Pranav Constructions IPO
CLOSEDMAINBOARDPRANAVSUBSCRIBEBidding Closed
Awaiting listing
Listing Date
15 Sep 2026
- Price Band
- ₹118 – ₹124
- Lot Size
- 120
- Lot Value
- ₹14,880
- Open Date
- 07 Sep 2026
- Close Date
- 09 Sep 2026
- Min Investment
- ₹14,880
About Pranav Constructions
Pranav Constructions is a pure-play real estate developer based in Mumbai, predominantly undertaking redevelopment projects in the Western Suburbs, focusing on economical, mid-range, mass, and aspirational homes. The company’s core business involves entering into redevelopment agreements with Co-operative Housing Societies to acquire redevelopment rights, followed by the demolition of existing structures and the construction of new premises. It generates revenue primarily through the sale of additional units and constructed area to both the existing members of the housing societies and to new customers. By securing these rights and executing the developments, the company manages the entire project lifecycle and utilizes pre-sales of these units to fund its ongoing working capital requirements during the construction phase.
The company generates revenue from the sale of units in redevelopment projects, where it acquires properties, obtains approvals from cooperative housing societies, and develops them into residential units.
Use of IPO Proceeds
Total allocation: ₹237.22 Cr (excludes issue expenses)
Promoters
Pranav Kiran Ashar
Chairman and Managing Director · age 41
Pre-issue: 63.35%
Ravi Ramalingam
Whole-Time Director · age 43
Investment Analysis
Quick Analysis: 5 strengths · 5 risk factors· Exchange: BSE, NSE
Strengths (5)
- •Leading real estate redeveloper in Mumbai’s Western Suburbs.
- •Consistent track record of procuring housing society projects.
- •Demonstrated history of timely project completion.
- •Efficient model utilizing pre-sales for working capital.
- •Strong brand recall in key micro-markets.
Risk Factors (5)
- •Revenue is highly concentrated in Mumbai’s Western Suburbs.
- •Project delays can lead to penalties and compensation costs.
- •Highly dependent on limited third-party suppliers and contractors.
- •Escalating property prices could reduce affordability and sales.
- •Liquidity risks exist if pre-sales or financing decline.
📊 Algorithmic Score
Computed from issue structure — GMP, fresh issue %, OFS %, issue size
Why do these differ? The Algorithmic Score measures issue quality (structure, size, promoter commitment). The Demand Analysis measures investor interest signals (subscription, GMP, risks). A high-quality issue can still have unconfirmed demand — especially before subscription opens.
✍️ Demand & Risk Analysis
Based on market demand signals — subscription, GMP trend, risk factors
IPO Market Analysis
“Strong investor demand with 87x subscription suggests positive listing momentum. GMP indicates market expects a listing premium.”
- ✅Oversubscribed 87x
- ✅Strong QIB demand 195x
- ✅High GMP +32%
- ✅5 business strengths identified
- ⚠️5 risk factors noted
- ✅Mainboard IPO (higher regulatory standards)
This is algorithmic analysis, not investment advice. Always read the DRHP before investing.
GMP Trend
Latest: ₹40 (+32.26%)Investor Quota
Approx. shares reserved per category
Estimated from total issue size; actual reserved lots are set in the RHP.
Application Lot Sizes
Retail caps at ₹2,00,000 (13 lots here). S-HNI is ₹2L–₹10L, B-HNI is above ₹10L.
| Category | 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 |
Subscription Status
| Category | Day 1 | Day 2 | Day 3 |
|---|---|---|---|
| QIB | 0.63x | 0.72x | 194.73x |
| sNII (S-HNI) | 8.86x | 31.23x | 107.07x |
| bNII (B-HNI) | 6.73x | 31.17x | 174.56x |
| Retail | 3.74x | 9.99x | 27.42x |
| Total | 3.82x | 12.24x | 87.08x |
Colour: red <1x · amber 1–10x · green ≥10x oversubscribed.
Allotment Statistics
Retail Individual Investors (RII)
Subscription
27.42x
Allotment Ratio
1 lot per 28 applicants
Allotment Probability
~3.6%
Non-Institutional Investors (NII / HNI)
Subscription
152.06x
Allotment Type
Proportionate allotment
Qualified Institutional Buyers (QIB)
Subscription
194.73x
Allotment Type
Discretionary allotment
Total Subscription
87.08x
Allotment probability is estimated based on subscription data and is not guaranteed. Actual allotment depends on the registrar's process.
IPO Timeline
Issue Opens
07 Sep 2026 · Mon
Issue Closes
09 Sep 2026 · Wed
UPI Deadline
09 Sep 2026 · Wed
Allotment
10 Sep 2026 · Thu
Refund
11 Sep 2026 · Fri
Share Credit
11 Sep 2026 · Fri
Listing
15 Sep 2026 · Tue
Issue Opens
07 Sep 2026 · Mon
Issue Closes
09 Sep 2026 · Wed
UPI Deadline
09 Sep 2026 · Wed
Allotment
10 Sep 2026 · Thu
Refund
11 Sep 2026 · Fri
Share Credit
11 Sep 2026 · Fri
Listing
15 Sep 2026 · Tue
IPO Details
| Registrar | KFin Technologies Limited |
| Exchange | BSE, NSE |
| ISIN | — |
| Face Value | ₹10 |
| Issue Size | ₹351.03 Cr |
| Fresh Issue | ₹315.60 Cr |
| OFS Size | — |
| Lead Managers | Centrum Broking Limited, PNB Investment Services Limited |
3-Year Financial Summary
Revenue trend
↑ FY24→FY25
| Fiscal Year | Revenue (₹Cr) | PAT (₹Cr) | EPS | P/E | ROE |
|---|---|---|---|---|---|
| FY25 | 636.27 | 62.25 | — | — | — |
| FY24 | 447.48 | 39.62 | — | — | — |
Detailed Line Items (₹ Cr)
| Line Item | FY24 | FY25 |
|---|---|---|
| EBITDA | 59.73 | 98.54 |
| Net Worth | 88.36 | 175.59 |
| Total Borrowings | 104.26 | 201.65 |
From the company's offer document (DRHP/RHP); restated figures where available.
Company Fundamentals
11 sections extracted from this filingCapital Structure
| Authorised Capital | — |
| Issued Capital | ₹8.72 Cr |
| Paid-up Capital | ₹8.72 Cr |
| Equity Shares (Pre-Issue) | — |
| Equity Shares (Post-Issue) | — |
Source: Pranav Constructions offer document (DRHP/RHP).
Shareholding Pattern
Pre-Issue
Pre-Issue not disclosed in this filing.Not separately disclosed in Pranav Constructions's filing.
Post-Issue
Post-Issue not disclosed in this filing.Not separately disclosed in Pranav Constructions's filing.
Source: Pranav Constructions offer document (DRHP/RHP).
Reservations & OFS
Investor Reservation
- QIB+40.00%
- NII / HNI+15.00%
- Retail+45.00%
OFS Selling Shareholders
- BIOURJA INDIA INFRA PRIVATE LIMITED28,56,869 sh
Source: Pranav Constructions offer document (DRHP/RHP).
Board & Management
Board of Directors (10)
- Pranav Kiran Ashar
Chairman and Managing Director
Combined experience in real estate, oil and gas, IT, metal, manufacturing, agricultural commodity trading, food processing and outsourcing industries
- Ravi Ramalingam
Whole-time Director
Combined experience of 19 years in real estate, oil and gas, IT, metal, manufacturing, agricultural commodity trading, food processing and outsourcing industries; currently on board of all Indian companies of BioUrja group
- Suneet J Desai
Whole-time Director
- Ninad N Patkar
Whole-time Director
- Pritesh Patangia
Non-Executive Director
- Sreedhar Muppala
Independent Director
Member of Institute of Chartered Accountants of India
15 years of experience in accountancy, taxation and auditing
- Gautam Gulabchand Parekh
Independent Director
Bachelor's degree in commerce from H.R. College of Commerce and Economics; Member of Institute of Chartered Accountants of India
47 years of experience in professional consultancy services
- Nihar Niranjan Jambusaria
Independent Director
Member of Institute of Chartered Accountants of India
42 years of experience in professional consultancy services
- Nina Pradip Kapasi
Independent Director
Member of Institute of Chartered Accountants of India
44 years of experience in professional consultancy services
- Harish Gopinath Kale
Independent Director
Member of Institute of Chartered Accountants of India
18 years of experience in financial consultancy in budgeting, cost controlling, monitoring and taxation
Key Managerial Personnel (3)
- Dilkhush Motilal Malesha₹0.09 Cr p.a.
Chief Financial Officer
Bachelor's degree in commerce from D.G. Ruparel College of Arts, Science and Commerce, University of Mumbai; Member of Institute of Chartered Accountants of India
14 years of experience in finance, accounting and taxation; associated with company since January 2, 2023
- Ritu Jain₹0.02 Cr p.a.
Company Secretary and Compliance Officer
Associate member of Institute of Company Secretaries of India
14 years of experience in secretarial and legal compliance; associated with company since February 11, 2019
- Akshay Prem Kripalani
Chief Sales and Marketing Officer
Bachelor's degree in management studies from Smt. Mithibai Motiram Kundnani College of Commerce and Economics, University of Mumbai; Master's degree in business administration from University of Massachusetts Global; Honours diploma in network-centered computing from NIIT
Source: Pranav Constructions offer document (DRHP/RHP).
Industry & Market
Ranked 1st in the MCGM Region for highest combined supply in MCGM – Redevelopment projects launched between CY21 and Q1 CY26; Ranked 2nd in the MCGM region for highest supply in MCGM Redevelopment projects launched between CY17 and Q1 CY26
Per Real Estate Industry Report for Pranav Constructions Limited by Cushman & Wakefield (C&W Report), a report commissioned by the company (not independent).
Peer Comparison
| Company | P/E | EPS | RoNW % | NAV |
|---|---|---|---|---|
| Pranav Constructions Limited | — | 8.18 | 33.78 | 28.3 |
Material Litigation
| Type | Against | Matters | Amount (₹Cr) |
|---|---|---|---|
| Criminal | Promoters | 2 | 10.21 |
| Criminal | Directors | 1 | — |
| Tax | Company | 6 | 0.173 |
| Tax | Promoters | 2 | 0.013 |
| Tax | Directors | 2 | 0.002 |
The company faces material civil litigation including a suit by Pandharinath Laxman Bhandari regarding ownership and development rights of a stilt portion of a building in Laxman Tower CHSL (amount not quantifiable), and tax proceedings and other matters involving directors and promoters with aggregate amounts of ₹103.38 million against promoters and ₹117.25 million against the company. Additionally, there is a petition filed by promoter Pranav Kiran Ashar under the Hindu Marriage Act and outstanding criminal proceedings against a director.
Registrar (RTA)
SEBI-registered Registrar & Transfer Agent — handles allotment and refunds.
Registrar:KFin Technologies Limited→Lead Managers (BRLMs)
Click any merchant banker for their full IPO track record (positive listing rate, average gain, IPOs managed).
Documents
Frequently Asked Questions
When is the Pranav Constructions IPO opening?
The Pranav Constructions IPO opens on 07 Sep 2026 and closes on 09 Sep 2026. Check this page for the latest updates as we refresh every 30 minutes.
What is the price band of the Pranav Constructions IPO?
The price band for the Pranav Constructions IPO is ₹118 to ₹124. The final price is announced after the book-building process and is confirmed before listing.
What is the lot size and minimum investment for the Pranav Constructions IPO?
The minimum lot size is 120 shares with a minimum investment of ₹14,880. Retail investors can apply for up to the retail limit defined by SEBI.
What is the GMP of Pranav Constructions IPO today?
The latest Grey Market Premium for Pranav Constructions is ₹40 (+32.26%). GMP is unofficial data and is not a guarantee of listing price.
When will the Pranav Constructions IPO list on NSE and BSE?
The Pranav Constructions IPO is expected to list on 15 Sep 2026 on BSE, NSE. Actual listing day trading begins at the start of the normal market session.
How can I check the Pranav Constructions IPO allotment status?
The registrar for this IPO is KFin Technologies Limited. You can check your allotment status on the registrar's portal using your PAN, application number, or DP ID. We link to the registrar directly on our allotment page after the allotment date.
Is the Pranav Constructions IPO a mainboard or SME issue?
Pranav Constructions is a mainboard IPO that will list on the main NSE and BSE boards. Mainboard IPOs are open to retail investors with a minimum application of one lot.
How do I apply for the Pranav Constructions IPO?
You can apply for the Pranav Constructions IPO through any SEBI-registered broker such as Zerodha, Upstox, or Angel One using UPI or ASBA. Use the Apply Now buttons on this page to go directly to the broker.
What is the expected listing price of Pranav Constructions IPO?
Based on the current GMP of ₹40, the expected listing price of Pranav Constructions is ₹164 (issue price ₹124 + GMP ₹40). Note that GMP is unofficial grey market data and actual listing price may differ.
What is the allotment ratio for Pranav Constructions IPO?
Based on the retail subscription of 27.42x, the estimated allotment ratio is 1 lot per 28 applicants (approximately 3.6% chance of allotment). This is an estimate and actual allotment may vary.
Should I subscribe to Pranav Constructions IPO?
Based on our algorithmic analysis, Pranav Constructions IPO is rated SUBSCRIBE with high confidence. Strong investor demand with 87x subscription suggests positive listing momentum. GMP indicates market expects a listing premium. This is not investment advice — please read the DRHP and consult a financial advisor before investing.
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