Pranav Constructions IPO GMP ₹49 Today (17 Oct), Price Band, Subscription Status, Allotment Date
Pranav Constructions IPO is a Mainboard issue open from 7–9 September. The company is raising ₹351.03 Cr at a price band of ₹118 to ₹124 per share. One lot is 120 shares.
Pranav Constructions IPO GMP (grey market premium)
₹49
Implied listing gain: ₹165
Subscription
126.34x
Times the issue was bid for
On the GMP figure: grey market premium is quoted by informal dealers. No exchange publishes it, no regulator oversees it, and it is not a forecast of the listing price. Issues quoting a strong premium have listed below their issue price. Weigh the financials and the risk factors in the RHP well above this number.
Pranav Constructions IPO Review & Analysis
Our reading of the numbers below — growth rates, margins, pricing and demand are calculated from the company's own filed figures, not copied from anywhere.
Minimum retail investment
₹14,880
120 shares at the upper band of ₹124
Retail limit
13 lots
the most that fits under the ₹2 lakh retail cap
Funds blocked after close
~6 days
from the closing date to listing
Fresh issue share
90%
₹316 Cr of the ₹351 Cr issue
Revenue growth
+19.7%
31 Mar 2025 → 31 Mar 2026
Profit growth
+14.6%
PAT ₹62.25 Cr → ₹71.32 Cr
Net profit margin
9.3%
was 9.8% in 31 Mar 2025
Debt to equity
1.08
lower is safer
Return on equity
33.78%
ROE
Total subscription
126.34x
across all categories
GMP-implied listing gain
+39.5%
₹49 premium on a ₹124 issue price
Promoter holding
63.35% → 48.54%
diluted by 14.8 percentage points
Pranav Constructions is a mainboard issue raising ₹351.03 Cr, offered in a band of ₹118–₹124 per share. At the upper end that is 12.4 times the ₹10 face value, so ₹114 of every share subscribed is share premium rather than capital.
A retail application for Pranav Constructions needs one lot of 120 shares, which works out to ₹14,880 at the upper band of ₹124. That is close to the ₹15,000 ceiling SEBI expects for a single retail lot, so an investor applying at cut-off is committing nearly the full retail limit per application. Retail applications are capped at ₹2,00,000, which here is 13 lots; bidding above that moves the application into the non-institutional category, and the large-HNI bucket begins at ₹10,00,000, or about 68 lots.
For Pranav Constructions, bidding runs 7-9 September, allotment is finalised on 10 Sep 2026, the shares list on 15 Sep 2026. Applications that do not receive an allotment have their UPI mandate released around 1 day after the issue closes. Counting from the close of bidding, money stays blocked for roughly 6 days before listing decides what the holding is worth.
The issue is reserved 16% to qualified institutional buyers, 15% to non-institutional investors, 45% to retail. A 45% retail share is the wider end of the range, which improves the odds for small applications when the book is only modestly oversubscribed. An oversubscribed retail portion is not allotted in proportion to the amount applied for: applications are reduced to single lots and drawn by lot, so several small applications from different PANs are more effective than one large one.
The issue splits into ₹316 Cr of fresh capital (90%) and ₹35 Cr as an offer for sale. The company keeps the fresh portion for the objects of the issue, while the rest is existing shareholders monetising their stake.
Revenue moved from ₹638.24 Cr in 31 Mar 2025 to ₹763.93 Cr in 31 Mar 2026 (+19.7%), while profit after tax went from ₹62.25 Cr to ₹71.32 Cr (+14.6%). Growth in profit broadly tracks growth in revenue.
With the retail portion subscribed 7156.96 times, roughly one in 7157 single-lot applications can expect an allotment once the draw is made. Applying for more lots does not improve those odds in an oversubscribed retail book — every application is cut back to one lot before the lottery — so the practical lever is the number of distinct PANs applying, not the size of any one bid.
Kfin Technologies Ltd. is the registrar for this issue, which means the allotment status for Pranav Constructions is published on their portal from 10 Sep 2026. A PAN, application number or demat client ID is enough to look it up; the credited shares also appear in the demat account itself a day or so before listing.
A grey market premium of ₹49 on the upper band of ₹124 implies a listing gain of roughly 39.5%. The grey market is unofficial and unregulated, the premium can change daily, and it has no bearing on allotment — treat it as a sentiment reading, not a forecast.
What looks good
- Return on equity of 33.78% is strong for the sector.
- The non-institutional (HNI) book is heavily subscribed at 11464.42x.
What to watch
- Debt to equity of 1.08 means the company carries more debt than equity.
- Retail demand of 7156.96x means most applications will come back with no allotment at all.
- Promoter holding falls to 48.54% after the issue, below majority control.
The figures above are worked out from the issue's own filed numbers and are for information only. They are not investment advice — read the RHP before you apply.
| IPO Date | 7–9 September |
| Face Value | ₹10 Per Share |
| Price Range | ₹118 to ₹124 |
| Issue Size | ₹351.03 Cr |
| Lot Size | 120 Shares |
| Allotment Date | 10 Sep 2026 |
| Listing Date | 15 Sep 2026 |
| Registrar | Kfin Technologies Ltd. |
Quota Allocation
| Category | Allocation |
|---|
| Retail Investors | 45% |
| QIB (Qualified Institutional Buyers) | 16% |
| HNI (High Net Worth Individuals) | 15% |
Subscription Status (Category-wise)
| Investor Category | Subscription (times) |
|---|
| Anchor | 84.25 |
| QIB (Ex Anchor) | 15,082.40 |
| NII | 11,464.42 |
| bNII (> ₹10L) | 8,497.05 |
| sNII (< ₹10L) | 2,967.36 |
| Retail | 7,156.96 |
| Total ** | 33,703.77 |
| Qualified Institutional | 268.54x |
| Non Institutional | 217.73x |
| Retail Individual | 45.31x |
| Total | 126.34x |
IPO Details
| Total Issue Size | 2,83,08,481 shares (agg. up to ₹351 Cr) |
| Fresh Issue | 2,54,51,612 shares (agg. up to ₹316 Cr) |
| Offer for Sale | 28,56,869 shares of ₹10 (agg. up to ₹35 Cr) |
| Share Holding Pre Issue | 8,71,71,170 shares |
| Share Holding Post Issue | 11,26,22,782 shares |
IPO Timetable (Tentative)
| IPO Open | Mon, Sep 7, 2026 |
| IPO Close | Wed, Sep 9, 2026 |
| Allotment | Thu, Sep 10, 2026 |
| Refund | Fri, Sep 11, 2026 |
| Credit of Shares | Fri, Sep 11, 2026 |
| Listing | Tue, Sep 15, 2026 |
Issue Reservation
| Investor Category | Shares | % of Total Issue | Max Allottees |
|---|
| QIB | 1,13,23,392 | 40.00% | NA |
| − Anchor Investor | 67,94,034 | 24.00% | NA |
| − QIB (Ex. Anchor) | 45,29,358 | 16.00% | NA |
| NII (HNI) | 42,46,272 | 15.00% | NA |
| − bNII > ₹10L | 28,30,848 | 10.00% | 1,685 |
| − sNII < ₹10L | 14,15,424 | 5.00% | 842 |
| Retail | 1,27,38,816 | 45.00% | 1,06,156 |
| Total | 2,83,08,480 | 100.00% | |
IPO Lot Size
| Application | Lots | Shares | Amount |
|---|
| Retail (Min) | 1 | 120 | ₹14,880 |
| Retail (Max) | 13 | 1560 | ₹1,93,440 |
| S-HNI (Min) | 14 | 1680 | ₹2,08,320 |
| S-HNI (Max) | 67 | 8040 | ₹9,96,960 |
| B-HNI (Min) | 68 | 8160 | ₹10,11,840 |
IPO Anchor Investors
| Bid Date | Fri, Sep 4, 2026 |
| Shares Offered | 67,94,034 |
| Anchor Portion (₹ Cr.) | 84.25 |
| Anchor lock-in period end date for 50% shares (30 Days) | Sat, Oct 10, 2026 |
| Anchor lock-in period end date for remaining shares (90 Days) | Wed, Dec 9, 2026 |
Company Financials (Restated Consolidated)
| 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 |
| Reserves and Surplus | 159.52 | 88.41 | 84.70 |
| Total Borrowing | 258.44 | 196.50 | 99.34 |
| Amount in ₹ Crore |
IPO Objects of the Issue
| # | Issue Objects | Est Amt (₹ Cr.) |
|---|
| 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 | 145.72 |
| 2 | Repayment and/ or pre-payment, in full or part, of certain borrowings availed by the Company | 91.50 |
| 3 | Funding acquisition of future redevelopment projects and general corporate purposes. | |
| Total | 237.22 |
Key Performance Indicator (KPI)
| KPI | Mar 31, 2026 | Mar 31, 2025 |
|---|
| ROE | 33.78% | 47.17% |
| ROCE | 24.34% | 24.83% |
| Debt/Equity | 1.08 | 1.15 |
| RoNW | 33.78% | 47.17% |
| PAT Margin | 9.37% | 9.78% |
| EBITDA Margin | 17.18% | 15.49% |
| NAV | 28.30 | |
IPO Valuation
| Valuation Metric | Pre IPO | Post IPO |
|---|
| EPS (₹) | 8.18 | 6.33 |
| P/E (x) | 15.16 | 19.59 |
| Market Cap at Offer Price | ₹1,081Cr. | ₹1,396.52 Cr |
Shareholding Structure
| Category | Pre IPO | Post IPO |
|---|
| Promoter and Promoter Group | 63.35% | 48.54% |
| Public | 36.65% | 51.46% |
| Total | 100% | 100% |
Offer For Sale - Selling Shareholder
| Name | Category | No. of Shares Offered | Amount (₹ cr.) |
|---|
| BioUrja India Infra Pvt.Ltd. | Corporate | 28,56,869 | 35.43 |
| Total | | 28,56,869 | 35.43 |
IPO Details
| Review By | Subscribe | May Apply | Neutral | Avoid |
|---|
| Brokers | 2 | 0 | 1 | 0 |
| Members | 0 | 0 | 0 | 0 |
IPO Subscription Status
| Category | Subscription (x) | Shares Offered | Shares bid for |
|---|
| QIB (Ex Anchor) | 268.54 | 45,29,358 | 1,21,63,22,400 |
| NII | 217.73 | 42,46,272 | 92,45,49,840 |
| bNII (> ₹10L) | 242.06 | 28,30,848 | 68,52,46,320 |
| sNII (< ₹10L) | 169.07 | 14,15,424 | 23,93,03,520 |
| Retail | 45.31 | 1,27,38,816 | 57,71,73,840 |
| Total | 126.34 | 2,15,14,446 | 2,71,80,46,080 |
About Pranav Constructions
Incorporated in July 2003, Pranav Constructions Limited is a real estate company primarily engaged in redevelopment projects in the Municipal Corporation of Greater Mumbai (MCGM) Region, with a predominant focus on the Western Suburbs. The Company was originally incorporated as Pranav Constructions Private Limited and was converted into a public limited company in July 2024.
The Company specializes in pure-play redevelopment and undertakes redevelopment projects across residential segments, including Economical, Mid and Mass, and Aspirational homes. As of March 31, 2026, its portfolio comprised 65 redevelopment projects across the MCGM Region, including 28 completed projects, 20 under-construction projects and 17 upcoming projects, with a combined Total Developable Area of approximately 5.01 million square feet.
The Company follows an integrated redevelopment model with in-house capabilities across various stages of project execution, including tendering, pre-construction, construction and post-construction activities. Its business model involves entering into redevelopment agreements with co-operative housing societies, supporting a capital-efficient approach to project development.
Pranav Constructions has been undertaking redevelopment projects since 2012 and has established a presence in Mumbai's Western Suburbs.
As of March 31, 2026, the Company had 198 permanent employees, including whole-time directors, across functions such as construction management, sales and customer relationship management, architecture, legal and compliance, finance, administration and human resources.
Track record of consistent financial performance.
Capital-efficient business model with high barriers to entry.
Established customer-centric brand with strong stakeholder management.
Demonstrated project execution capabilities supported by in-house functional expertise.
Experienced Promoters and professional senior management with corporate governance practices.
Among the leading real estate companies in Mumbai's Western Suburbs with a demonstrated growth and strong project pipeline.
Pranav Constructions IPO — common questions
What is Pranav Constructions IPO?
Pranav Constructions IPO is a Mainboard issue open from 7–9 September. The company is raising ₹351.03 Cr at a price band of ₹118 to ₹124 per share. One lot is 120 shares.
When does Pranav Constructions IPO open and close?
The issue is open 7–9 September. Bids must be placed, and any UPI mandate approved, before the cut-off on the closing day.
What is the Pranav Constructions IPO price band?
The price band is ₹118 to ₹124 per equity share, against a face value of ₹10. Retail investors may bid at cut-off, meaning they accept the final discovered price within this band.
What is the Pranav Constructions IPO lot size?
The minimum application is 120 shares, and bids must be in multiples of that lot.
What is the Pranav Constructions IPO issue size?
The total issue size is ₹351.03 Cr.
How is Pranav Constructions IPO reserved between investor categories?
The issue is reserved as retail 45%, QIB 16%, HNI 15%. If the retail portion is oversubscribed, allotment there is decided by a lottery on lot-sized applications rather than in proportion to the amount applied for.
When is the Pranav Constructions IPO allotment date?
Basis of allotment is expected to be finalised on 10 Sep 2026. You can check your status on the registrar's website (Kfin Technologies Ltd.) using your PAN.
When does Pranav Constructions IPO list?
Listing is expected on 15 Sep 2026, following the T+3 timeline that applies to Indian IPOs.
