Pranav Constructions’ initial public offering (IPO) was fully subscribed within one hour of opening on 7 September, with demand continuing to build during the first trading day. By 3.20 pm, the issue had been subscribed 4.67 times.
The offering will remain open for applications until 9 September. Retail investors placed the strongest category-level demand, with their portion subscribed 5.09 times. The non-institutional investor (NII) segment received bids for 7.84 times the shares available, while the qualified institutional buyer (QIB) portion was subscribed 0.51 times.
Grey market premium and possible listing gain
The IPO was trading at a grey market premium (GMP) of Rs 43, according to a report by Investors Gain. The premium represented a 34% potential listing gain based on the issue details. The highest GMP reported for the issue was Rs 44.
A grey market premium reflects unofficial market demand and does not guarantee the price at which shares will list.
Price band and minimum application
Pranav Constructions has fixed the IPO price band at Rs 118 to Rs 124 per share. Each lot contains 120 shares, making Rs 14,880 the minimum application amount at the upper end of the price band.
The issue size is Rs 351.03 crore. The company is issuing 2.55 crore fresh shares, while existing investors are offering shares worth Rs 35.43 crore for sale.
Following the IPO, the promoters’ holding is expected to decline from 63.35% to 48.54%. The public shareholding is expected to rise from 36.65% to 51.46%.
Company operations and use of funds
Pranav Constructions is a real estate company operating in Greater Mumbai. As of 31 March 2026, it had completed 28 projects, with construction continuing on 20 projects and 17 projects proposed. The company had 198 permanent employees at the end of the previous financial year.
Of the funds raised, Rs 145.72 crore will be used for existing and upcoming projects. A further Rs 91.50 crore will be used to fully or partly repay existing debt. The remaining funds will be used for general corporate purposes.
Anchor investors were able to participate from 4 September. The company raised Rs 84.25 crore from anchor investors.
Conclusion
Pranav Constructions’ IPO drew strong first-day demand, led by retail and non-institutional investors, while its grey market premium reached Rs 43. Applications remain open until 9 September, but the grey market indication does not determine the final listing price.
Frequently Asked Questions
Q. When did the Pranav Constructions IPO open?
The IPO opened on 7 September.
Q. When is the last date to apply for the IPO?
Investors can apply until 9 September.
Q. What is the price band of the Pranav Constructions IPO?
The price band is Rs 118 to Rs 124 per share.
Q. What is the minimum application amount?
The minimum application amount is Rs 14,880 for a 120-share lot at the upper end of the price band.
Q. How much was the IPO subscribed on the first day?
The issue was subscribed 4.67 times by 3.20 pm on the opening day.
Q. What was the Pranav Constructions IPO GMP?
The reported grey market premium was Rs 43, while the highest reported GMP was Rs 44.
Q. How will the IPO proceeds be used?
Rs 145.72 crore will be used for projects, Rs 91.50 crore for fully or partly repaying debt, and the remaining funds for general corporate purposes.
Q. What does Pranav Constructions do?
It is a real estate company operating in Greater Mumbai.
