Q1. What is the business of Pranav Construction Ltd?

Pranav Construction is a Mumbai-based real estate developer specializing in municipal redevelopment, residential, and mixed-use projects. It focuses on high-density urban redevelopment, delivering housing units across premium Western Suburb locations with strong demand visibility.

Q2. Why is the company raising funds via IPO?

The IPO aims to strengthen working capital, accelerate redevelopment project execution, reduce financial dependence on external borrowings, and support future land acquisition and expansion plans in Mumbai’s high-value micro-markets.

Q3. What is the size of the issue and where will it list?

The IPO consists of a fresh issue of ₹392 crore, along with an offer-for-sale component, and will be listed on NSE and BSE, offering wider market participation and liquidity.

Q4. What are the risks to an investor?

Key risks include Mumbai-centric market dependence, regulatory and approval delays, high working-capital needs, competitive redevelopment pressure on margins, and potential legal or land-clearance issues impacting project timelines.

Q5. What are the potential upsides?

Strong presence in a high-demand city, robust portfolio, decades of promoter experience, consistent housing demand, and utilisation of IPO funds to accelerate project delivery create potential value for early investors.

Q6. How to apply for the IPO?

Investors can apply through any broker or bank using ASBA, UPI-enabled apps, or online trading platforms. Simply choose the IPO, enter lot size, approve UPI mandate, and submit.

Pranav Construction: New IPO, Price, GMP, Analysis

Closed

Pranav Construction: New IPO, Price, GMP, Analysis

Market Cap

₹ 1,396.52 Crore

IPO Issue Size

₹ 351.03 Crore

Expected Price by IPOCorner

₹ 118 – ₹ 124

IPO Score

*Score varies on actual price

Pranav Construction Ltd, engaged in civil construction and infrastructure development, focuses on executing residential, commercial, and industrial projects. The company has built a presence through structural works, road construction, land development, and other turnkey civil engineering projects. With its upcoming IPO, Pranav Construction aims to strengthen working capital and expand operational capabilities. The issue provides investors exposure to a growing construction contractor with a diversified project portfolio.

The company was incorporated on 31 July 2003 & currently Mr. Pranav Kiran Ashar acts as the Chairman & Managing Director of the company.

It has developed 1,503 housing units across 27 redevelopment projects in the MCGM region, and it accounted for around 26% of the unit supply among the top 5 redevelopers in CY 2021–2024.

Issue size of the IPO filed by Pranav Construction is ₹ 351.03 Crore which includes a Fresh issue of ₹ 315.6 Crore & an Offer for Sale of ₹ 35.43 Crore.
Subscription date to apply for Pranav Construction Ltd starts on 7th Sep’26 & closes on 9th Sep’26. Price band for the IPO is ₹118 to ₹124 with a lot size of 120 Shares.

Year	2024
Networth	~ ₹ 88.36 Cr
Revenue	~ ₹ 447.48 Cr
EBITDA	~ ₹ 59.72 Cr
PAT	~ ₹ 39.62 Cr
EBITDA Margin	~13.35%
PAT Margin	~8.85%
Face Value	Rs.10 per Equity Share

IPO Important Dates

#	Date
Open Date	07-Sep'26
Close Date	09-Sep'26
Anchor Investor Bidding	04-Sep'26
Allotment Date	10-Sep'26
Refunds& Demat Credit	11-Sep'26
Tentative Listing Date	15-Sep'26

Use Of Proceeds

Purpose	Amount
Borrowing payment	~ ₹ 74 Cr
Redevelopment-related costs	~ ₹ 223.75 Cr
-	-
-	-
-	-
General Corporate Purpose	Balance

Financial Data

#	2022	2023	2024
Revenue (₹ Cr)	₹ 218.8	₹ 355.3	₹ 447.5
PAT (₹ Cr)	₹ 3.6	₹ 20.3	₹ 39.6
Asset (₹ Cr)	₹ 627.8	₹ 702.7	₹ 966.8
Net Worth (₹ Cr)	₹ 18.3	₹ 33.7	₹ 88.4

IPO Grey Market Premium

Date	IPO Price	IPO GMP	Profit Per Lot
10-Sep	₹ 118-124	₹ –	₹ –
09-Sep	₹ 118-124	₹ 45	₹ 5,400
08-Sep	₹ 118-124	₹ 43	₹ 5,160
07-Sep	₹ 118-124	₹ 45	₹ 5,400
06-Sep	₹ 118-124	₹ 44	₹ 5,280

Pros

Strong presence in Mumbai’s high-demand redevelopment market.
Robust project pipeline ensuring predictable cash flows.
Experienced promoters with decades of execution capability.
Rising housing demand supports long-term growth visibility.
IPO proceeds strengthen working capital and expansion capacity.

Cons

Highly exposed to Mumbai-centric real estate cycles.
Dependent on municipal approvals causing project delays.
Competitive redevelopment segment pressures margins.
High working-capital intensity affects liquidity.
Regulatory or legal disputes may impact project timelines.

Promoters – Pre offer equity (Approx)

Promoters	% Shares
Pranav Kiran Ashar	~46.46%
Ravi Ramalingam	~16.89%
-	-
-	-
-	-
-	-

Lot Size details

Application Type	Lot Size	No. of Lot	No. of Shares	Investment Amount
Retail (Min)	120 Shares	1	120 Shares	₹ 14,160
Retail (Max)	120 Shares	13	1,560 Shares	₹ 1,93,440
HNI (Min)	120 Shares	14	1,680 Shares	₹ 1,98,240
HNI (Max)	120 Shares	66	7,920 Shares	₹ 9,82,080
Big HNI (Min)	120 Shares	67	8,040 Shares	₹ 9,48,720

Key Performance Index (KPI)

ROE	33.78%
ROCE	24.34%
RoNW	33.78%

Lead / Book Running Lead Managers

Centrum Capital Ltd PNB Investment Services Ltd

Registrar (RTA)

KFin Technologies Limited

Q1. What is the business of Pranav Construction Ltd?
Pranav Construction is a Mumbai-based real estate developer specializing in municipal redevelopment, residential, and mixed-use projects. It focuses on high-density urban redevelopment, delivering housing units across premium Western Suburb locations with strong demand visibility.
Q2. Why is the company raising funds via IPO?
The IPO aims to strengthen working capital, accelerate redevelopment project execution, reduce financial dependence on external borrowings, and support future land acquisition and expansion plans in Mumbai’s high-value micro-markets.
Q3. What is the size of the issue and where will it list?
The IPO consists of a fresh issue of ₹392 crore, along with an offer-for-sale component, and will be listed on NSE and BSE, offering wider market participation and liquidity.
Q4. What are the risks to an investor?
Key risks include Mumbai-centric market dependence, regulatory and approval delays, high working-capital needs, competitive redevelopment pressure on margins, and potential legal or land-clearance issues impacting project timelines.
Q5. What are the potential upsides?
Strong presence in a high-demand city, robust portfolio, decades of promoter experience, consistent housing demand, and utilisation of IPO funds to accelerate project delivery create potential value for early investors.
Q6. How to apply for the IPO?
Investors can apply through any broker or bank using ASBA, UPI-enabled apps, or online trading platforms. Simply choose the IPO, enter lot size, approve UPI mandate, and submit.