Price band: Rs 118 to Rs 124
IPO period: September 7-9
Market lot: Investors can bid for a minimum of 120 Equity Shares and in multiples of 120 Equity Shares thereafter.
IPO reservation: The Offer is being made through the book-building process, wherein not more than 50% of the net offer is allocated to qualified institutional buyers, and not less than 15% and 35% of the net offer is assigned to non-institutional bidders and retail individual bidders respectively.
IPO size: Rs 351 crore (a fresh issue of up to Rs 315.6 crore and an offer-for-sale of up to 2,856,869 equity shares by investor selling shares – BioUrja India Infra Private Ltd).
Use of funds: The proceeds from its fresh issuance worth Rs 145.7 crore will be utilised for funding costs towards obtaining government and statutory approvals and purchase of additional FSI as per applicable laws and cost towards compensation to members towards alternate accommodation, and hardship compensation, in relation to the development of certain of its under-construction redevelopment projects, and certain of its upcoming redevelopment projects, Rs 91.5 crore for repayment or pre-payment, in full or in part, of certain of our outstanding borrowings availed by the company, funding acquisition of future redevelopment projects and general corporate purposes.
Anchor investors: The company has garnered Rs 84.24 crore from anchor investors. The company informed the bourses that it allocated 67,94,034 equity shares at Rs 124 per share to anchor investors.
Some of the marquee institutions that participated in the anchor include Goldman Sachs Investments (Mauritius) Limited, Abudantia Capital VCC – Abudantia Capital III, ASAS Global Fund Incorporated VCC Sub Fund, Ashika India Select Fund and The Asio Fund VCC – Sub Fund 4.
Company Information: The company is a leading real estate player based on the supply of units and number of completed and under construction MCGM – Redevelopment projects in the western suburbs, with a total of 1,864 units and 34 MCGM – redevelopment projects (completed and under construction) whereas other developers have 4 to 11 MCGM – redevelopment projects, each launched between calendar year 17 – Q1 CY26 (Source: C&W Report). The company is amongst the top redevelopment companies based out of Mumbai predominantly undertaking redevelopment projects in the western suburbs focusing on economical, mid and mass, and aspirational homes (Source: C&W Report).
BRLMs/Registrar: Centrum Broking Limited, and PNB Investment Services Limited are the book-running lead managers, and KFin Technologies Limited is the registrar of the offer.
Listing at: NSE and BSE Ltd.
Brokers’ views
Anand Rathi: At the upper price band, the company is valued at 19.6x FY26 P/E and 12.7x FY26 EV/EBITDA, implying a post-issue market capitalisation of ₹1396.5 crore. Given the company’s strong market position in the redevelopment segment, asset-light model, execution track record and healthy growth pipeline, we believe the valuation is reasonable considering the growth opportunities in Mumbai’s redevelopment market. Accordingly, we recommend a “Subscribe – Long Term” rating for the issue.
SBI Securities: Pranav Constructions Ltd. is a leading MMR redevelopment player with an asset-light model, delivering a Revenue/EBITDA/PAT CAGR of 30.5%/49.5%/34.2% during FY24-FY26 period and industry-leading RoCE/RoE of 25.1%/28.9% respectively. The company has significantly deleveraged its balance sheet, with borrowings declining from Rs 538 cr in FY26 to Rs 236 cr as of Jul’26, the post-issue D/E ratio is also expected to reduce to ~0.3x from ~1.1x Supported by a strong pipeline of 37 projects aggregating 3.6 mn sq. ft. TDA, consistent addition of 7-8 projects annually, and high entry barriers in redevelopment, PCPL is well positioned to capitalize on the growing MMR redevelopment opportunity. Its strong brand also drives ~60% pre-sales within the first year of launch, supporting cash flows and capital efficiency. At the upper price band of Rs 124, the issue is valued at 19.6x FY26 post-issue P/E and 2.2x Mkt Cap/Pre-sales, which remains attractive relative to most listed peers. Considering its asset-light model, superior return profile, improving balance sheet, and scalable business model, we recommend to SUBSCRIBE to the issue at the cut-off price.