on 9 Sep 2026. Category-wise bids, application-wise breakup and allotment chances are on the Pranav Constructions IPO day-wise and category-wise subscription page.
Share reservation by category
| Category | Shares offered | Share of issue |
|---|---|---|
| Anchor Investors | 67,94,034 | 24.00% |
| Qualified Institutions | 45,29,358 | 16.00% |
| Non-Institutional | 42,46,272 | 15.00% |
| └ BNII | 28,30,848 | 10.00% |
| └ SNII | 14,15,424 | 5.00% |
| Retail Investors | 1,27,38,816 | 45.00% |
| Total | 2,83,08,480 | 100.00% |
Shares offered include the anchor investor portion, which is allotted a day before the issue opens. Subscription figures exclude anchors, so category sizes on the subscription page are smaller.
Pranav Constructions IPO lot size
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (Min) | 1 | 120 | ₹14,880 |
| Retail (Max) | 13 | 1,560 | ₹1,93,440 |
| S-HNI (Min) | 14 | 1,680 | ₹2,08,320 |
| S-HNI (Max) | 67 | 8,040 | ₹9,96,960 |
| B-HNI (Min) | 68 | 8,160 | ₹10,11,840 |
Amounts at the upper end of the price band.
Issue structure and valuation
It combines a fresh issue of ₹315.6 Cr (89.91%) with an offer for sale of ₹35.43 Cr (10.09%) by existing shareholders. Only the fresh issue money goes to the company.
At the upper price band of ₹124, the issue is priced at 15.16x pre-issue earnings and 19.59x post-issue earnings per share.
The post-issue P/E is higher because the fresh issue adds new shares, which spreads the same profit over more shares.
Listed peers with positive earnings trade at a median P/E of 45.06x (6 companies).
Promoter holding falls from 63.35% before the issue to 47.82% after it.
| EPS (pre-issue) Latest earnings per share before the issue | ₹8.18 |
|---|---|
| P/E (pre-issue) Upper price band ÷ pre-issue EPS | 15.16x |
| EPS (post-issue) EPS on the enlarged share capital | ₹6.33 |
| P/E (post-issue) Upper price band ÷ post-issue EPS | 19.59x |
| Promoter holding (pre-issue) | 63.35% |
| Promoter holding (post-issue) | 47.82% |
Pranav Constructions Limited financials
Between 31 Mar 2025 and 31 Mar 2026, Income rose from ₹638.24 Cr to ₹763.93 Cr, and profit after tax rose from ₹62.25 Cr to ₹71.32 Cr. The PAT margin for 31 Mar 2026 was 9.34%.
| Period ended | 31 Mar 2026 | 31 Mar 2025 | 31 Mar 2024 |
|---|---|---|---|
| Assets | 1,799.19 | 1,246.29 | 966.80 |
| Total Income | 763.93 | 638.24 | 449.75 |
| Profit After Tax | 71.32 | 62.25 | 39.62 |
| EBITDA | 130.83 | 98.54 | 59.73 |
| Net Worth | 246.70 | 175.59 | 88.37 |
| Reserve & Surplus | 159.52 | 88.41 | 84.70 |
| Total Borrowings | 258.44 | 196.50 | 99.34 |
₹ in crore, as stated in the prospectus.
Key performance indicators
| KPI | Mar 2026 | Mar 2025 | Mar 2024 |
|---|---|---|---|
| ROE % | 33.78 | 47.17 | 64.93 |
| ROCE % | 24.34 | 24.83 | 28.62 |
| Debt / Equity | 1.08 | 1.15 | 1.18 |
| RoNW % | 33.78 | 47.17 | 64.93 |
| Pat Margin % | 9.37 | 9.78 | 8.85 |
Peer comparison
| Company | Face value | P/E | EPS (basic) | EPS (diluted) | RoNW | NAV |
|---|---|---|---|---|---|---|
| Pranav Constructions Ltd | 10 | — | 8.18 | 8.18 | 33.78% | 28.30 |
| Keystone Realtors Ltd | 10 | 64.86 | 6.25 | 6.25 | 3.34% | 229.29 |
| Godrej Properties Ltd | 5 | 33.25 | 61.43 | 61.42 | 9.97% | 642.58 |
| Lodha Developers Ltd | 10 | 33.48 | 34.34 | 34.34 | 15.71% | 234.55 |
| Suraj Estate Developers Ltd | 5 | 9.94 | 19.51 | 19.51 | 9.53% | 207.87 |
| Kolte-Patil Developers Ltd | 10 | — | -4.51 | -4.51 | -3.73% | 135.84 |
| Arkade Developers Ltd | 10 | 482.59 | 0.29 | 0.29 | 0.60% | 47.51 |
| Kalpataru Ltd | 10 | 56.64 | 4.76 | 4.76 | 2.45% | 198.04 |
From the prospectus. P/E is shown as — when earnings are zero or negative, or not reported for the issuer before listing.
Objectives
The company intends to allocate the net proceeds from the offering to the following objectives.
| Sr | Objective |
|---|---|
| 1 | 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”) |
| 2 | Repayment and/ or pre-payment, in full or part, of certain borrowings availed by the Company |
| 3 | Funding acquisition of future redevelopment projects and general corporate purposes |
About Pranav Constructions Limited
Incorporated in July 2003, Pranav Constructions Limited is a Mumbai-based real estate developer focused on redevelopment projects across the Municipal Corporation of Greater Mumbai (MCGM) region, with a strong presence in the Western Suburbs. Originally incorporated as Pranav Constructions Private Limited, the company was converted into a public limited company in July 2024.
The company follows a pure-play redevelopment model, primarily working with cooperative housing societies to redevelop ageing residential properties. Its projects span the Economical, Mid and Mass, and Aspirational housing segments. As of March 31, 2026, Pranav Constructions had a portfolio of 65 redevelopment projects, comprising 28 completed projects, 20 under construction and 17 upcoming projects, with a combined Total Developable Area of approximately 5.01 million sq. ft.
The company has been undertaking redevelopment projects since 2012 and has established a strong presence in key Western Suburban markets such as Malad, Bandra West and Santacruz. According to the C&W Report, it ranked first in the MCGM region by combined supply from redevelopment projects launched between CY2021 and Q1 CY2026.
Pranav Constructions follows an integrated project execution model, with in-house capabilities covering society tendering, feasibility and design, approvals, construction management, sales and marketing, and post-construction handover. Its operations are supported by dedicated teams across architecture, business development, legal, construction, sales and customer relationship management. The company also has 25 in-house architects.
Its capital-efficient redevelopment model enables the company to undertake projects without the substantial upfront land acquisition costs typically associated with traditional real estate development. This approach supports the simultaneous execution of multiple projects while maintaining focus on project delivery and stakeholder management.
As of March 31, 2026, the company had 198 permanent employees, including whole-time directors, across construction management, sales and customer relationship management, architecture, legal and compliance, finance, administration and human resources.
Competitive Strengths
Strong track record of consistent financial performance.
Capital-efficient business model with high barriers to entry.
Established customer-centric brand with strong stakeholder relationships.
Demonstrated project execution capabilities supported by in-house expertise.
Experienced promoters and professional senior management with corporate governance practices.
Strong presence in Mumbai's Western Suburbs with a sizeable and growing redevelopment project pipeline.
Promoters
- Pranav Kiran Ashar
- Ravi Ramalingam
Contact details
Pranav Constructions Ltd.
Unit No. 1001, 10th Floor, DLH Park,
Near MTNL, S.V. Road,
Goregaon (West),
Mumbai, Maharashtra, 400104
Phone: +91 22 6276 9939
Email: compliance.officer@pranavconstructions.com
Website: https://www.pranavconstructions.com/
Pranav Constructions IPO FAQs
- What is the Pranav Constructions IPO price band?
- The Pranav Constructions IPO price band is ₹118 to ₹124 per share.
- What is the Pranav Constructions IPO lot size and minimum investment?
- The Pranav Constructions IPO lot size is 120 shares. The minimum retail investment is ₹14,880 for one lot at the upper price band. Retail investors can apply for up to 13 lots (1,560 shares), costing ₹1,93,440.
- When was Pranav Constructions IPO open for subscription?
- Pranav Constructions IPO was open for subscription from Mon, 7 Sep 2026 to Wed, 9 Sep 2026.
- What is the Pranav Constructions IPO subscription status?
- Pranav Constructions IPO was subscribed 126.34x overall: QIB 268.54x, NII 217.73x and retail 45.31x. Day-wise and category-wise figures are on the subscription page.
- What was the Pranav Constructions IPO GMP before listing?
- The last Pranav Constructions IPO GMP before listing was +₹52 (+41.94% against the upper price band of ₹124), implying an estimated listing price of ₹176. Across 10 days of tracking, GMP ranged from +₹40 (09 Sep) to +₹52 (10 Sep). GMP is an unofficial grey market indicator and can change quickly.
- What is the Pranav Constructions IPO allotment date?
- The Pranav Constructions IPO basis of allotment was finalised on Thu, 10 Sep 2026. You can check your allotment status on the KFin Technologies Limited website.
- What is the Pranav Constructions IPO listing date?
- Pranav Constructions IPO listed on BSE & NSE on Tue, 15 Sep 2026.
- Is the Pranav Constructions IPO a fresh issue or an offer for sale?
- It combines a fresh issue of ₹315.6 Cr (89.91%) with an offer for sale of ₹35.43 Cr (10.09%) by existing shareholders. Only the fresh issue money goes to the company.
- Who are the registrar and lead managers of the Pranav Constructions IPO?
- The registrar for the Pranav Constructions IPO is KFin Technologies Limited, and the book running lead managers are Centrum Capital Limited and Pnb Investment Services Ltd.
Data is compiled from the prospectus, stock exchanges and market sources and is for information only. It is not investment advice; read the RHP before applying.