Pranav Constructions IPO to list on Indian exchanges with 36% grey market premium

Pranav Constructions, a pure-play Mumbai redevelopment firm, is slated to list on the BSE and NSE on Tuesday, Sept 15. Investors could apply for the offer between Sept 7 and Sept 9, and the grey-market premium has risen to roughly 36%, signaling robust secondary-market demand. The book-built issue of ₹351 crore, split between a fresh issue of ₹316 crore and an offer-for-sale of ₹35 crore, was subscribed 121 times overall, with the qualified institutional buyer tranche seeing 258.71 times coverage, the non-institutional investor tranche 231.48 times, and the retail portion 43.33 times.

The price band was set at ₹118-₹124 per share, with 40% allocated to QIBs, 15% to NIIs and 45% to retail investors. Proceeds will fund government approvals, redevelopment expenses, repayment of existing borrowings, future project financing and general corporate purposes. The listing follows a period of solid revenue and profit growth, with EBITDA margin reaching 17.2%.