Pranav Constructions GMP in focus: The grey market premium (GMP) of Pranav Constructions was trading at a solid premium on Monday, September 7, as the IPO opened for subscription.
Pranav Constructions GMP is trading at a robust premium of ₹44 per share, or 34.5%, in the grey market, according to IPO Watch. Based on the stock’s upper price band of ₹124 per share, the shares could list at around ₹168 per share on the Indian stock market.
The GMP reflects the expected difference between an IPO’s issue price and its anticipated listing price in the unofficial market. However, it is only a preliminary indicator and should not be the sole factor considered when making investment decisions.
The higher GMP reflects growing demand for the issue, which was subscribed 6 times, with 12.89 crore shares bid for against the 2.15 crore shares on offer by the end of Day 1, according to exchange data.
Non-institutional investors (NIIs) led the demand, with their portion subscribed 11.2 times. Qualified institutional buyers (QIBs) subscribed 0.90 times, while the retail portion was subscribed 6.10 times.
Pranav Constructions IPO details
The public issue, which was opened for subscription today, is a combination of a fresh equity issuance and an offer for sale (OFS), taking the total IPO size to ₹351 crore.
The fresh issue will aggregate to ₹315.6 crore. Meanwhile, investor-shareholder BioUrja India Infra will sell 28.57 lakh equity shares through the OFS component, valued at ₹35.43 crore, the company said.
The company has fixed a price band of ₹118-124 per share. The issue will close on September 9. The allotment of shares is expected to be finalised on Thursday, September 11, while the shares are proposed to be listed on both the BSE and NSE on September 15.
Investors will be required to apply for at least 120 shares, with subsequent bids permitted in multiples of 120 shares. At the upper end of the price band, a retail investor will need to invest a minimum of ₹14,880. Each equity share carries a face value of ₹10.
The IPO proceeds will be used primarily for redevelopment-related expenses, including regulatory approvals, additional FSI purchases, compensation for alternate accommodation and hardship compensation. A portion will also go towards debt repayment and funding future redevelopment projects.
Centrum Capital and PNB Investment Services are acting as the book-running lead managers for the issue.
About Pranav Constructions
Pranav Constructions has established a strong presence in Mumbai’s redevelopment market, particularly across the Municipal Corporation of Greater Mumbai (MCGM) region and the city’s western suburbs. Its portfolio covers various housing segments, from economical and mid-market homes to mass and aspirational residential projects.
As of March 2026, the company had 65 redevelopment projects across the MCGM region. Of these, 28 had been completed, with a total developable area of 1.42 million sq ft, while 20 projects covering 1.63 million sq ft were under construction. The remaining 17 upcoming projects represented a developable area of 1.96 million sq ft.
The company’s financial performance improved in FY26, with revenue from operations rising to ₹762 crore from ₹636 crore in FY25, while net profit increased to ₹71 crore from ₹62 crore a year earlier.
Disclaimer: We advise investors to check with certified experts before making any investment decisions.